Compound condiment bibcock, "one body and two wings" growth is expected

In the past ten years, the CAGR of compound seasoning in China is about 30%. In the seasoning market of Europe, the United States and other developed countries, compound seasoning accounts for 80%, while China's composite seasoning accounts for less than 20%. At present, the output value of compound seasoning in China is between 25 billion and 30 billion, and there is a huge room for growth in the future.

The company has high brand awareness in the field of compound seasoning powder, especially in East China and Central and South China. Among them, sparerib flavor king series products have become the leader of similar products, natural extract seasoning, flavor clear soup products have also been widely used in the catering industry.

In the next three years, the company will expand its main business with the strategy of "one body and two wings". "one" means to consolidate and expand its market share and expand other derived pork flavor seasoning powder with composite seasoning powder such as rib flavor king as the leading product. Take "pork flavor" compound seasoning powder as the company's flagship product to create product differentiation. The "two wings" refers to the vigorous development of edible fungus extract and Tetra Pak packaged bone soup products. At present, the company has mastered the production technology and marketing network of these two products. When the IPO project with an annual output of 10000 tons of Tetra Pak seasoning bone soup products and an annual production project of 700t edible mushroom extract is put into production, we think it will become a new profit driving force for the company.

Profit forecast and valuation

We expect the company's revenue in 2015 to be 296 million yuan, an increase of 5.98% over the same period last year, and its net profit to be 59 million yuan, an increase of 4.99% per share. According to Shenwan industry classification, the current (2015-11-22) food and beverage industry and tertiary industry seasoning and fermentation industry (holistic method) is 29.37 times and 56.24 times respectively, and the current Pmax E (TTM) of seasoning industry leaders Haitian, Hengshun and plum blossom is between 30-40 times. With reference to the valuation levels of the industry and industry leading companies, we give Anji Food 30-40 times the 2015 target Ppace E. Combined with our 2015 performance forecast, the reasonable valuation range is 21.3-28.4 yuan.