Yanjinpuzi (002847): Dali sailing from small category to large category bulk weighing

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Yanjinpuzi (002847): “Dali” sailing from small category to large category bulk weighing
The “Dali” in the field of bulk weighing has for the first time covered a company with a “Buy” rating. The company is the only company in China that has realized multi-category and multi-brand casual small food brands.  The company’s ability to build explosives has been proven, the nationwide sales network is expanding, and the “Dali” in the field of bulk weighing is taking shape.After the company decided to focus on the development of a large single product strategy, the advantages of the entire industrial chain layout began to become prominent. The volume of new baking products drove the company’s revenue growth to start turning the inflection point upward.At present, new large single product echelons of baking, dried fruit, spicy sticks and potato chips have been formed, and the channel has also started to break regional restrictions and go to the whole country.In the future, under the dual-wheel drive of new large single product volume and national expansion of channels, the company will enter an accelerated development period.We estimate that the company’s net profit attributable to its parent for 2019-2021 will be 1.20/1.82/2.68 ppm, corresponding to EPS of 0.93/1.42/2.09 yuan, the current sustainable corresponding PE for 2019-2021 is 40.3/26.6/18.0 times, covering for the first time, give “Buy” rating.  Multi-category, multi-brand strategies are clear, channels are expanded 西安桑拿论坛 nationally, and after the “Dali” sailing company in the field of bulk weighing has determined a large single product strategy, it has launched an independent brand for large categories.”Mr.”, “Little New Prince” of spicy strips, “Bao Ning” of short-term guarantee baking and other new categories and new brands, multi-category, multi-brand strategy is clear.The new category merged the company to reorganize the dry and miscellaneous series, and the potential revenue scale of the company’s existing product series has exceeded 5 billion yuan.At the same time, driven by large single products, the company’s channels have begun to break through regional restrictions and move towards national expansion. The upgraded version of the “Gold Shop” and “Sapphire” stores in Nakajima is expected to launch more than 4,000 in 2019, and it 成都桑拿网 is expected that in the next 3-5 yearsGradually covering the bulk weighing channels of 3-50000 supermarket stores nationwide.  Multi-category, multi-brand strategy is clear, explosives building ability has been proven, national sales channels are expanding, and “Dali” in the field of bulk weighing is taking shape.  The continuous expansion of large single product stacks increased the nationwide expansion of channels, driving the company’s revenue and profit growth inflection point upwards. After the company cut into the large category from a small category, the volume of new explosives increased its role in driving revenue.Beginning inflection point in 2018.At present, a new large single product echelon of baking, dried fruit, spicy sticks, and potato chips has been formed, and the channel has also been expanded nationally. Under the dual-wheel drive of the new large single product and channel, the company’s revenue will remain above 30% in the next three years.Rapid growth.At the same time, maximizing production capacity will increase the gross profit margin of new products, increase the proportion of new products with high gross profit, and optimize the structure of channels. The company ‘s profit growth will also face an inflection point in 2019.  Risk warning: New product promotion exceeds expectations; channel expansion exceeds expectations, etc.