Yili (600887): Cost control improves Q4 performance and profitability is expected to improve
The event company announced its 2018 annual report and achieved revenue of 789.
76 ppm, an increase of 16 in ten years.
92%, net profit attributable to shareholders of listed companies 64.
39 ppm, a ten-year increase of 7.
Looking at Q4 alone, it realized income of 182.
25 ppm, an increase of 17 in ten years.
57%, net profit attributable to shareholders of listed companies13.
92 ppm, an increase of 30 in ten years.
In 2018, the company intends to distribute a cash dividend of 7 to every 10 shares for all shareholders.
00 yuan (including tax), sent a 上海夜网论坛 total of 4,254,689,325 cash dividends.
A brief review of the company’s revenue growth continued to achieve 793 revenue for 18 years.
53 trillion, ten years +16.
89%; revenue in the fourth quarter alone was 182.
26 trillion, ten years +16.
93%, basically continued the growth of the first three quarters.
Mainly benefiting from the product structure upgrade and the influence of channel sinking. For specific products, liquid milk realized revenue of 656.
79 trillion, ten years +17.
78%; milk powder and milk products realized income of 80 in the current period.
45 trillion, +25 for ten years.
14%; cold drink products realized income of 49 in the current period.
97 ppm, +8 for ten years.
Among them, “Golden Code”, “An Muxi”, “Chang Yi 100%”, “Chang Qing”, “JoyDay”, “Golden Collar”, “Qiao Lezi” and other key products achieved rapid growth, with revenue growth reaching 34.
From the perspective of the channel, the company drove sales growth through e-commerce, mother-baby stores, convenience stores and other channels. Specifically, the e-commerce business showed a 61% increase over the previous year, and the mother-baby channel revenue increased 32%.
Finally, by the end of 2018, the company controlled 1.75 million offline outlets, an increase of 23 over the same period last year.
2%, constantly develop blank outlets, the company directly controls the village-level outlets close to 60.
80,000, an increase of 14 from the previous year.
The penetration rate of domestic channels has further improved. According to statistics, the company’s room temperature liquid milk market penetration rate was 82 in 2018.
3%, an increase of 2 per year.
In addition, the company continued to strengthen innovation and adjusted product structure and upgrade through the promotion of new products. In 2018, the sales ratio of new products reached 14.
8%, an increase of 5 per year.
6pct, has a positive pulling effect on revenue growth. The company with an eye-catching report on profit growth in Q4 achieved net profit of 64.
4 ‰, an increase of 7 per year.
31%, net profit attributable to mothers in the fourth quarter alone13.
92 ppm, an increase of 30 per year.
The profit growth rate in the fourth quarter alone was significantly higher than the previous average growth rate. First, the operating cost growth rate in Q4 2018 was 11.
75% is significantly slower than Q4 revenue growth (+17.
58%), which has a certain relationship with the product structure and other factors; the second is that the Spring Festival 19th Spring Festival cited the 18th Spring Festival earlier, which has a positive effect on the growth of Q4 performance in 18 years; the third is that Q4 interest income increased by more than 67 million,Contribute profits.
Generally speaking, the growth of the company’s net profit on the income side is mainly affected by the expense side. For major events such as the 2018 World Cup, the company has expended a lot of marketing expenses, which has put some pressure on profits and can sell expenses 197.
72 ppm, an increase of 27 in ten years.
39%, of which 109 are advertising marketing fees.
55 ppm, an increase of 33 in ten years.
Gross profit margin increased steadily, high selling expenses limited net profit margin company’s gross profit margin was 37 in 18 years.
82%, ten years +0.
54 points; gross margin in the fourth quarter alone reached 38.
34%, ten years +3.
In terms of products, the company’s gross profit margins for liquid dairy products, milk powder and dairy products and cold beverage products were 35.
06%, an increase of 0 over the same period last year.
83 points, 1.
On the whole, the company’s gross profit margin remained stable for 18 years. Basically: 1. After years of lean operation, the company has gradually formed a scale effect. Centralized procurement of main raw and auxiliary materials has improved the company’s capital use efficiency.And bargaining power, so the effect of cost control is better, the price of raw milk in the body in 18 years increased by about 3%.
2. Continued product structure upgrades and the increase in the proportion of high-end products will directly increase the gross profit margin, especially during the Spring Festival peak season in the fourth quarter. Gift consumption will increase and high-end product sales will be better than other products.
The company’s 18-year net interest rate is 8.
17%, a decrease of 0 from the same period last year.
72pct; net profit margin for sales in the fourth quarter alone was 7.
70%, an increase of 0 over the same period last year.
Overall, the decline in the company’s annual net interest rate is primarily due to the company’s 18-year sales expense ratio increasing to 24.
85%, an increase of 2 over the same period last year.
04pct, of which the advertising marketing rate is 13.
71 points), the sales staff’s salary accounted for 4%.
In the fourth quarter alone, the growth of net profit margin was mainly affected by two aspects. First, the increase in gross profit margin in Q4 directly led to an increase in net profit margin; in the second aspect, in terms of financial expenses, the company’s financial expenses in Q4 in 2018 decreased by -0.35%, a decline of 0 every year.
58pct, which was due to a decrease in more expenditures and an increase in interest income from bank deposits during the period.
The third is the current management expense ratio of 5.
04%, a decrease of 0 compared with the same period last year.
47pct, the above all have a direct hindrance to the quarter’s profit.
Continued high dividend policy The company insists on dividends and returns to investors. In 2018, the company plans to distribute a cash dividend of 7 to every 10 shares of all shareholders.
00 yuan (including tax), sent a total of 4,254,689,325 cash dividends.
60 yuan, the dividend distribution rate reached 66.
04%, foreign exchange rate 2.
Profit forecast: The company’s income-side new products will develop smoothly this year, the product structure upgrade performance will be relatively stable, and the income-side performance will be better. We predict that the company’s net profit for 2019-2021 will be 76.
74 trillion, the corresponding EPS is 1.
56 yuan / share, corresponding P / E is 20 respectively.
It is recommended to pay attention and maintain the “Buy” rating.
Risk reminders: food safety risks, overseas business development risks, raw milk price fluctuation risks, etc.