Zhongju Hi-tech (600872) Company Comments: The company expands frequently to evaluate the kinetic energy and its strong performance steadily grows

Zhongju Hi-tech (600872) Company Comments: The company expands frequently to evaluate the kinetic energy and its strong performance steadily grows

Participated in dealer conferences, hosted chef training camps, and won the “Best Board Award” award. Kitchen State is committed to dealer system training. This year, dealer conferences have been held in Guangdong, Henan and other places.Ability “,” 7 steps to build a flagship restaurant meal batch, single store sales increased by 30% “and other special trainings to improve the sales team’s business capabilities.

At the same time, the company actively carried out chef training camps, inviting chefs from all over the place to cook and share dishes, which has now been launched to the thirteenth period.

The chef training camp helps the company to deepen the connection with chefs, and uniforms accelerate the opening of the catering market.

On November 8, 2019, Zhongju Hi-tech won the Best Board Award of the Listed Companies in 2019.

It reflects the outstanding achievements of the board of directors since Baoneng became the master, and it is also the capital market’s recognition of the board of directors of Zhongju Hi-tech.

New incentive evaluation reforms continue to bring strong momentum. The company has reformed its incentive evaluation system. The operating income, net profit attributable to the mother and return on net assets have been adjusted from 2: 6: 2 to 4: 4: 2.The increase in the weight of income indicators is consistent with the company’s five-year “double hundred” goal, and it focuses more on the assessment of income, motivates the company’s employees to fight, and opens the company’s revenue growth channel.

The company’s third quarterly report shows that the delicious and fresh fruits continue to grow steadily, the gross profit margin of Zhongju Hi-tech has risen slightly, and the expense ratio has not changed. The delicious and fresh company has basically continued the growth rate since the first half of the year and continued to maintain a stable and high-profile growth.

The first three quarters achieved operating income of 33.

5.7 billion, an increase of 4 every year.

370,000 yuan, an increase of 14.

97%, realizing net profit attributable to mother 5.

43 ppm, an increase of 0 per year.

870,000 yuan, an increase of 19.


The delicious fresh company achieved revenue of 10 in the third quarter.

9.5 billion, a 10-year growth rate of 14.

3%, compared to 6 in the third quarter of 2018.

The 41% growth rate has doubled.

The delicious fresh company achieved net profit attributable to mothers in the third and third quarters1.

810,000 yuan, an increase of 0.

27 trillion, an increase of 17.

53%, while the net profit growth of attributive mothers in the third quarter of 2018 was only 1%.

The gross profit margin of Zhongju Hi-Tech in the first three quarters was 39.

2%, rising by 0 every year.


The three expense ratios did not change much overall, of which sales expenses, management expenses and financial expenses accounted for 9 respectively.

77%, 8.

99% and above1.

17%, rising by 0 each year.

02, up by 0.

16 and down 0.


With the increase in gross profit margin and little change in the expense ratio, the growth of net 武汉桑拿 profit attributable to mothers continued to exceed the growth of operating income, and total operating income / net profit to mothers reached 35.


460,000 yuan, an increase of 11 in ten years.

57% / 12.


Earnings Forecast and Forecast Analysis The company expects the company’s pure condiment revenue in 19/20/21 to be 46.8/57.


800 million, the net profit of the condiment part was 8.



7 trillion, corresponding to the EPS of pure condiments is 1.



72 yuan / share.

Given the 2020 condiment 35 times estimate, the target price of pure condiment is 46.

6 yuan, considering the real estate market value of 60 trillion, the total market value of 43 billion yuan, corresponding to the company’s target price of 54 yuan, “Buy” rating.

Risk Tips: Insignificant risk 佛山桑拿网 of incentive benefits, real estate business risk, market risk, raw material price fluctuation risk, food safety risk