Jinzi Food (003000) issued an announcement on December 9, 2021: Guangfa Fund Chen Yingzi, Wanjia Fund Ding Yujie, East Asia Qianhai Securities Gao Jiaqi, he Yifei, Yang Yifei and Gong Qi investigated our company on December 7, 2021.
The main contents of this survey are as follows:Q: how is the company's operation and development strategy?
A: the company adheres to the development strategy of focusing on large items, excavates subdivided categories of high-potential energy products, gives full play to production scale effect and supply chain advantages, reduces costs and increases efficiency, and enhances market competitiveness. At the same time, dig deep into the channel, dig the blank market, improve the market rate, consolidate the leading position of subdivided categories, enhance the competitiveness of the company in the channel, improve brand awareness and consumer recognition, and then drive the sales of other categories of products of the company. At present, the company has three major categories, mainly leisure fish products, supplemented by bean products and meat products. Among them, Jinzai Xiaoyu is the core product of the company, which has sold 6 billion packages all over the world, and ranks first in both online and offline channels. Leisure bean products and meat products have maintained double-digit growth in the first three quarters and have a good market potential. After the second half of this year, the company upgraded the category packaging specifications, focusing on the development of new bag series, including circulation, KA, BC supermarket, chain CVS and other channels to enhance the terminal brand presentation ability and promote whole bag sales. In terms of brand communication, the company pays more attention to live streaming, short videos, social platforms and other new media that young people like to spread, which is more efficient. In the market environment where consumer enthusiasm is affected to a certain extent, the overall operation of the company is good, with revenue growth in the first three quarters and steady growth in performance.
Q: what is the company's strategy for raising the price of its products?
A: at present, the company has not raised the price directly, the most important thing is the increase of market share. For the strategy of focusing on large items, the improvement of efficiency brought about by the increase in the size of the market is very important. The company mainly carries out product optimization and regulation adjustment for different channels, provides products that are more in line with different consumer purchasing habits, and newly launches quantitative and bulk packing in bags to achieve the core task of further increasing market share. We will pay attention to and make reference to the price increases of other leisure snacks, especially those spicy halogen snacks with similar properties. If the periodic rising cost is under great pressure, the company will evaluate the product price adjustment according to the market situation and the actual situation of the company.
Q: the company's equity incentive target is 20% revenue growth in 2021 and 20% compound growth in 2022. How can the company achieve its performance target?
A: the key to achieving performance growth is to do a good job in products and channels, continue to build brands, carry out product innovation and upgrading for different sales channels, grasp the trend of channel changes and constantly open up high-quality dealers, and at the same time continue to invest in brand building. research and development of new products on the market, around leisure spicy snacks continue to work hard. The company will decompose the goals into various business teams in accordance with the overall strategic plan, and achieve the performance goals step by step.
Q: what do you think of the impact of live sales on the company?
A: live sales is an important part of front-line sales, and it is also an important way to communicate directly with consumers and improve the brand strength of the company. Leisure snacks are impulse consumer products, which are more suitable for live broadcast sales. Jinzi has strong product power and high repurchase rate, so live broadcast on the one hand is to bring the growth of the company's sales, so that buyers become continuous consumers, on the other hand, it is a better dissemination of the company's products to promote the company's brand awareness.
Q: what is the company's channel strategy in the future?
A: the company's products are highly adaptable to various channels, so the company can well adapt to the changes in snack consumption habits and channels. At present, the core of the company is the circulation channel, on the one hand, by increasing dealers with terminal distribution capacity to improve channel competitiveness, and on the other hand, carrying out horse race enclosure to develop blank market and emerging retail channels and special channels. continue to consolidate the advantages of circulation channels and cover more county-level cities and blank outlets. In terms of modern channels, the company needs to improve the standards of adaptive channels, and then gradually invest resources to increase the proportion of modern channels, which is also steadily improving; in terms of online channels, the company pays attention to various emerging platforms and ensures coverage in all e-commerce and emerging channels to keep up with the preferences of young consumers. On the whole, the company hopes to make the brand strong enough to gradually cover all channels.
Q: what is the company's incentive plan to attract talent?
A: after the company's headquarters moved from Yueyang to Changsha in 2019, it has successively introduced high-end talents from various sectors, such as sales, R & D, human resources, and so on. In the first half of 2021, the company launched equity incentive for the first time to encourage the core personnel of the company and bind the interests of the company and the core personnel. The follow-up company will also consider various incentive tools to attract more talents according to the actual situation.
Q: the company's main products have more Huxiang characteristics. Is there any hindrance in promoting them to other regions?
Answer: the company's products are spicy, spicy, stewed, sauce, sweet and sour and other flavors, a collection of spicy, sweet, salty and other flavors, the product is positioned as the national market, without the limitations of a single taste, the taste is more suitable for the public taste. At present, people of all ages and regions have a high degree of acceptance of the company's products.
Q: the company spent a lot of money on R & D in the third quarter. What caused it?
A: this year, a new Food Research Institute has been established, a stronger R & D team and personnel have been set up, and new R & D-related equipment has been added to enhance R & D capability. The company is gradually strengthening the investment in R & D expenses to enhance the core competitiveness of the company.
Q: with the rise in the price of raw materials, does the company have any layout in terms of raw materials?
A: at present, the largest proportion of the company's business is fish products, and the main raw material, dried anchovy, always maintains a certain strategic inventory, which will increase the stock when the price is low and the quality is high according to market conditions, so the raw material cost of fish products is better controlled. At present, the prices of raw materials such as soybeans, soybean oil and duck breast meat fluctuate from time to time, but they account for a relatively small proportion of the company's business. The company integrates R & D, production and sales, independently controls the supply chain, and has a stronger ability to control the cost.
Jinzai Food main business: research and development, production and sales of traditional flavor snack foods such as flavored fish, flavored dried beans and so on.
Jinzi Foods 2021 quarterly report shows that the company's main income is 751 million yuan, up 8.11% from the same period last year; net profit from home is 64.0141 million yuan, down 24.38% from the same period last year; deducting 53.1675 million yuan from non-net profit, down 15.4% from the same period last year; among them, in the third quarter of 2021, the company's main income in a single quarter was 278 million yuan, up 14.57% from the same period last year; net profit in a single quarter was 22.9018 million yuan, up 10.3% from the same period last year The non-net profit in a single quarter was 21.4921 million yuan, up 17.99% from the same period last year; the debt ratio was 16.35%, the investment income was 888800 yuan, the financial expenses were-10.1299 million yuan, and the gross profit margin was 26.51%.
In the last 90 days, the stock has a total of 1 agency rating and 1 buy rating; according to the Securities Star valuation analysis tool, Jinzi Food (003000) good company has a rating of 3.5 stars, a good price rating of 1.5 stars, and a comprehensive valuation rating of 2.5 stars. (rating range: 1-5 stars, up to 5 stars)