Jinzi Food (003000) issued an announcement on January 13, 2022: Hua Chuang Securities Peng Junlin Fan Pan, Bank of China Fund Cai Guodong, CITIC self-operated Zhang Yupeng, Zhengxin Valley Capital Li Anning, Blue Ink Investment Wu Jie, and Ming assets Peng Yichen, Guru Fund Hao Pengzhe, Harmony Huiyi Liu Tianyu, Haitong Zhang Yuxuan investigated our company on January 12, 2022.
The main contents of this survey are as follows:Q: is there any pressure on the company's cost in 2022 and what is the overall plan for the cost input?
A: the impact of the 2022 epidemic on the market is still uncertain, including the price of raw materials can not be accurately estimated, and there will still be some pressure on costs. But at present, the overall operation of the company is relatively stable and good, in terms of cost investment, we will continue to maintain, sales expenses, R & D costs will not be reduced. In 2021, the company has invested a lot of energy and expenses in terminal construction, such as solidifying display and promotion in KA, BC supermarket and campus supermarket with good input and output, to create more model shops. The purpose is to improve the exposure rate of Jinzai brand in the terminal, and to enhance the brand image and market atmosphere. In 2022, the company's investment in the construction of channel terminals will continue to increase. In terms of R & D expenses, the company's overall R & D investment increased more in 2021 than the same period last year. Jinzai Food Research Institute has not only the introduction of talents and the development of product projects, but also some research on basic food processing technology. the aim is to enhance the core competitiveness of Jinzi products. We will continue to do so in 2022.
Q: what is the focus of the company's new product promotion in 2022? is there any difficulty in attracting investment?
A: at present, Jinzai Xiaoyu's large packaging products are the core new products of the company's market promotion. We build an omni-channel model market in the core cities to promote the core products, and then we will adjust the channel strategy according to the feedback of the model market and determine the next marketing rhythm. At the same time, our bean products and meat products have also launched new products with reference to the specifications and price system of Jinzai small fish packaging products, and will begin to enter the market one after another after the Spring Festival. Other new products such as dried bean curd, konjac, squid and other new products are constantly being promoted. At present, the development of dealers and the improvement of dealer network layout is one of the core work of the company. The company develops dealers with terminal service capabilities, follows up the market opening situation in real time every month, and collates market feedback information in time to actively improve.
Q: how does the company's Spring Festival stock compare with previous years? has it been affected?
A: the Spring Festival this year is a little earlier than in previous years. Judging from the information feedback received by the company, the enthusiasm of dealers in stock restocking has not been greatly affected.
Q: the company's bean products have been made for a long time, so why has there been no obvious breakthrough in volume?
A: this has something to do with different product characteristics and the competitiveness of their own products. Although bean products have a broad consumption base, there are still great differences in consumption habits in different regions of the country, so most of the leisure bean products are regional brands. To make a breakthrough, we need to make the products more competitive. Bean products we do is deep processing, from soybeans to the final product. We are now further strengthening our basic research work to develop new products that are more competitive. For example, dried beans are a product with good market feedback. We believe that more high-quality products will come out in the future. The market space of bean products is very large and has great potential for development.
Q: is the chairman of the company a channel or a product? what is the main focus at present?
A: Mr. Zhou Jinsong, the founder and chairman of the company, has been in charge of the whole business since 1990 and has been engaged in the snack food industry for more than 30 years. From a small workshop factory to a listed enterprise, we pay more attention to and understand the sales of products. At the same time, we also pay close attention to attracting talents and wisdom. In 2019, the company moved the marketing and management center to Changsha, and successively introduced talents from marketing, marketing, R & D, functions and other aspects to take charge of various sectors, and some core personnel were also included in the scope of equity incentive in 2021. With the continuous optimization of the company's organizational structure and talent team, the chairman focuses more on studying and grasping the company's strategy and development planning.
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%.
The stock has been rated by two agencies and two buy ratings in the last 90 days; the average agency target price has been 10.22 in the past 90 days; according to the Securities Star valuation analysis tool, Jinzi Foods (003000) has a rating of 3.5 stars and a good price rating of 2 stars, with a comprehensive valuation rating of 2.5 stars. (rating range: 1-5 stars, up to 5 stars)