Xiang Piao Piao (603711) In-depth Report: Opening a New Growth Cycle
The report guide company has entered the stage of product upgrading and marketing channel intensive development, redundant development momentum. Key points of investment will usher in a period of rapid rise in net profit. The company’s revenue has continued to grow by two figures since 2016. We predict that the company’s revenue growth will reach 22%, 27%, and 19% in 2018-2020.The expansion of the scale will usher in a period of rapid rise in net profit.We are optimistic about the company’s achievements in reshaping its brand power, motivating management teams, optimizing marketing strategies, targeting mainstream price bands, and deepening its marketing network. Products with a price band of 5-6 yuan will usher in a period of rapid growth. The company reshaped the brand by repositioning the old products and increasing marketing efforts. The new and old products are in line with the mainstream price bands 成都桑拿网 of the market for key marketing and layout, which effectively drivesThe average price of the company cup, especially sales volume, has increased rapidly.The new fruit juice tea selects school channels that are easy to disseminate, easy to weigh, and low in cost as marketing breakthroughs, and have high market acceptance.At present, the mainstream price band of the beverage market has moved up to 5-6 yuan / cup. The average price of the company’s juice tea and delicious series is in this price range, and our expected sales volume will help maintain rapid growth. There is still a lot of room for market penetration. Through optimizing marketing strategies, the company’s seven major sales regions have recovered positive revenue across the board since 2016, and the three major markets have contributed significantly.The company 武汉夜生活网 improves the performance of dealer doors, and is committed to promoting the “three specialties” and increasing the volume of dealers to expand the company’s revenue scale.We predict that the company’s regional penetration rate at the county level is only around 40%. The company will continue to expand its penetration rate by deepening the main market demand and exploring low-line markets. Profit forecast and estimation According to our analysis and forecast, we forecast that the company will achieve operating income separately in 2018-2020.08 billion, 40.7.6 billion and 48.5.9 billion yuan, corresponding to net profit attributable to mothers3.04 billion, 3.8.1 billion and 4.$ 76 trillion, an annual increase of 14.84%, 25.48%, 25.10%, corresponding to EPS per share of 0.76, 0.95, 1.19 yuan.The current sustainable corresponding PE for 2019-2020 is 22 times and 17 times respectively.The upgrade level is “Buy”. Risk factors: 1. The cost of ingredients continues to increase; 2. The cost of packaging materials increases significantly; 3. The significant increase in advertising and marketing costs has brought corresponding revenue growth.