"The first stock of prefabricated dishes" Tao Zhixiang claims to abandon the layout community, will this track still get angry?

The prefabricated vegetable market is hot. After the first annual report of the "prefabricated vegetables", the first annual report showed that the interest rate of Zhixiang Mao in 2021, and expressed the abandonment of the layout of community stores.

The prefabricated vegetables suddenly became hot. And the "first stock of prefabricated dishes", who is "prefabricated" Suzhou Michika Food Co., Ltd. (hereinafter referred to as: Mizhixiang, 605089.SH), but claims to abandon the layout of community stores. What is the reason? At the same time, the first annual report after its listing also showed that the interest rate of the flavor of the flavor of the flavor in 2021 and the increase in inventory. In response to the above situation, it was found that the network was found to send an interview letter to the request to explain. Weizhi Xiang's exclusive response stated that the inventory increased the effects of stocking at the end of the year. In the future, the company will continue to work hard to do business management, continue to improve profitability, continue to consolidate the company's industry position, and return to investors with good business performance.

The first annual performance of the listing increased, the gross profit margin declined

Public information shows that Mizhixiang is one of the leading semi -finished vegetable manufacturers in the industry. In April 2021, Mizhi Xiang landed on A shares, which was the "first stock of prefabricated dishes". The company focuses on the research and development, production and sales of semi -finished vegetables, providing consumers with healthy green, convenient and delicious semi -finished dishes, and established a product system with two major brands: "Zhi Zhixiang" and "Saitama" as the core.

On June 1, Mizhi Xiang released an announcement of the 2021 annual equity distribution. It is planned to distribute cash dividends for 10 yuan (including tax) per 10 shares. On the 10th, the cash dividend was issued on June 10, 2022.

Source: Zhizhi Xiang Company Announcement

In addition to the release of the dividend announcement in the first year of listing, on April 29, Mizhi Xiang also released the first annual report and the first quarter of the 2022 after listing. In 2021, Zhixiang's operating income was 765 million yuan, a year -on -year increase of 22.84%; net profit of home mother was 133 million yuan, a year -on -year increase of 6.06%; net profit of deducting non -returnees was 122 million yuan, a year -on -year decrease of 1.36%.

Source: Zhizhi Xiang Company Announcement

In the first quarter of 2022, Zhizhi Xiang's operating income was 186 million yuan, a year -on -year increase of 14.17%; net profit of returning mother was 35.691 million yuan, a year -on -year increase of 21.9%; net profit of deducting non -returnees was 30.6417 million yuan, an increase of 2.45%year -on -year.

Source: Zhizhi Xiang Company Announcement

Regarding the growth of performance, in response to this, Mi Zhixiang explained in the annual report that the company's net profit was affected by factors such as sporadic exfoliation, upstream raw materials increase, and increased expenses during some periods. However, the company's business operations have maintained steadily. During the interview, Zhixiang also told Discovery Network that due to the impact of the epidemic in the first quarter, the C -end pre -production demand was stimulated. Through actively communicating with the government, the company guaranteed the smooth flow of logistics in the epidemic area. The store is in contact with community group purchase for sales, offset the impact of some epidemic, and maintains the stable growth of the company's income.

It is worth noting that the gross profit margin of Mi Zhixiang's main products declined last year. The annual report of 2021 shows that the company's gross profit margin was 25.08%, a decrease of 4.31 percentage points from 2020. Among them, beef products revenue was 355 million yuan, gross profit margin was 26.93%, a decrease of 4.46 percentage points; poultry income was 105 million yuan, gross profit margin was 25.89%, a decrease of 7 percentage points; , Decreased by 4.16 percentage points; aquatic fish income was 98.728 million yuan, and gross profit margin was 24.06%, a decrease of 2.42 percentage points; aquatic shrimp income was 96.7327 million yuan, and gross profit margin was 17.44%, a decrease of 1.31 percentage points.

Source: Zhizhi Xiang Company Announcement

Regarding the decline of gross profit margin, Zhizhi Xiang said that the company's gross profit margin was mainly affected by the major environmental environment such as new crown pneumonia, raw materials price increases, etc., and the logistics costs after the implementation of the new accounting standards in 2021 entered the operating cost from the previous sales expenses. In 2021, the company's overall growth rate slowed down.

In addition, Wind data shows that in 2021 and 2022, Weizhi Xiangxiang inventory was 53 million yuan and 34 million yuan, respectively. In the same period, the yields of Zhixiang and net assets were 11.33%and 2.96%, respectively.

Source: Wind

Regarding the increase in inventory, Zhizhi Xiang said that the company's inventory is mainly composed of raw materials and inventory goods. In 2021, the increase in inventory is mainly due to the peak sales at the end of the year. The decline in net assets' yield is mainly due to 2021 total assets increased by 186.80%year -on -year, which had a certain impact on the yield of net assets.

Give up the layout of the community store

In the past two years, the prefabricated vegetable industry has become a hot spot in the capital market. The competition for prefabricated vegetables is also quite fierce. Many companies have entered the bureau. Jialong Kung Fu Cai, Anjing Food, Sanquan Food and other frozen companies are all layout. There are also listed companies such as Deleis, Haitian Weiye, Hengshun Vinegar, and Keming Foods have increased the pre -production business layout. Now Liannongfu Spring has also actively entered the prefabricated vegetable track.

Because multiple enterprises actively entered the prefabricated vegetable track, public information showed that before, many cities in Shandong and Guangdong Provinces were densely deployed in the prefabricated vegetable industry to grab the "prefabricated capital". Taking Shandong Weifang as an example, on May 12, the promotion conference of the China -Japan -Korea high -end pre -production food industry park was held in Weifang. According to reports, the industrial park plans to invest in tens of billions of construction. One of the falling points. Take Zhaoqing, Guangdong as an example. On May 8th, Zhaoqing launched the first prefabricated industrial park to build the Guangdong -Hong Kong -Macao Greater Bay Area. As the "first stock of prefabricated dishes", Zhixiang, in October last year, mentioned in the investor relations record form that community stores have already conducted trial operation in Suzhou. Increasing the community layout is a decision made by the company's long -term market research and inspection. The initial access to the community stores, in terms of scenes, pricing, customer acquisition and operation models, they need to be gradually explored. The situation will be opened after passing the test to promote it in the form of franchise stores.

During the epidemic, the community group purchase was hot, but this did not represent the maturity of the prefabricated vegetable community store. Recently, Mizhixiang clearly stated that "the conditions for operating community stores are not yet mature." Weizhi Xiang also replied to find that the company's interview letters stated that the company comprehensively considered various conditions, and we decided not to deploy community stores temporarily. The company actively explores new channels, taps potential users, and opened up a new profit model.

It is worth noting that the secondary market's attitude towards the prefabricated track is also swaying. After the stock price soared on May 19, 2021, after listing to 137.45 yuan/share, the stock price fluctuated. On April 26, 2022, the stock price fell to 49.16 yuan/share. Recently, more companies have entered the prefabrication track, and the stock price of Mizhixiang has also picked up. As of the closing of June 23, Mizhixiang rose 0.55%, the closing price was 60.13 yuan/share, the lowest price was 58.8 yuan/share, and the latest market value was 6.013 billion yuan.

Source: Wind

Industry insiders pointed out that in the current popular dishes market, "the first stock of prefabricated vegetables" Mizhi Xiang in 2021, Zhixiang, said that he gave up the layout of community stores and made a big dividend to distribute cash, or it shows that the company is not optimistic about the prospects of the prefabricated market. This trend needs to attach great importance to investors, and it is found that the network will continue to pay attention.

(Reporter Luo Xuefeng Financial Researcher Cao Xiaoyi)

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