"Explore flowers" Miss Food IPO: The income is only half -Ming, but the net profit is doubled

On July 5th, the main thinking of noodles released a prospectus, preparing to raise 970 million yuan for noodle production capacity and technology upgrade, especially brand construction.

Missing Food was founded in 2008. Although Bikoming's noodle industry was one year later, the operating income of Keming Noodle Industry exceeded 4.3 billion yuan, which was nearly twice that of the 2.2 billion yuan of food. However, the net profit of Keming Noodle Industry encountered Waterloo in 2021, only more than 60 million yuan, which is equivalent to half of the food.

From the perspective of the industry, the noodle and the flour industry behind it has the characteristics of small and scattered. I miss it because it can stand out because the volume exceeds 2 billion yuan, and the scale is large enough, forming a certain scale of moat. However, the overall barriers of the industry are not high, and there are giants such as Golden Fish and COFCO. The industry is already the Red Sea market.

900 million fundraising, testing water for convenience non -fried noodles

The prospectus shows that the IPO is preparing to raise 974 million yuan for the IPO for the second phase of the food industrial park engineering construction project, the technical reform project of the food hanging workshop, the food testing and research and development center, the marketing network and brand construction project of the food hanging workshop Essence

Among them, Zhenping Xiangxiang Food Industrial Park's second phase of the project construction project uses 658 million yuan, including multiple production lines such as new noodles, fresh fresh noodles, non -fried noodles; Essence Among these capacity, the production capacity of the hanging surface will increase by 153,600 tons. Non -fried noodle production lines will increase by 4, and the production capacity will increase by 10,800 tons.

The prospectus shows that the existing annual production capacity of the food hanging noodle product production line is 386,200 tons. With the development of "convenient food staple food and staple food convenience" in recent years, people's consumer demand for noodle products has steadily increased steadily Essence

People in the industry believe that missing food is the territory of Jinmailang. In 2019, Fan Xiangguo, chairman of the Mailang Group, announced that "it will gradually withdraw from the fried instant noodle market within 5 years."

Another champion of fundraising is the marketing network and brand building. The project will use 204 million yuan to raise funds, of which 156 million yuan will be used for marketing, accounting for 76.32%.

Zhu Danpeng, an analyst of Chinese food industry, believes that after missing such geographical companies to realize IPOs, it needs to accelerate the layout nationwide. Therefore, the marketing network will be further expanded. What follows is to expand the brand awareness. Otherwise, it is difficult to expand the scale in a short time.

Miss food says that by establishing a marketing center in Zhengzhou and establishing offices in 7 cities including Beijing and Shanghai, it will better develop the market and increase the market share of the product market. And after financing, I miss food will increase brand promotion in terms of online and offline brand promotion, development of dealers, residents, and convenience stores. Awareness and brand influence.

A reporter from the Blue Whale Finance found that in the terminal supermarkets of Yonghui and Hema in Beijing, the noodle categories are mainly based on brands such as Koming Food, Sands River, Luhua, and Golden Trowse. There are fewer products that miss food.

Second IPO, catch up with Kuming Food

I miss food in September 2020 and tried to log in to the capital market and was accepted by the CSRC;

At present, according to the prospectus, from 2019 to 2021, the revenue of food realization of food was 1.348 billion yuan, 1.947 billion yuan, and 2.223 billion yuan, respectively. The net profit of the mother was 113 million yuan, 171 million yuan, and 103 million yuan, respectively. With the improvement of the epidemic, consumer reserve demand declined, and the net profit in 2021 dropped by 39.82%compared with 2020.

This is the same as the trend of Kuming food, but the value is much higher than the net profit of Kuming food in 2021. Data show that in 2021, Kuming Foods belonged to the shareholders of listed companies to a net profit of 67.4679 million yuan, a year -on -year decrease of 76.95%.

Although the net profit is higher than that of Keming food, in terms of gross profit margin, from 2019 to 2021, the gross profit margin of the main business of food is 21.72%, 20.04%and 15.6%, respectively. , 27.46%and 24.2%, the company's main business gross profit margin is lower than the average gross profit margin of comparable companies, which is close to Keming Food.

In the field of noodles, I miss food only third. I miss food, saying that food ranks third among 24 large -scale noodle companies across the country. In 2021, the sales volume of noodles was 273,700 tons, accounting for 4%of the total output of noodles in the country; It reaches 492,700 tons. The first is the Jinsha River, accounting for 22%.

In fact, I miss food and the establishment of Kuming Foods in Henan. According to the data, Kuming Food was established in 2007. The actual controllers are Sun Jungeng and Xiong Xuhong couples. The two of them have controlled 56.5%of the company's shares by missing the holding of the holding and the direct or indirect control of the company.

Miss Food was founded in 2008 and realized IPO in 2012 to enter the fast track. In 2021, Kuming's food revenue reached 4.327 billion yuan, an increase of 9.32%year -on -year; the scale of income was almost twice the food.

A little missing food is similar to Keming food.In terms of R & D expenses, the R & D expenses of missing food from 2019-2021 are 9.9625 million yuan, 8.858 million yuan, and 9.5223 million yuan, respectively.In 2021, the R & D expenses of Keming Noodle Industry were 28.4129 million yuan, an increase of 8.36%year -on -year, but the proportion of revenue was only 0.66%.Both parties have not invested high at the R & D level.From the perspective of the industry, whether it is Keming food or food, the high -speed growth of sales in recent years is affected by the epidemic.When the impact of the epidemic decreases, the growth rate of the two companies has slowed down, and its profitability has decreased.The growth of enterprises in the future is worthy of attention.

Missing food also stated in the prospectus that in 2020, affected by the epidemic factors, consumers' demand for food home consumption and reserves increased greater, leading to the increase of 44.48%and 66.68%compared with 2019, respectively from 2019, respectively.EssenceIn 2021, the net profit of missing food decreased by 39.82%from 2020.

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