Another old name must be listed!The annual sales of steak chickens have more than 400 million, and 80 % of the income comes from East China

Summary: Nineths of Niomi Foods are lost to revenue.

Zhongxin Jingwei, July 12 (Yan Shuxin intern Chen Shiqing) Texas picking chicken with the reputation of "Chinese first chicken" is also coming to A shares!

Recently, Shandong Texas Pake Chicken Co., Ltd. (hereinafter referred to as Texas Chicken) officially disclosed the prospectus to the outside world and plans to list on the main board of the Shanghai Stock Exchange. Project, etc.

According to the prospectus, Texas Chicken Chicken is the first national "Chinese old -fashioned" enterprise and has been listed as the national intangible cultural heritage chop chicken production technology protection unit. However, aside the halo of "Chinese old name", Texas Chicken Chicken is far less than that in terms of revenue scale and the number of stores.

Selling chopped chicken earning more than 400 million a year

Chinese food culture is extensive and profound. Almost every city has its own representative foods, such as Beijing's roast ducks, Tianjin's buns, Xi'an's meat clip ... and to say that Texas' food, chopped chicken must be ranked first.

Stepping chicken products can be traced back to 1692, with the reputation of "one wonder of Shenzhou" and "Chinese first chicken". According to public information, Texas Chicken, formerly known as Texas Food Company, was founded in 1953 and has a history of nearly 70 years. In 1982, the "Texas" brand trademark was successfully registered in the State Administration for Industry and Commerce; in 2006, the "Texas" brand trademark was rated as the "Chinese Time -honored Trial" by the China Commercial Federation and the Chinese Lailer Commission. Chicken "trademark registration. In 2014, Texas chopped chicken was listed as a national intangible cultural heritage chop chicken production technology protection unit.

The prospectus shows that Texas picking chicken is currently mainly engaged in the development, production and sales of halogen foods, supplemented by other meat cooked foods, and food supermarket operations in Texas, Shandong Province. From 2019 to 2021, the company realized operating income of 687 million yuan, 682 million yuan, and 720 million yuan; net profit of home mother was 122 million yuan, 94.559 million yuan, and 120 million yuan.

More than 60 % of the income from Texas picking chickens contributed by picking chickens. Data show that from 2019 to 2021, its chopped chicken products revenue of 458 million yuan, 438 million yuan, and 478 million yuan, respectively, accounting for 67.22%, 64.66%, and 66.79%of the main business revenue, respectively.

Another large source of income from Texas Chicken Chicken is a supermarket business (excluding products such as chopped chicken and meat non -staple foods sold through supermarket channels). From 2019 to 2021 100 million yuan, accounting for 19.90%, 21.63%, 17.57%.

Source: Screenshot

The prospectus shows that based on the "Texas Chicken Chicken" brand, the Texas chopped chicken set up a chick supermarket company to further expand the company's product category and sales channels. Chicken supermarkets mainly sell company halogen products, self -made pastries, noodles, prefabricated dishes, and other food and drinks. The business coverage area is mainly Texas, Shandong Province. At present, 34 stores have been opened. In 2021, the chicken supermarket achieved operating income of 222 million yuan and net profit of 11.423 million yuan.

The scale of revenue is far less than competitors

In the prospectus, Texas steak chickens listed casual halogen companies in Huangshanghuang, Zhou Black Ducks, and Miracle Foods as the main competitors in the industry. It should be noted that whether it is the scale of revenue or the number of stores, Texas picking chickens is far less than these competitors.

It is reported that Huang Shanghuang, Zhou Hei, and Juewei Foods have been listed. In 2021, the revenue scale of these three companies was 2.339 billion yuan, 2.181 billion yuan, and 6.549 billion yuan. Wanjia. During the same period, the revenue scale and number of stores in Texas picked chicken were 720 million yuan and 553, respectively.

Source: Screenshot

According to Texas, the company's current main production, processing and distribution centers are located in Shandong, and the company has strict control standards for the location and operation of the store, which has higher requirements for stores. There are fewer product companies.

At the same time, Texas chick chicken also admits that the company's core chicken products are mainly family. The applicable scenarios are mainly dining dishes and gift gifts. Compared with Huang Shanghuang, Zhou Black Duck, and Food Foods, they can be used as casual halogen for daily snacks. The target group and applicable scenarios of products are relatively single. The company has successively launched some leisure halogen products to expand the market, but it still needs to continue to invest in and launch new product series, and strengthen the promotion of new brands to cover more people and consumer scenarios.

However, the gross profit margin of Texas picking chicken is at a high level in the industry. The prospectus shows that from 2019 to 2021, the comprehensive gross profit margin of Texas Chicken Chicken was 43.66%, 44.33%, and 42.70%, respectively, lower than Zhou Hei duck, higher than the flavored food and Huanghuanghuang. Among them, in 2021, the gross profit margins of Huangshanghuang, Zhou Hei duck, and unaware food were 33.00%, 57.78%, and 31.68%, respectively.

Source: Screenshot

Texas picking chickens said that there are certain differences with the business model of the company in the same industry. The company mainly adopts the combination of direct sales and distribution business models. It is mainly a direct camp store, and the gross profit margin is relatively high. More than 80 % of the income comes from East China

Sales are obvious in regional and regional concentration are another competitive disadvantage of Texas Chicken.

From the perspective of regional income distribution, the operating income of Texas chicks is mainly derived from East China and North China. The prospectus shows that from 2019 to 2021, the revenue of Texas picking chickens in East China accounted for 84.25%, 82.27%, and 80.69%, respectively; revenue in North China accounted for 12.15%, 11.61%, and 9.19%; other regions; other regions; The proportion of income is less than 1%.

Source: Screenshot

Texas picking chickens said that because the company's products are mainly low -temperature fresh products, they have high requirements for fresh -keeping and logistics distribution. The company's current main production processing and distribution center is located in Shandong. In order to ensure the quality of the product, the offline sales area mainly covers Shandong and Beijing -Tianjin -Hebei. The types and quantities of products can be sold in other regions in China are relatively small. The company needs to increase investment, further deploy the national market by expanding production scale and strengthening logistics distribution capabilities.

The prospectus shows that the shelf life of the products such as the fresh steak chickens under the Texas chicken chicken is only 2-7 days, resulting in a short radius of product sales coverage. At present, this has become the main bottleneck that restricts the continuous growth of the company's future business level.

Zhongxin Jingwei noticed that in this IPO, Texas chopped chickens planned to take out the funds raised by 450 million yuan for the new food processing project of the Texas Chicken (Suzhou) Co., Ltd. Texas picked chicken said that through the construction of fundraising projects, it can effectively expand the market in Jiangsu, Zhejiang and Shanghai, meet the consumption preferences of poultry foods for local residents, and expand the company's product market share.

"In the future, with the establishment of the company's Suzhou base, the company will radiate more regions in the center of the Yangtze River Delta as the Yangtze River Delta center, open up new markets and reduce regional concentration." Texas picking chicken mentioned in the prospectus.

However, Texas chick chicken also admits that the development of the new market needs to understand the dietary habits of local consumers, make certain adjustments to the taste of the product, and formulate different marketing strategies. If the new consumer market cannot be successfully expanded, the company's future performance growth rate may slow down. (For more report clues, please contact the author of this article Yan Shuxin: [email protected]) (Zhongxin Jingwei APP)

(The views in the article are for reference only, do not constitute investment suggestions, have risks in investment, and need to be cautious to enter the market.)

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Editor in charge: Luo Yan

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