Sun Shanshan of Huaxin ** Co., Ltd. recently conducted research on Yiming Food and released a research report "Company Event Review Report: Net Profit Turns Losses into Profits, and the Efficiency of Single Stores Steadily Improves", this report gives ** rating to Yiming Food, and the current stock price is 1104 yuan.
Yiming Food (605179).
Event. On January 30, 2024, Yiming Food released its 2023 performance forecast.
Investment Essentials. The effect of improving efficiency and increasing profits is remarkable, and the net profit has turned losses into profits.
According to the announcement, it is expected that the company's net profit attributable to the parent company in 2023 will be 022-0.3.3 billion yuan, a year-on-year turnaround; Net profit not attributable to the parent company is 020-0.3 billion yuan, a year-on-year turnaround, due to the company's continuous production line optimization and quality management, the gross profit margin level has increased, and the sales expenses have been effectively controlled, so as to achieve overall profitability improvement. Among them, the net profit loss attributable to the parent company in 2023Q4 is expected to be 013-0.0.2 billion yuan, a year-on-year loss; The net profit loss of non-attributable to the parent company was 014-0.0.4 billion yuan, a year-on-year loss.
The efficiency of a single store has been steadily improved, and the first-class chain has continued to reduce costs and increase efficiency.
In terms of store development, the company focused on member community marketing as the main line in improving the performance of single milk bar stores, and Douyin local life did drainage and gradual income increase, and the single store performance of milk bar stores and the number of franchised stores in 2023 achieved positive growth. On the first chain, the company focuses on the optimization of quality management production lines to reduce costs and increase efficiency, improve the overall gross profit margin, and improve the marketing input-output ratio through precision marketing, so that the marketing expenses have decreased as a whole, effectively driving the steady increase in net profit. In terms of the management of directly-operated stores, the company continued to optimize the staffing and store development strategy of directly-operated stores on the premise of improving efficiency and increasing profits of directly-operated stores, so that the overall efficiency of directly-operated stores improved significantly.
Profit**. We are optimistic about the expansion of the company's franchised stores and the improvement of single-store efficiency, and with the optimization of the product structure and management model, it is expected to continue to increase the revenue scale and profitability simultaneously. Based on the earnings forecast, we adjust our 2023-2025 EPS to 007/0.15/0.24 yuan (the previous value was 0.).13/0.21/0.29 yuan), the corresponding PE of the current stock price is 178 79 48 times, maintaining the "** investment rating."
Risk Warning. Macroeconomic downside risk, store development is less than expected, raw material cost risk, food safety risk.
*According to the calculation of the research report data released in the past three years, the research team of GF** Fu Rong has conducted in-depth research on the stock, and the average accuracy of the past three years is 1249%, and its **attributable net profit in 2023 is 91 million, and the **PE converted according to the current price is 5095。
The latest profit** breakdown is as follows:
A total of 1 institutions have rated the stock in the last 90 days,** 1 ratings.
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