Zhongtai Securities gave a buy rating to Qiaqia Food

Mondo Social Updated on 2024-02-29

Zhongtai ** shares *** Fan Jinsong, Xiong is relieved, Yan Shiyu recently conducted research on Qiaqia Food and released a research report "In line with expectations, waiting for the inflection point", this report gives ** rating to Qiaqia Food, the current stock price is 33$4.

Qiaqia Food (002557).

Investment Essentials. Event: The company released its 2023 performance report. The company's revenue in 2023 is 68100 million yuan, a year-on-year increase of -11%;Net profit attributable to the parent 8100 million yuan, a year-on-year increase of -175%, deducting 7100 million yuan, a year-on-year increase of -162%, of which 2023Q4 revenue is 68100 million yuan, a year-on-year increase of -69%, net profit attributable to the parent company 30 billion yuan, a year-on-year increase of -143%, deducting 2900 million yuan, a year-on-year increase of -116%。In line with market expectations.

Looking back on 2023, the performance will decline slightly under the influence of multiple factors. As the first and fourth quarters were affected by the Spring Festival inter-period factors, and at the same time affected by the increase in the procurement cost of sunflower seed raw materials, the company's revenue and profit declined slightly. In 2023, by focusing on promoting channel intensive cultivation projects, improving weak markets, breaking through counties and townships, and expanding new scenarios and new channels, the channel penetration rate of the company's daily nuts and nut gift boxes will increase, and the performance of the snack mass sales channel will increase rapidly, and the company will also increase the trial marketing of flavored nut products. The company's e-commerce continues to make breakthroughs through channels such as Douyin and Pinduoduo; The overseas market continued to deepen the Southeast Asian market, the channel penetration continued to deepen, and the overall sales showed recovery growth.

Looking forward to 2024, revenue and profit are expected to return to steady growth. On the income side: the base of melon seed products is low, and new products and new channels are expected to gradually increase; Nut products are expected to accelerate the construction of intensive channel cultivation, increase the market rate of products, and new products are also expected to contribute to a certain increment. Profit side: Sunflower seeds are expected to fall in one season a year, and the net profit margin repair trend is expected to be clear quarter by quarter.

Profit**: We expect the company's revenue to be 68 in 23-2506/79.79/91.7.4 billion yuan, net profit was 805/11.47/13.0.2 billion yuan. Maintain the "** rating.

Risk warning: fluctuations in raw materials, food safety incidents.

*According to the calculation of the research report data released in the past three years, the research team of Wang Wendan of CICC has conducted in-depth research on the stock, and the average accuracy of the stock in the past three years is as high as 9342%, and its ** attributable net profit in 2023 is 80.5 billion, **PE converted according to the current price is 2104。

The latest profit** breakdown is as follows:

A total of 15 institutions have rated the stock in the last 90 days, with 12 ** ratings and 3 overweight ratings. The average institutional price target over the last 90 days is 4369。

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