Since its listing in 2022, the company's business has continued to make efforts, and in 2023, the company released a performance forecast that is expected to increase net profit by 50% to 2300 million-3600 million, giving a brilliant report card in the lo-mei industry.
The company's products are mainly accompaniments, based on Sichuan marinated tastes, combined with Cantonese, Hunan and Lu flavors, to create hundreds of selected delicacies based on husband and wife lung piece signature products, whole poultry products, spicy leisure products, etc., covering Sichuan marinade, oil marinade, fresh marinade, dregs marinade, salt marinade, white marinade, sauce marinade, old marinade, hot marinade, cold marinade and other ten characteristic marinated flavors, and the application scenarios are mainly accompanied by food consumption.
The operating income of the company's flagship product "husband and wife lung tablets" ranks first, accounting for 30%.
The company's products are mainly fresh goods, accounting for 88% of revenue, of which the main product husband and wife lung tablets account for 30% of revenue6%, is the company's trump card product.
The company's market is mainly in East China
The company's sales in East China accounted for 71% of the company's total sales83%, with obvious location characteristics. How to expand the scope of sales, we need to focus on the company's future development strategy.
The company has more than 5,000 stores, mainly in the form of dealer chain franchise.
The number of franchised stores of the company is 5,132, and only 28 directly operated stores, which are only used as demonstration functions.
From the point of view of the franchise fee, the threshold for joining is low, and the franchise fee is 080,000 stores per year, store management fee is 010,000 stores per year, the information system usage fee is 020,000 stores per year, the benefit period of the above fees is 1 year, and the company charges the dealer in a lump sum every year.
The lower franchise fee greatly reduces the franchise cost of dealers and provides support for the company to expand the market.
R&D expenses account for only 023%
From the perspective of R&D expenses, the proportion is relatively low. Although judging from the company's prospectus in 2022, one of the company's competitive advantages is its R&D advantages, the launch of new products has not been effective, and the competitiveness of the company's products is still mainly from the main products such as husband and wife lung tablets and herb chicken. From the perspective of the company's capital operation, the company's funds are mainly used to expand production capacity, such as Hainan production and processing base, Rongchang production base, and the research and development is only the construction of the research and development testing center, which focuses more on testing, and the progress of new product research and development is clearly disclosed. This industry itself is a very competitive industry, with rapid product updates and iterations, competition from century-old brands, such as Daoxiangcun, etc., as well as emerging enterprises such as Gongji Bowl Chicken, Huangshanghuang and so on. The characteristics of product homogenization are also more obvious, if not quickly innovate, how to maintain the existing market competition position and improve competitiveness, we need to pay attention.
**Shareholding decreased sharply, with only 3 companies left
In the first half of 2023, there are more than 20 ** companies that hold shares in the company, accounting for about 20% of the outstanding shares. However, at the end of the year, only 3 remained, accounting for only 2% of the outstanding shares.
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The company's products are mainly accompanied by husband and wife lung slices, Baiwei chicken, which is a popular table food for family meals, and after years of development, it has formed a certain customer stickiness, and the company's net profit will have a new breakthrough in 2023. However, in the face of fierce competition in the market environment, how to break through geographical restrictions and improve the company's sales radius is the development problem faced by the company. In addition, the company has invested a lot of money to build a plant, and in the face of increasing production capacity, how the company digests production capacity also needs our continuous attention. Although the company pays attention to research and development and attaches great importance to safety testing, the introduction of new products is somewhat weak, which is also a challenge for the company.