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In depth report of China’s brine products industry in 2020 From Guotai Junan

The following is the In depth report of China’s brine products industry in 2020 From Guotai Junan recommended by And this article belongs to the classification: Securities report, Life data.

Stage: Juewei efficiency drive + management empowerment, scale expansion + supply chain improvement of Huangshanghuang, transformation of zhouheiya mode + management improvement. It is estimated that the compound growth rate of net profit of the three companies is expected to exceed 20% from 2021 to 2023. Recommendation: Juewei food and Huangshanghuang will be rated as overweight. The beneficiary is Zhou black duck.

There is still room for expansion in the industry, with branding promoting concentration. Judging from the two dimensions of dynamic store estimation and franchise store willingness, Juewei (net population flow into the city), Huangshanghuang (blank area / Channel) and zhouheiya (blank area) still have store space. According to the channel research, the average profit margin of franchisees is maintained at 15-20%. Compared with other categories of franchisees, halogen products have the characteristics of less investment, stable return, standardization, etc. the franchisee system is still relatively stable, and the willingness to join is positive. It is estimated that in the next three years, the growth of the three brine flavor leading enterprises will accelerate or maintain the growth rate of opening stores. Behind them, 1) urbanization rate will drive the increase of total consumption; 2) demand side reform will bring about the increase of per capita consumption expenditure; 3) branding and information / supply chain technology progress will promote the increase of industry concentration; 4) the demand of leading enterprises to consolidate their voice and industry access threshold; and It’s not the apparent increase in competition.

Positioning transformation to expand the market, join mode to seek self breakthrough. Juewei, Huangshanghuang and Zhouhei duck are initially positioned as leisure, dining table and high-end leisure. At present, Juewei and Huangshanghuang both plan to penetrate into each other’s initial positioning market, but the way may be different. We expect Juewei will march into table stewed food through sub brand incubation, while Huangshanghuang will integrate leisure stewed food through consumer education in blank market. The foundation of brand chain franchise mode lies in the stability of the franchisee system, and the ceiling lies in the brand potential energy ductility. Referring to the development path of chain fast food enterprises, we expect Juewei / Huangshanghuang / zhouheiya will seek self breakthrough through sub brand incubation, category expansion, product structure upgrading and other ways.

The organization is rejuvenated to promote vitality, and the incentive optimization is dynamic. As of December 31, the “major shareholder holding plan” has been completed. We expect that the company will continue to adjust its organizational structure and change its old and new echelons in the near future, laying a good foundation for the second launch of the “food ecosystem”. In 2017, Huang Shanghuang was taken over by “Chuang Er Dai”. The organization adjustment and incentive optimization brought about rapid growth of performance. The company’s buyback plan was recently introduced. It is expected that a new round of equity incentive will be around the corner to meet the needs of rapid expansion of the enterprise in the next three years. Zhou Heiya hired a team of external professional managers in 2018, all from well-known international FMCG enterprises, with rich industrial experience. In 2018, the company invested HK $300 million to buy back 2.74% of the shares, which was used for employee equity incentive plan – 10-year rolling equity incentive plan. We expect to help the company transform into a franchisee model.

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