Short board 1: large single products have supported performance for many years.
"Jule" brand was born in 1984, and it is one of the earliest enterprises that introduced Tetra Pak production line in the West.
From 65438 to 0997, Jule Food launched "yogurt" as the main product at room temperature, which became the core product to support the company's performance in the next 23 years.
According to the prospectus, the sales revenue of yogurt increased from 459 million yuan in 20 16 to 550 million yuan in 20 18, and the proportion of the total revenue of the company increased from 66.62% in 20 16 to 70.06% in 20 18, which is undoubtedly the company's performance.
Although the company is located in Sichuan and has little external influence, more and more dairy food giants are like a dark cloud. The company relies on this single product to survive, and the risk is increasing.
This kind of risk can't be solved in a short time. The company believes that although the company intends to raise funds to invest in projects to expand the market share of other normal-temperature dairy products and low-temperature dairy products, and reduce the potential business risks of yogurt, a milk-containing beverage product, it will still be dependent on this product in the short term.
Shortboard 2: More than 70% of R&D expenses are personnel salaries.
General food dairy enterprises pay more attention to research and development capabilities in product iteration, and spend a lot of money on investment every year.
The main products of Jule Food are dairy products, and the targets are Yili yogurt, Mengniu fruit and Wahaha nutrition express. The product entry threshold is low. Strangely, the company's annual R&D expenses are pitifully small.
According to the prospectus, from 20 16 to 20 18, the company spent12.58 million yuan,165.77 million yuan and1686.700 yuan respectively, accounting for 0.18 of the annual operating income.
Chu Finance found that more than 70% of these R&D expenditures were used to pay employees' salaries.
20 16 to 201208,300 yuan, respectively, 124.6 1000 yuan and1400,400 yuan, accounting for 96.06% and 75./kloc-0 respectively.
Judging from the R&D expenditure in 20 18, the R&D investment of Yili, Sanyuan and Guangming accounted for 0.59%, 0.39% and 0.42% respectively, which were higher than the R&D expenditure of the company.
Short board 3: The market is highly concentrated in Sichuan Province.
The product sales market area of Jule Food is mainly concentrated in Sichuan Province. From 20 16 to 20 18, the sales income from Sichuan province was 675 million yuan, 684 million yuan and 770 million yuan respectively, accounting for 98.43%, 98.62% and 98.47% of the company's income respectively.
The concentration of product sales in Sichuan Province is very high, and it is unknown whether the market capacity and channel penetration have improved. Although there are hundreds of millions of people in Sichuan province, the future market expansion will also affect the company's income.
Usually, dairy enterprises rely on the dealer model, and Jule Food is no exception. According to the disclosed data, from 20 16 to 20 18, the income from distribution channels accounted for more than 60% of the company's income.
The mode of "payment first, delivery later" adopted by companies and distributors has not shown much support in cultivating the market and market penetration. The company did not disclose the number of dealers around, which means that the outside world can't know the company's dealer team and distribution network construction. It can be seen that the fluctuation of sales expenses is not big and the market development is not strong.
At the same time, it also brought great challenges to the company. How to guide and lead dealers to tap the market increment together, and how to dig the "moat" deeper for opponents outside the province?
Shortboard 4: Where is the company's "moat"?
In 20 18, Jule Food achieved an operating income of 785 million yuan, which is only a fraction of the giant. In 20 18, Yili's revenue reached 78.976 billion yuan, which means that the annual income of New Hope Dairy, which ranks lower, also reached 4.972 billion yuan.
The company is also trying to find a way. 2065438+In June 2007, the company transferred its 0/00% equity of breeding company/KLOC-to Jule Group for 850,000 yuan. By participating in Gansu Derui Animal Husbandry, purchasing Gansu milk source and obtaining fresh milk as raw material, the cost of self-built pasture is reduced.
In the past three years, the company has well controlled the cost of raw milk, the main raw material of milk-containing beverages, and the purchase price per kilogram has been controlled at the same level.
In addition, Chu Finance failed to find out where the "moat" built by the company was. On the contrary, dairy companies like Yili and Mengniu have strong channel penetration and brand influence, so the time left for the company to "breathe" may not be too long.
This year is a big year for food enterprises to go public. Li Ziyuan, Zhejiang, Juneyao Dajian and other enterprises have successively disclosed the prospectus. Recently, Sichuan Jule Food Co., Ltd. made a comeback and disclosed the prospectus again, intending to raise funds to expand production.
This star enterprise in Sichuan has a strong interest in the capital market. Through the prospectus, the outside world has also seen the plight of the enterprise.
Its predicament comes from the domestic dairy industry and food giants in the province, as well as from its own lack of research and development, single products, limited core market in Sichuan Province, and increasingly small living space.
When I was a child, my teacher told Chu Caijing that it doesn't matter if you are backward. As long as you are diligent, stupid birds fly first. The problem is that Jule Food has been rooted in Sichuan for 35 years, and it seems that it has never dug a "moat" for defense.