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The performance in the first quarter maintained a growth trend. 20 16Q 1 The company achieved revenue of 630 million yuan, up 1.99% year-on-year. Due to the increase in the proportion of small packaged edible oil, the comprehensive gross profit margin of Q 1 company was 29.45%, up 0.8 1pct compared with the same period of last year, and the net profit margin was 8.58%, up 0.63pct compared with the same period of last year.
The company's leading products, corn oil and sunflower seed oil, conform to the trend of healthy consumption upgrading. With the improvement of residents' income level and the enhancement of health awareness, the future consumption upgrade of edible oil is expected to develop in three directions: first, the development of bulk oil to small packaged oil; Second, the development of herbal oils (such as soybean oil, rapeseed oil and blended oil) from low-end to high-end (corn oil, sunflower oil, etc.). ); Thirdly, herbal oil develops into woody oil (tea seed oil, nut oil, olive oil, etc.). ). The company's leading products, corn oil and sunflower seed oil, are rich in unsaturated fatty acids, which are in line with the trend of healthy consumption upgrading, and are expected to become edible oil products for mass consumption in the future, with huge market demand.
Market expansion extends from East China to North China and South China, and the future growth is expected. Wang Xi food is located in Shandong, and Xiwang corn oil was originally developed in Shandong. When the Shandong market matures, we will gradually expand the East China market. At present, Jiangsu and Zhejiang provinces in East China are developing well, and their market share continues to increase. Since 20 15, the company has focused on developing markets in North China and South China, while the "Beijing-Tianjin-Hebei" region in North China and the "Guangdong-Fujian" region in South China are economically developed regions, which are suitable for the sales of medium and high-grade corn oil. In 20 15, the company's revenue in North China and South China increased by 36.05% and 38.66% year-on-year, and the proportion of total revenue increased from 22.85% in 20 14 to 25.40% in 20 15. In the future, North China and South China are expected to become important contribution areas for the company's future performance growth.
The substitution effect of soybean oil bottoming is weakened, which is good for the sales of corn oil and sunflower oil. The substitution of soybean oil for corn oil and sunflower oil is mainly in two aspects: first, the purchase choice of manufacturers. Blending oil is generally made from soybean oil, corn oil, sunflower oil and other categories. Many blending oil manufacturers will choose soybean oil over corn oil and sunflower oil when the price of soybean oil is very low, which leads to the forced price reduction of corn oil and sunflower oil. The second is the choice of consumers. When the price of soybean oil is very low and the price difference between soybean oil and corn oil and sunflower oil is very sensitive, some consumers will choose soybean oil more, which also leads to the forced price reduction of corn oil and sunflower oil. Since May of 20 13, the price of soybean oil has fallen sharply, and the sales of Wang Xi food 20 13 and 20 14 have fallen sharply due to the untimely price adjustment of corn oil. At present, the price of soybean oil has stabilized and rebounded, which is conducive to the price recovery and sales growth of corn oil and sunflower oil.
The price of germ meal fluctuated with the pig cycle, and now it has bottomed out and the trend continues to improve. The company's by-product corn germ meal accounts for a relatively small income, but the price fluctuates greatly, which has a great impact on net profit. Corn germ meal is used as feed raw material, and the price is consistent with the pig cycle. In the first quarter of 20 15, the price of corn germ meal was above 1700 yuan/ton, but the current price was less than that of 800 yuan/ton. The company's germ meal output is 200,000 tons, and the net profit in 20 15 is about 20 million yuan due to the price of germ meal. According to the forecast of agricultural researchers, it is predicted that July 2065438+2006 will be the high point of pig price. Since then, the number of live pigs has increased and feed prices have risen. Therefore, we believe that the price of corn germ meal will be in a continuous rising channel in the next two years after experiencing the low point in the second quarter of 20 16, which will bring greater positive performance contribution to the company.