Pacific Securities: Qiaqia Foods is expected to increase sales by 15% -20% this year

On April 24, Pacific Securities Huang Fusheng and Cai Xueyu’s team released Qiaqia Food’s first quarterly review.According to the first quarterly report released by Qiaqia Foods recently, in terms of revenue, Qiaqia Foods’ red bag seeds increased by about 17% -18% in the first quarter, and blue bag seeds increased by about 20%.At the same time, it is expected that Qiaqia Foods will have 15% -20% sales growth early this year.It is believed that the first quarterly report released shows that Qiaqia Foods achieved revenue in the first quarter of this year11.4.7 billion, an increase of 10 in ten years.29%.Realized net profit 1.4.9 billion, an annual increase of 30.78%, the net interest rate is 12.98%.Although Qiaqia Foods did not release specific product growth details, Pacific Securities expects Qiaqia Foods’ red bag seeds to grow by about 17% -18% and blue bag seeds to grow by about 20% in the first quarter of this year.Pacific Securities said that the growth rate of profits is much higher than the growth rate of income, mainly due to the increase in gross profit margin and the decline in expense ratio.Qiaqia Food Gross Margin 32.12%, mainly due to the high gross profit of melon seeds, the growth rate is relatively fast, accounting for a relatively high proportion, and the automation level of nuts is improved; the sales expense ratio is 12.07% was mainly due to the reduction of advertising and promotional expenses.Since 2019, Qiaqia Food has gathered core categories and replaced new packaging. Driven by new marketing, the core product sales volume trend is obvious, and the 2020 volume volume trend is expected to continue.Pacific Securities said it expects Qiaqia Foods to have 15% -20% sales growth throughout the year.At the same time, it is expected that the income growth rate of Qiaqia Food from 2020 to 2022 will be 18%, 17% and 15% respectively; the net profit growth rate will be 30%, 23% and 20% respectively.Sauna, Ye Wang Wang Ziyang Editor Zhu Fenglan proofreading Chen Diyan

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