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19年凈利增速跳水跌至6%,桃李面包()該如何打開新市場消費者胃
2020-01-11 17:06  www.lianbaiwei.cn

今日盘后,面包及糕点生产商桃李面包()披露2019年度业绩快报。按公司预计,去年其实现营业总收入亿元,同比增长%;利润总额亿元,同比增长%;归属于上市公司股东的净利润亿元,同比增长%;归属于上市公司股东的扣除非经常性损益的净利润亿元,同比增长%;基本每股收益元。

After today's plate, bread and pastry maker Peach and Lee Bread () disclosed the 2019 annual results express. According to the company's forecast, last year it achieved total operating income of 100 million yuan, a year-on-year increase of%; total profit of 100 million yuan, a year-on-year increase of%; net profit attributable to shareholders of listed companies of 100 million yuan, a year-on-year increase of%; net profit attributable to shareholders of listed companies of 100 million yuan, a year-on-year increase of%; and basic earnings per share.

公司披露,报告期内其营收增长的主要原因包括:不断强化营销渠道,提高配送服务质量以增加单店销售额;开拓新市场,增加销售终端数量。而公司归属于上市公司股东的净利润同比增长%,大幅低于营收增速的主要原因则是期内加大对新开发市场的费用投入。

The company disclosed that the main reasons for its revenue growth during the reporting period include: constantly strengthening marketing channels, improving the quality of distribution services to increase single store sales; opening up new markets and increasing the number of sales terminals. The company's net profit attributable to shareholders in listed companies grew by% year-on-year, significantly lower than revenue growth due to increased spending on new markets during the period.

截至今日收盘,桃李面包最新报价为元,小幅下跌%,今日全日共成交亿元。公司最新总市值为亿元。去年全年,公司股价自年初至10月份一度走出了一波持续上行行情,10月11日股价一度创历史新高元,惟之后出现了小幅回调。

As of today's close, the latest offer for peach and plum bread was in yuan, a small decline of%. The latest total market value of the company is 100 million yuan. For the whole of last year, the company's stock price emerged from a wave of continuing uptrends from the beginning of the year to october, and on october 11th its share price hit an all-time high before a small correction.

桃李面包前身为沈阳市桃李食品有限公司,成立于1997年,专注于以面包及糕点为核心的优质烘焙类产品生产及销售,旗下主要产品包括“桃李”品牌的软式面包、起酥面包和调理面包三大系列面包。此外,公司还有生产月饼、粽子等传统应节食品。

Peach and Plum Bread, formerly known as Shenyang Peach and Plum Food Co., Ltd., was founded in 1997, focusing on the production and sale of high-quality baking products with bread and pastry as the core. Its main products include \"Peach and Plum\" brand soft bread, crisp bread and conditioning bread three series of bread. In addition, the company also produces moon cakes, zongzi and other traditional festival food.

截至去年年中,公司业务范围遍布东北、华北、华东、西南、西北、华东、西南、西北及华南地区,但就营收占比而言,发迹于沈阳的桃李面包仍较依赖东北、华北及华东地区市场,该三大市场分别贡献公司%、%及%的营收。

By the middle of last year, the company had a wide range of operations in Northeast China, North China, East China, Southwest China, Northwest China, East China, Southwest China, Northwest China and South China.However, in terms of revenue share, peach and plum bread originating in Shenyang are still more dependent on the Northeast, North China and East China markets, which contribute%,% and% of the company's revenue respectively.

对比2019年及2018年年中数据,可发现公司除东北地区及华南地区增幅过亿之外,其余地区市场增长均较为乏力。西北地区、西南地区、华南地区贡献营收同比增幅均低于5000万元。

Compared with the data for 2019 and mid-2018, we can find that in addition to the increase of more than 100 million in Northeast and South China, the market growth in the rest of the region is relatively weak. Northwest region, south-west region, south china region contribution revenue growth of less than 50 million yuan.

去年11月份,某财经媒体曾发文《桃李面包大股东密集减持营收增速放缓多项数据存疑》,指桃李面包面临无法开拓新市场,陷入频繁再融资股东再减持的循环,且公司多项数据存在造假嫌疑。

Last november, a financial media published \"peach and plum bread major shareholder intensive reduction in revenue growth slowed several data doubts,\" said that peach and plum bread bread face unable to open up new markets, into the cycle of frequent refinancing shareholders re-holding, and the company has a number of data fraud suspected.

但若说会计数据存在造假嫌疑,有关公司无法打开市场、营收放缓的指责却是有数据支撑。回顾2016年、2017年、2018年及最新2019年公司营收数据,其同比增速分别为%、%、%及%——从数字上看,其营收增速的确在放缓。

But if accounting data is suspected of being fake, the blame for the company's inability to open up the market and slow revenues is supported by data. Looking back at company revenue data for 2016,2017,2018 and the latest 2019, its year-on-year growth rate is%,%,% and% respectively - and its revenue growth is indeed slowing in terms of numbers.

在去年的中报中,公司曾表示上半年重点开展工作为加快战略性区域销售网络建设,加大力度拓展华东、华南等新市场。但按朱丹蓬观点,桃李面包在华南市场面临的竞争或较大,原因是该地区烘培市场出现时间较早,行业竞争较大。另外,桃李面包的保质期冬季大约为5-7天,但该保质期在华南地区已属较长,难迎合地区消费者的消费习惯。

In last year's China Daily, the company said that in the first half of the year, the focus was on accelerating the construction of strategic regional sales networks and expanding new markets such as East and South China. But according to Zhu Danpeng point of view, peach and plum bread in South China market is facing greater competition or because the baking market in the region appears earlier and the industry is more competitive. In addition, the shelf life of peach and plum bread is about 5-7 days in winter, but the shelf life is longer in South China, which is difficult to cater to the consumption habits of local consumers.

按公司披露,截至去年上半年,公司华南地区营收占比仍不足7%,且其位于上海、深圳、武汉、江苏、合肥、广西、长沙、厦门等华南地区的子公司仍处于亏损的状态。显然,在新市场投入过多的资源/资金却无法取得相应的回报亦是拖累公司全年利润增速出现较大幅度下滑的原因。

As of the first half of last year, the company still had less than 7 per cent of revenue in south china, and its subsidiaries in shanghai, shenzhen, wuhan, jiangsu, hefei, guangxi, changsha and xiamen were still in a state of loss, according to the company. Obviously, investing too much resources\/money in the new market without making a corresponding return is also responsible for the sharp decline in full-year profit growth.

另一方面,大肆扩张自然需要较多的资金。2015年12月上市首发,公司共募得亿元,用于沈阳面包系列产品生产基地建设项目、面制食品生产加工二期项目、哈尔滨面包系列产品生产基地建设项目、石家庄桃李面包系列产品生产基地建设项目建设。

On the other hand, aggressive expansion naturally requires more money. Launched in December 2015, the company raised a total of 100 million yuan for Shenyang bread series product production base construction project, noodle food production and processing phase II project, Harbin bread series product production base construction project, Shijiazhuang peach and plum bread series product production base construction project.

2017年12月及2019年9月,公司又再通过定向增发及发行可转债的方式分别募集亿元及10亿元,用于武汉、重庆、西安及江苏、四川、青岛、浙江等地生产项目的建设。但值得一提的是,2017年提出募资计划不久,公司就宣布将重庆、西安食品生产项目尚未使用的募集资金用途变更为山东桃李的烘焙食品生产项目,并将武汉桃李烘焙食品生产项目的计划建设完成时间由2019年3月延至2020年6月。

In December 2017 and September 2019, the company again raised 100 million yuan and 1 billion yuan through targeted additional issuance and issuance of convertible bonds for the construction of production projects in Wuhan, Chongqing, Xi'an and Jiangsu, Sichuan, Qingdao and Zhejiang, respectively. But it is worth noting that soon after the 2017 fundraising plan was proposed, the company announced that it would change the use of the raised funds that have not been used in the food production projects in Chongqing and Xi'an to the baked food production project in Shandong Taoli, and extended the planned construction completion time of the baked food production project in Wuhan from March 2019 to June 2020.

据推测,公司武汉项目的延期投产或与其在华中地区经营业绩不佳有关。公司不断变更的经营计划难免难以让人对其前景抱有足够的信心。

It is assumed that the company's Wuhan project delayed production or its poor performance in central China. The company's ever-changing business plans will make it difficult to get enough confidence in its prospects.

与此同时,大幅扩张的另一个必然的“副作用”便是销售费用的大幅增加。去年前三季,公司销售费用为亿元,同比增长%。且回顾2017年中报至今,虽然其销售费用增速由%降低至%,但销售费用仍一定程度上蚕食了公司报告期内的利润空间。

At the same time, another inevitable \"side effect\" of the big expansion is the huge increase in sales costs. In the first three quarters of last year, the company's sales expenses were 100 million yuan, an increase of% over the same period last year. And looking back at the 2017 China News, although its sales expense growth rate has been reduced from% to%, the sales expense still partially eroded the profit margin of the company's reporting period.

据悉,公司销售费用主要包括门店费用、产品配送费用及广告宣传费用——对于在新市场反馈不佳却依然坚持大肆扩张的桃李面包而言,这部分费用似乎都无法避免。

It is reported that the company's sales expenses mainly include store expenses, product distribution expenses and advertising expenses – a part of the cost that seems inevitable for the peach and plum bread that has been badly feedbackd in the new market but still insists on expanding aggressively.

追根溯源,桃李面包最早由退休较教师吴志刚创立于1997年。作为一家家族企业,其持股亦高度集中吴志刚及亲属。截至去年11月14日,公司前十大股东中,除香港中央结算有限公司及泰康人寿保险分别持有%及%的股份外,其余八位股东即为公司控股股东及其主要亲属,合计持有公司逾76%的股份。

Back to roots, peach and plum bread was first founded in 1997 by retired teacher wu zhigang. As a family business, its holdings are also highly concentrated in Wu Zhigang and his relatives. As at 14 November last year, eight of the company's top 10 shareholders, excluding Hong Kong Central Clearing Limited and Taikang Life Insurance, respectively, were controlling shareholders and their main relatives, holding more than 76% of the company's shares.

除持股高度集中外,该等股东亦热衷于减持股份。去年光从二月份开始计起至年末,公司第五大股东吴学龙就六度减持公司,第七大股东盛雅萍亦五度减持。但公司表示,其高管频繁减持并并不存在对公司发展信心不足的原因,而只是出于“个人生活需求”。

In addition to their highly concentrated holdings, these shareholders are also keen to reduce their holdings. From february to the end of last year alone, the company's fifth-largest shareholder, wu xuelong, reduced its holdings six times and its seventh-largest shareholder, sheng yaping, five times. However, the company said the frequent reduction of its executives did not have a reason for lack of confidence in the company's development, but only because of \"personal life needs \".

在今日的全年业绩快报中,桃李面包还表示其期末股本有亿股,较年初增加%,主要原因是报告期内实施权益分派,以资本公积金向全体股东每股转增股。另外,因为期内发行可转债,公司期末总资产为亿元,同比增加%。

In today's full-year results express, peach and plum bread also said it had 100 million shares of equity at the end of the year, an increase of% from the beginning of the year, mainly due to the introduction of equity assignments during the reporting period, with capital accumulation fund transfers to all shareholders. In addition, due to the issuance of convertible bonds during the period, the company's total assets at the end of the period was 100 million yuan, an increase of% over the same period last year.

从公司大股东及自身操作上看,相对于其在新市场面临迟迟无法取得预期中的净利润增长的困局,其似乎更关心自身的股价表现。

In terms of the company's major shareholders and its operations, it seems to be more concerned about its share price performance than it is in the new market, which is struggling to achieve the expected growth in net profit.

但显然,公司股价增长长期而言无法脱离基本面。若桃李面包增长持续放缓,则该趋势或亦将最终反映到其二级市场的股价表现上。

But it is clear that the company's stock-price growth cannot be divorced from fundamentals in the long run. If growth in peach and plum bread continues to slow, the trend may also eventually be reflected in the stock performance of its secondary market.