Qingdao Food (872387) Annual report series of special analysis by consumer companies (5) Qingdao Food is based on new product development and sales development in the biscuit industry

Qingdao Food (872387) Annual report series of special analysis by consumer companies (5) Qingdao Food is based on new product development and sales development in the biscuit industry
Event: The company released its 2018 annual report and achieved total operating income4.6.6 billion, a year ago 5.54%, with a net profit of 6773.280,000 yuan, 42 a year ago.68%. Based on the biscuit industry, the entire production-development-sales process is realized: the company’s subdivided industries belong to the food manufacturing biscuit and other baking manufacturing, mainly based on years of accumulated biscuit production process, technology and talents, and sold through mature and stable sales channelsTo customers, use the company’s product quality advantages and brand advantages to obtain stable and considerable profit margins.Among them, the subsidiary Qingdao Qingshi Co., Ltd. is responsible for the production scale of the company’s main products, and the company is responsible for the product sales.(Company official website, company announcement) Expanding market development efforts, consolidating the advantages in and out of the province, and perfecting the layout outside the province: The company fully promotes the strategic in-depth development of the southwestern Shandong market, gathers regional tourism in Linyi and Jining, conditions of transportation advantages, and market coverage in the provinceThe rate is above 90%.In addition, the company grabs the Mid-Autumn Festival and the National Day economy, develops customized products and online promotion, and builds a special supply channel for festival gift boxes. Improve the distribution market outside the province, enter Liqun Group, China Resources Vanguard, Tesco, Yonghui Supermarket and other distribution channels, strengthen key terminal management, and build special supply channels for campus stores; implement the “big sales” marketing model and fully cooperate with AnshunqingDevelopment and operation of the Southwest Market.Strengthen 西安耍耍网 the construction of e-commerce platforms, strengthen the interactive participation of consumers, and maintain and develop international markets.Realized total operating income in 20184.6.6 billion, a year ago 5.54%.(Company announcement) Conversion of old and new kinetic energy to improve the automation level of the production line: In 2018, the company launched a new 1200-type biscuit production line at Chengyang Subsidiary, which was officially put into production in February to meet the needs of the New Year’s Day and Spring Festival markets.Initially updated the biscuit production line to add sandwich machines and cooling tunnels, reducing energy consumption by 40%, adding cartoning and coding and metal detector conveying systems to meet production needs and comprehensively improve product reputation.In addition, the company accelerated the progress of the Anshun Green Food Project, and arranged a person to be responsible for project construction coordination to fully meet the local market development needs.The production line of the first-level upgraded version of calcium milk biscuits mainly takes into account the production design of multi-variety biscuits, completes supporting planning, system construction and staff training, and installs and commissions production as soon as possible after the construction is completed.(Company announcement) Continuous injection of research and development innovation, optimization of product structure to create more quantities: In 2018, the company continued to develop and launch more marketable special products, successively launched 48g cups of brewed calcium milk biscuits, 336g boxes of cultural tourismCalcium milk biscuits, green food biscuits, calcium milk biscuits and OEM processed Belgian flavor biscuits, etc. have been adjusted to optimize the absorption and quality of peanut butter products. New 10 kg barreled peanut butter products have been launched, occupying the market share of small and medium customers, making the brand nationalIncrease new market growth points.The company strengthens cooperation with colleges and universities and scientific research institutions.Relying on the advantages of the provincial technology center, strengthening software and hardware, and talents, the company added five new utility model patents in 2018. It has extensively exchanged needs and cooperation intentions with the School of Food Science and Engineering of Ocean University of China, and explored sea cucumber protein, low melting point and other oceans.The feasibility of ingesting and producing raw materials such as elements. Investment suggestion: The latest latest closing, the company’s market valuation6.120,000 yuan, PE is 9X, it is recommended to pay attention. Risk Warning: Food Safety Risk; Regional Market Concentration Risk; Market Competition Risk