Yili shares (600887) 2019 third quarter report review: market share of major products increased

Yili shares (600887) 2019 third quarter report review: market share of major products increased


Net profit increased by 11.

55%, exceeding market expectations.

In the first three quarters, the company realized revenue of 686.

7.6 billion, ten years +11.

98%, net profit attributable to mother 56.

300 million, previously +11.


Among them Q3 single-quarter income 236.

0.6 billion, an increase of 10 in ten years.

4%, net profit attributable to mother 18.

北京夜网 500 million, an increase of 15 every year.

49%, deducting non-profit 17.

5 billion, a 19-year growth of 19.



Revenue grew steadily, with key products growing by 30%, and new product revenues increasing.

The first three quarters of the company’s liquid milk, milk powder and dairy products, cold drink products accounted for 82.

2%, 9.

8% and 8%.

In the first half of the year, the growth rates of the three major products were 13 respectively.

2%, 13.

4% and 15.

4%, sales of key products “Golden Code”, “An Muxi”, “Changqing” and “Every Yitian” increased by 30%.

New product sales accounted for 17.

4% (+2.


Revenue from e-commerce business grows 31 per year.



The expense ratio decreased and the net interest rate increased.

The company’s gross profit margin for the first three quarters was 37.

7%, unchanged from the previous year, the company has eased the pressure on the price of raw milk by upgrading its product structure; the expense ratio during the period was 28.

5%, a decline of 0 per year.

34pct, in which the selling expense ratio decreased by 1.

34 points, management + R & D expenses increased by 1.

3pct, mainly due to the increase in employee compensation and R & D expenses; the financial expense rate decreased by 0.

07 points.The company’s net margin increased by 0.

3 points.


Performance targets are expected to be achieved.

The company’s 19-year planned revenue target is 90 billion (+ 13%), and the implementation conditions of the company’s equity incentives are a compound annual growth of 8% in the next five years (2019-2023) after deducting non-net profit, and at least 70% of the dividend ratio, an integerThe rate is 3%, locking the bottom line of future performance.

While maintaining steady growth in the main business, the company started the construction of multi-sector plates of healthy drinks and cheese to help build a healthy food industry group.


Profit forecast and investment rating.

The company’s EPS for 2019/2020 is expected to be 1.

17 yuan / 1.

29 yuan, corresponding to 23 for PE.

6X / 21.

0X, the company estimates that it is below the median level of the dairy industry (31/19.

9 times).

Historically, PE (TTM) has 成都桑拿网been at a median level for the last ten years.

The company’s channel and brand advantages continue to increase its market share. We look forward to the establishment of the company’s large health food group to maintain the “overweight” level.


risk warning.

Costs and prices of raw milk fluctuated more than expected; new product development and market sales fell short of expectations.