Zhengzhou Qianweiyangchu Food Co.Ltd(001215) (001215)
Investment suggestion: Zhengzhou Qianweiyangchu Food Co.Ltd(001215) deeply cultivate the catering channel and locate the "Chef's choice", which will benefit from the industrialization bonus of catering kitchen in the future. The company takes the lead in occupying the catering Ka highland and is downward compatible with the small B market. Large B customers have basic quantity, and small B channel explosion can produce large single products. The company has absolute advantages in the category of fried dough sticks, and the high cost performance of products has formed a barrier. We expect that the company's EPS in 21-23 years will be 1.04/1.3/1.69 yuan respectively, and the corresponding PE will be 58.47/46.73/35.84 times respectively. The company has strong growth in the future and is covered for the first time. It is rated as "buy".
The industrialization trend of catering kitchen is obvious, and quick-frozen noodles and rice products usher in a bonus period in the catering channel. With the rapid development of catering chain, more and more catering enterprises tend to concentrate on production and processing or purchase food materials. Quick frozen semi-finished products meet the standardized needs of customers, and effectively control the cost of manpower and kitchen rent. Noodle rice is the non core product of the restaurant, which is easier to realize industrial substitution.
The company has a customized gene, provides solutions for catering customers, and constructs channel barriers for the relationship between final products and services. Customized R & D needs the coordination of sales, R & D, production and procurement, which is a complete system. The company has established the concept of "key customers first" and formed an internal group to connect with key customers. The chairman and general manager of the company are the heads of the group to ensure that the internal organization can quickly respond to the needs of key customers. Once well-known catering chain enterprises have long-term cooperation with suppliers, they will not easily change suppliers unless there are major food safety problems.
The company takes the lead in occupying the catering Ka highland and is downward compatible with the small B market. Key customers drive the improvement of the company's R & D capability. The head chain catering enterprise itself has strong R & D ability, which also drives the improvement of Zhengzhou Qianweiyangchu Food Co.Ltd(001215) R & D strength. Head chain catering enterprises need innovation and drainage of pastry products, and the company's pastry products are updated rapidly every year. Categories that have been taken off the shelves or have not been proposed by large chain catering enterprises can be used to develop new channels. The products developed by the company for KFC have a basic quantity and can realize industrial production. Due to the endorsement of KFC's brand, the company's products are easier to open up the small B channel. As a T1 level supplier of yum, the company's perfect food safety and quality control system has also become an advantage for the company to develop new customers.
The advantages of large-scale fried dough sticks are obvious, and the high cost performance has formed a barrier. The company has a large volume of special flour for fried dough sticks, which has a procurement advantage in the category of fried dough sticks. The production equipment and process of fried dough sticks have been continuously improved at the factory end, the production efficiency has been improved, and the production cost has been reduced at the same time. Production equipment and process also have the first mover advantage. The company has an absolute advantage in the category of fried dough sticks, and other large single products are under cultivation.
Stock price catalyst: product price increase; The price of raw materials decreased; Performance exceeds expectations, etc.
Risk factors: increased competition; The price rise of raw materials exceeded expectations; Catering recovery was less than expected.
