\u3000\u3 Shengda Resources Co.Ltd(000603) 076 Ningbo Lehui International Engineering Equipment Co.Ltd(603076) )
Events
1) on March 25, the company announced that Sun company Ningbo 30km will establish Shenyang fresh beer 30km Technology Co., Ltd. in a joint venture with natural person Jinxin to build a 30km Shenyang City factory with an annual capacity of 5000 tons of fresh beer.
2) on March 4, it was announced that the company planned to invest 30 million yuan to establish Changsha fresh beer 30km Technology Co., Ltd. to build an annual 10000 ton Changsha urban fine brewing experience factory.
Key investment points
The joint venture newly established a 30km City factory of fresh beer in Shenyang, and the strategy of “100 cities and 100 factories” was accelerated
According to the company’s announcement on March 25, the company’s Sun company Ningbo 30km Investment Co., Ltd. will jointly build a 30km Shenyang City factory with an annual production capacity of 5000 tons of fresh beer. The registered capital of the joint venture is 30 million yuan, of which Ningbo 30km Investment Co., Ltd. accounts for 51% of the registered capital of the joint venture. The announcement is the second plant construction plan of this month after the company announced the establishment of Changsha Sun company and Changsha 10000 ton fine brewing plant project in early March. We believe that the plant construction plan shows that the company’s expansion process in other places has been greatly accelerated, and the strategy of “100 cities and 100 factories” has been accelerated.
Change the purpose of the raised funds, and set up a new Changsha fresh beer 30km Sun company and a 10000 ton fine brewing plant project
According to the company’s announcement on March 4, the company will invest 30 million yuan to establish Changsha fresh beer 30km Technology Co., Ltd. In addition, the company plans to adjust the fund-raising amount of the original fund-raising project “fresh and refined brewing (beer workshop) project on the same day” from 260 million yuan to 180 million yuan, and invest the remaining 80 million yuan into the new 10000 ton “30 km Changsha 10000 ton City factory project of fresh beer”. The planned construction period is 5 months and is expected to be put into operation in September 2022.
The expansion of independent brand operation accelerated, and the company’s own brand “fresh beer 30km” achieved a major breakthrough
We believe that the company’s channels and production capacity are now in a state of accelerated promotion, and the fresh beer business has achieved a great breakthrough.
Offline channel: the company’s own brand has entered the catering chain system such as Fengmao kebab and buerjun Sichuan cuisine, which is expected to make a continuous breakthrough. The new product “raspberry wheat”, which the company cooperates with HEMA, is currently the exclusive national supply. It has become the top 1 in the new wine list of HEMA system. More than 20 “30 kilometer taverns / wine stations” have landed, and have successfully entered the mode replication stage. The recent epidemic situation in China has repeatedly affected the landing rhythm of the company’s C-end channel. We expect that after the epidemic situation is stable, the business format of the company’s liquor making stations and taverns will soon enter the accelerated introduction period, accelerate the process of remote expansion, and the volume will soon be large.
Online channel: the company’s 30km fresh beer products have been officially sold in wechat applet, jd.com, Taobao and tmall flagship stores. Tiktok tiktok has been launched recently, and will increase the publicity and promotion of online channels such as jitter.
Profit forecast and valuation
The export of the company’s main business equipment business accounts for 50%. Considering the reasons of the epidemic and the rising cost of overseas logistics, the profitability of the equipment business is expected to decline in 2021. It is estimated that the net profit attributable to the parent company from 2021 to 2023 will be RMB 100 / 160 / 320 million respectively, with a growth rate of – 9% / 64% / 100%, corresponding to PE of 40 / 24 / 12 times, maintaining the “buy” rating.
Risk warning: the epidemic situation affects the demand; The sales of fresh beer and fine brewed beer projects of independent brands were less than expected
