\u3000\u3 Ping An Bank Co.Ltd(000001) 215 Zhengzhou Qianweiyangchu Food Co.Ltd(001215) )
Key investment points:
Only for catering chefs
In 2012, Zhengzhou Qianweiyangchu Food Co.Ltd(001215) was established. The company’s main business is the R & D, production and sales of quick-frozen noodles and rice products for catering enterprises. Adhering to the strategic positioning of “only for catering and chefs”, the company is committed to providing customized and standardized quick-frozen food and related catering kitchen solutions for catering enterprises. Based on the product design concept of simulating restaurant back kitchen technology and the product design criterion of saving restaurant back kitchen cost, the company is committed to solving the urgent need of catering enterprises to reduce operating costs by providing customized and standardized products.
Quick frozen food is mature, and the catering market remains to be explored
At present, on the basis of stable economic development (the increase of urbanization rate and the continuous rise of residents’ disposable income), the acceleration of the pace of life and the change of population structure have led to the change of eating habits and the increase of residents’ dining out frequency (including takeout). Therefore, the natural growth of the catering industry is the bottom logic for the sustainable development of Tob quick-frozen noodle rice enterprises. Catering enterprises gradually began to use some quick-frozen products. On the one hand, it comes from the pressure of cost. Further consideration, from the current development trend of the catering industry, on the one hand, the chain rate of the catering industry still has a certain development space, on the other hand, the penetration rate of takeout will continue to increase. The former pursues the consistency of taste and the latter pursues the convenience of operation, which makes the quick-frozen noodles and rice products industry serving the b-end have higher growth.
Building the cornerstone of customer resources and driving development with R & D strength
For chain catering enterprises, food safety is very important, and its supply chain is relatively closed. Therefore, the company has formed a strong market first mover advantage in the field of customization of quick-frozen noodles and rice products catering enterprises. As a T1 supplier of Yum China, the company has always provided it with high-quality and best-selling products and all-round technical services since its establishment in 2012, and its cooperative relationship with Yum China is stable.
Compared with the traditional general-purpose product production mode, the customized production mode can timely grasp the market demand, which not only improves the company’s R & D strength, but also can use customer resources to expand new products and cultivate the market of consumers. In addition, under the customized production mode, based on the existing products, carry out product iteration according to customer needs and continuously develop new products, making the cooperation more stable and extensible.
Investment advice
As the leader of quick-frozen noodles and rice products, the company has formed channel barriers through long-term cooperation with customers. With the sustainable development of social economy, in the post epidemic period, the catering scale will still grow steadily. The chain of catering and the standardization of takeout will continue to benefit the catering channels of quick-frozen noodles and rice products. Through continuous research and development, the company will make great progress. To sum up, we expect the company to achieve earnings per share (diluted) of 1.01/1.21/1.63 yuan from 2021 to 2023, giving the company an investment rating of “overweight”.
Risk tips
Food safety issues; Macroeconomic downturn; Repeated outbreaks
