Prefabricated dishes will move forward in the manufacturing end of Chinese food, and the efficiency of standardized and large-scale industrial chain will be significantly improved. The essence of prefabricated dishes is to standardize the manufacturing process of Chinese food and transfer it from the back-end restaurant (end b) and family kitchen (end c) to the front-end food processing enterprises, so as to realize large-scale production. Food processing enterprises can give full play to their scale advantages, restaurants can reduce costs and increase efficiency, consumers can harvest conveniently and quickly, and the efficiency of the whole industrial chain will be significantly improved. There are many Chinese cuisines, various cooking methods, huge differences in local tastes, and the process of Chinese food standardization is relatively slow. In recent years, with the increase of labor and rent costs in the catering industry, the demand for b-end has become stronger and stronger. At the same time, the preservation technology represented by quick freezing (to solve the problem of preservation), compound condiments (to solve the problem of taste) and cold chain logistics (to solve the problem of transportation) have developed rapidly, and Chinese prefabricated dishes have entered the fast lane of development.
Professional prefabricated vegetable enterprises win with large-scale and deep processing. The standardization process of double dish Chinese dumplings and the landing history of Western fast food supply chain in China, we believe that category selection, R & D strength and channel control constitute the core competence of professional prefabricated dish Enterprises: category selection determines the scale ceiling, focusing on staple food and home cooked dishes; Self research and deep processing capability affect the profitability of enterprises; The competitive elements of different channels are differentiated, and the multi-channel layout will be the future direction. The self-developed single products with high processing depth and large scale will be the core profit point of prefabricated vegetable manufacturing enterprises. Professional prefabricated vegetable enterprises with large categories, strong self-research ability and multi-channel will gradually stand out.
Central kitchen empowerment terminal, chain franchise expansion. With the mode of "central kitchen + terminal", the prefabricated vegetable enterprises will gradually replace the original small workshop business mode. The high degree of standardization of prefabricated products in the central kitchen makes the franchise of terminal extension stores highly reproducible. In the future, it is expected to further improve the profitability of terminal single stores through brand support and category expansion; The transportation radius of cold chain logistics is limited and the cost is high. Only by reaching a certain store density in the factory distribution area can the economy be guaranteed, forming obvious regional and scale barriers.
The epidemic has catalyzed both supply and demand, and the actual penetration rate has increased. Due to the limited hall food, catering enterprises have made efforts to take out, prefabricated dishes and other non hall food businesses, and the number of prefabricated dishes has increased greatly. At the same time, there is a huge demand for cooking and goods storage during the period of home isolation, and the restriction of hall food during the festival has also stimulated the demand of the family banquet market. During the epidemic period, the outbreak of the industry has cultivated consumer awareness, and catering, new retail, new consumption and other enterprises have entered the market one after another, making extensive exploration in the consumption scene and price band, so as to lay a foundation for the development of C-end in the future.
Investment suggestion: at present, the industry is still in the early stage of development. The demand of b-end is relatively clear under the demand of catering enterprises to reduce costs and increase efficiency. We expect that the long-term market space of b-end of Chinese prefabricated dishes is expected to exceed trillion. Due to the wide variety of Chinese food and huge differences in cooking technology, there may be an industry pattern of overall dispersion and concentration of categories in the future. Focus on three types of investment opportunities: 1) enterprises with automation and large-scale production end and the ability to create large single products will occupy a high market share in the advantageous categories by virtue of cost-effective advantages. It is recommended that Fu Jian Anjoy Foods Co.Ltd(603345) ; 2) Enterprises with excellent single store model and moat "central kitchen + terminal" mode relying on supply chain recommend Zhongyin Babi Food Co.Ltd(605338) , Suzhou Weizhixiang Food Co.Ltd(605089) .
Risk tips: weak consumer demand, sharp rise in costs, food safety problems, etc.
