As an industrialized food of “quick-frozen food + compound seasoning”, prefabricated dishes have become a trillion level new outlet and are popular in the capital market.
On January 14, the prefabricated vegetable plate broke out again, and many stocks rose by the limit. Zhanjiang Guolian Aquatic Products Co.Ltd(300094) three consecutive 20% limit, Shandong Delisi Food Co.Ltd(002330) , Fortune Ng Fung Food (Hebei) Co.Ltd(600965) , Haixin Foods Co.Ltd(002702) also achieved triple board.
Among them, Shandong Delisi Food Co.Ltd(002330) disclosed the record of investor relations activities and announced that the proportion of the company’s Prefabricated vegetable business in end B and end C was 7:3. In 2020, the volume of prefabricated vegetables in a narrow sense (excluding low-temperature meat products) was more than 400 million, and the revenue grew rapidly in 2021. It is expected that the revenue model of prefabricated vegetables in 2022 will be about 1.2 billion yuan. Zhanjiang Guolian Aquatic Products Co.Ltd(300094) it was previously announced that the company signed a cooperation framework agreement with HEMA to jointly carry out in-depth development and market promotion of prefabricated dishes of aquatic products such as shrimp, tilapia and crayfish.
Prefabricated dishes are one of the fastest growing sub industries in the food processing industry in recent five years. From 2014, the takeout industry began to flourish, and by 2020, the epidemic will give birth to household consumption demand. In addition, prefabricated dishes simplify the cumbersome process of buying, washing, cutting and cooking, integrate quality, nutrition and taste, and cater to the lifestyle of young consumer groups under the fast-paced life.
Three or four years ago, with the blowout growth of chain catering enterprises, the layout of frozen product supply chain and cold chain ushered in a great leap forward development. The demand for frozen products at end B increased, forcing the iteration of frozen product supply chain, and the varieties of meat and processed quick-frozen prepared foods began to increase. The arrival of the epidemic has accelerated enterprises to see business opportunities at the C-end, and new and old brands have “gone to the sea”. At present, the industry scale exceeds 200 billion yuan and there are more than 70000 related enterprises. According to AI media consulting, the scale of China’s Prefabricated vegetable market is expected to be 345.9 billion yuan in 2021 and 515.6 billion yuan in 2023. If the growth rate of China’s Prefabricated vegetable market remains stable at 20%, the scale of China’s Prefabricated vegetable market will exceed trillion yuan in 2027.
The development of Japanese prefabricated food industry is relatively mature, which can be used as a reference for the development of Chinese prefabricated food. According to Euro consulting, the market size of Chinese mainland prefabricated C terminal was only 29% of the same level in China in 2020, indicating that China’s Prefabricated vegetable industry still has great potential for development.
Sealand Securities Co.Ltd(000750) said that at present, the prefabricated vegetable industry has just started, the competition pattern is extremely scattered, and different types of participants have opportunities: at present, the industry concentration is extremely scattered, and the main participants can be divided into five types: professional prefabricated vegetable enterprises ( Suzhou Weizhixiang Food Co.Ltd(605089) , stewing, intelligent kitchen, etc.), agricultural, animal husbandry and aquatic products enterprises ( Fujian Sunner Development Co.Ltd(002299) , Zhanjiang Guolian Aquatic Products Co.Ltd(300094) , Longda food, etc.) Traditional quick-frozen food enterprises ( Fu Jian Anjoy Foods Co.Ltd(603345) ), catering enterprises (Xibei, Haidilao, Meizhou Dongpo, etc.), retail enterprises (HEMA workshop, dingdong shopping, etc.).
Among them, traditional quick-frozen food enterprises are more likely to become national leaders and give full play to the potential energy of single products. Professional prefabricated vegetable enterprises plough deep into the region and can become small and beautiful enterprises. For upstream agricultural, animal husbandry and aquatic products enterprises, prefabricated dishes are a rare window of business transformation. If the product power advantage is prominent and the b-end and C-end distribution channels are quickly established, it is possible to produce a dark horse enterprise.
East Asia Qianhai Securities believes that the prefabricated vegetable industry is currently in a period of rapid development, and the market scale is expected to increase in the future. The long-term development logic of the industry is clear, and the characteristics of prefabricated vegetables are safe, healthy and portable, which is in line with the trend of consumption upgrading and the social development trend of single and residential economy. The future development is highly deterministic. The current concentration of the industry is low and the competition pattern is scattered. The beneficiaries are industry leaders whose concentration is expected to improve in the future.
