Annual report series of special analysis by consumer companies (8): Yang’s Fruit Industry (837480): China’s fruit industry leader has grown rapidly in domestic sales

Annual report series of special analysis by consumer companies (8): Yang’s Fruit Industry (837480): China’s fruit industry leader has grown rapidly in domestic sales

Annual report series of special analysis by consumer companies (8): Yang’s Fruit Industry (837480): China’s fruit industry leader has grown rapidly in domestic sales

Event: The company released its 2018 annual report and achieved a total operating income of 10.

78 ppm every year last year 21.

51%; net profit is 1.

09 million yuan, 7 years ago.

7%.

The leader of China’s fruit industry, the layout of the entire fruit industry chain: The company is a modern agricultural enterprise that integrates primary fruit processing, high-quality fruit trading and fruit planting.

The main products are fresh orange, fresh mandarin and other high-quality fruits (lychee, mango, banana, kiwi, grape, etc.).

  At present, the company has covered the whole fruit chain industry of fresh fruit cultivation, commercialization, processing and packaging, and multi-channel sales. It has established a set of reproducible fresh fruit value chain management system that suits China’s national conditions and a global perspective.

Upstream has 4 planting bases to provide safe and high-quality fruits: In the field of upstream planting, the company actively develops its own modern standardization of fresh fruits, mechanized ecological planting bases, including 30,000 acres of citrus planting base in Langzhong, Sichuan, Cangxi kiwi planting base, HunanShimen 8000 acres of citrus planting base, has four modern citrus non-toxic seedlings good propagation base.

As of January 2019, nearly 40,000 acres have been planted, of which 30,000 acres were initially put into production in the second half of 2019. In addition, the company combines Jiangxi, Hunan, Sichuan, Guangxi, Guangdong and other places with citrus varieties and rich resources.Formed an intent of a planting base project of nearly 100,000 mu (the company’s official website).

It further provides safe and high-quality fruits, and realizes the sustainable development of the company, casting an alternative backing.

Diversified sales channels are parallel, and the products are exported to home and abroad: the company has established goodwill for many years in the domestic agricultural market, commercial supermarkets, e-commerce platforms and overseas export channels.

At present, the company’s main profit growth is sales of fresh orange, fresh mandarin and other private label products.

Products are exported to North America and Canada, Dubai in the Middle East, Russia in the Far East, countries in Southeast Asia and more than 20 countries and regions in Eastern Europe and Hong Kong and Macao.

During the period, in order to supplement the uneven sales income of fresh oranges in the off-season, the company independently imported and processed other types of fruits and sold them to customers in the form of most of its own brands.

Domestic sales increased significantly in 2018, with domestic sales revenue10.

4.3 billion, accounting for 96 of main revenue.

80%.

In terms of business type, the income from traditional processed fruits6.

50 ppm, an increase of 0 per year.

1.8 billion; trade sales revenue 3.

4 billion, an increase of 0 over the same period last year.

8.6 billion; self-produced income from planting orchards increased by 0 this year.

7.1 billion yuan.

Four large commercialized processing plants have been built, and industry scientific research cooperation has been 杭州桑拿网 steadily advancing: In the field of production and processing, Yang’s Fruit has built four post-harvest commercialized processing plants for citrus in Jiangxi, Hunan, Guangxi, and Heyuan.

Technically, the company has 10 design patents, 4 invention patents (fruit preservation), and 10 invention patents are being applied for. In terms of capacity and energy storage, the company has formed a processing capacity of 400 tons per hour, with a storage capacity of 8The capacity, scale and advanced level of more than 10,000 tons are leading in Asia and advanced in the world.

In the field of scientific research cooperation, the company has long-term cooperation with scientific research units of Huazhong Agricultural University, Hunan Agricultural University, China Citrus Research Institute, Guangdong Academy of Agricultural Sciences, 成都桑拿网 Sichuan Academy of Agricultural Sciences and other institutions.

Investment suggestion: The company is an industry leader integrating fruit preliminary processing, high-quality fruit trading and fruit planting. The current technology and production capacity are leading in the industry.

The latest market value is 27 trillion, and the net profit is 1.

09 million yuan, corresponding to pe25.

75X, it is recommended to pay attention.

Risk warning: gradual fluctuation risk; risk of government subsidy policy change; raw material supply risk caused by natural factors