Dairy companies have limited impact on the epidemic in the first half of the year, but cold drinks and fresh milk are better sold.

With the release of the finale of Yili (600887.SH), the Dairy Company's semi -annual report has been released.

Although the epidemic in the first half of the year had a certain impact on the domestic consumer market in the second quarter, the performance of the head dairy companies had limited impact.

At the performance meeting today, Yili Management revealed that the domestic dairy product consumption in June has not returned to the level before the epidemic in March, and the consumption confidence has not fully recovered. In the second half of the year, the dairy industry is still weak.

Epidemic impact limited

Affected by the epidemic, the overall growth rate of the domestic dairy industry in the first half of the year fell from the same period last year. According to the data released by the National Bureau of Statistics, in the first half of this year, the output of dairy manufacturing enterprises above designated size was 15.109 million tons, an increase of 1%year -on -year. However, from the announcement of the announcement of the dairy stocks, the performance of head companies was better than industry data.

The announcement shows that Yili achieved total operating income of 63.46 billion yuan in the first half of the year, an increase of 12.3%year -on -year, and a net profit of 6.14 billion yuan, an increase of 15.4%year -on -year. From the perspective of the business, the operating income of Yili liquid milk business achieved 42.89 billion yuan, an increase of 1.1%year -on -year; the operating income of milk powder and dairy product business was 12.07 billion yuan, an increase of 58.3%year -on -year. Increased 3.5 percentage points; sales revenue of cold drinks was 7.29 billion yuan, an increase of 31.7%year -on -year.

Among them, in the second quarter, Yili achieved revenue of 32.42 billion yuan, an increase of 11.2%year -on -year, and net profit was 2.63 billion yuan, an increase of 5.6%year -on -year. In the second quarter, the sales of the liquid milk business fell by 4.5%. The impact of HK) In the second quarter, Yili's revenue growth rate in the second quarter was about 5%, and the single quarter growth rate slowed down from the first quarter.

At the performance meeting, Qiu Xiaomin, secretary of the Illi board of directors, said that the epidemic does have a certain impact on the sales of the second quarter. Taking room temperature liquid milk as an example, 20%of the sales in 1-2 cities, 80%of the offline cities, the epidemic is going north to the north and the first line. Under the cities' group purchases and government guarantees, the impact on sales is relatively small, but in some offline cities, due to the strict local epidemic prevention measures, and dairy products consumption is also weaker than 1-2 cities, the impact will be greater than 1-2 cities, which will have a greater impact. Essence

Qiu Xiaomin introduced that the market was most affected by the epidemic in April, and the situation in May and June had improved. However, the market consumption in June had not fully recovered to the level before the epidemic in March, and the consumption confidence had not fully recovered. In contrast, the dairy products themselves belong to the just -needed food, and the consumers' pursuit of health in the epidemic continues, so the overall impact on business is limited.

The reporter noticed that under the epidemic, Yili further adjusted the channels and product structure, which also affected some epidemics. In the first half of the year, Yili liquid milk revenue increased by 16.8%year -on -year. Under the circumstances of sales expenses by 18.3%year -on -year, the overall gross profit margin was 33.67%, an increase of 1.67 percentage points year -on -year.

Dairy companies that announced their performance in the same period are similar.

New Dairy (002946.SZ) had a half -year revenue of 4.78 billion yuan, an increase of 10.8%year -on -year, and net profit was 190 million yuan, a year -on -year increase of 29.4%. , Year -on -year increased by 24.6%, the growth rate has slowed slightly.

Bright Dairy (600597.SH) and Sanyuan (600429.SH), which are directly impacted by the epidemic, are also better than expected. In the first half of the year, Guangming Dairy achieved revenue of 1.441 billion yuan, an increase of 1%year -on -year, and the net profit was 280 million yuan, a year -on -year increase of 7.8%. In the second quarter, single -quarter revenue of 7.16 billion yuan decreased by 1.5%year -on -year, but the net profit still reached 190 million yuan. 40.9%year -on -year. In the first half of the year, Sanyuan achieved revenue of 4.26 billion yuan, a decrease of 6.6%year -on -year, and a net profit of 93 million yuan, a decrease of 51.2%year -on -year, which was mainly related to the influence of the Beijing epidemic on the home delivery business.

Fresh milk and cold drinks are better for selling

The reporter noticed that under the epidemic, the sales of low -temperature fresh milk and cold drink business in dairy companies have increased rapidly, which has also reduced the impact of the epidemic on performance.

At the previous performance meeting, Mongolian Niu President Lu Minfang revealed that Mengniu's low -temperature yogurt and dairy beverage sales in the first half of the year decreased, but low -temperature fresh milk growth rate was rapid, which increased by 25%year -on -year. A year -on -year increase of more than 40%. Today, Yili also revealed that the low -temperature liquid milk has declined in the first half of the year, but the low -temperature fresh milk business increased by 40%. In the first half of the new dairy, liquid milk income increased by 8%year -on -year, and the increase in low -temperature fresh milk also exceeded 20%.

Song Liang, an independent dairy analyst, told the First Financial Reporter that the decline in the category of yogurt is mainly due to the restrictions of the epidemic on consumer scenes, and the rapid growth of low -temperature fresh milk reflects the trend changes of family dairy consumption under the epidemic. Out of paying attention to health and nutrition, consumers are increasing low -temperature fresh milk consumption, which will also accelerate the changes in the market pattern of low -temperature fresh milk in China.

At the new dairy annual shareholders meeting held before, Xi Gang, chairman of the new dairy industry, told First Financial reporters that he is optimistic about the development of the low -temperature milk market in China. One day exceeding the warm milk.

At the same time, this year's cold drink business played a new growth role in the performance of dairy companies. The cold drinks of Yili, Mengniu, and Sanyuan increased by 31.7%, 29.9%, and 9.2%, respectively, all higher than the overall performance growth rate. Zhao Lin, general manager of Yili Investor Relations Department, revealed that this year's cold drink industry is expected to have a single digit growth, but the growth of cold drink business in the head dairy company is very good. The industry is undergoing new abnormalities under the epidemic. On the one hand, consumers have become more rational to buy decisions. They will choose more familiar brands and products. The concentration of the cold drink market has continued to increase. On the other hand, home consumption is becoming a new consumption scenario for cold drinks. And consumers pay more attention to the taste and emotional consumption needs of cold drink products.

In Song Liang's view, behind the high growth of cold drinks in dairy companies in the first half of the year, it is related to the upgrading of the overall domestic cold drink products in recent years, and the price rise has driven sales growth. At the same time, in some city markets, cold drinks have a certain "lipstick effect" factors. drive.

It is worth noting that as the weather turns cold in the second half of the year, cold drinks and fresh milk will also enter the off -season, and their contributions to the performance of the dairy company will decrease.

However, the reporter learned that with the recent impact of the domestic epidemic, the sales of the dairy product market are gradually recovering.

According to Lu Minfang, Mengniu's overall sales have been recovered since May, and double -digit growth has been achieved in July. Although the epidemic has a certain impact on the industry, the domestic dairy development prospects have not fundamentally changed.

When asked about market expectations in the second half of the year, Qiu Xiaomin also said that with the gradual weakening of the epidemic on the economy and the arrival of the peak season of sales, domestic dairy products consumption will be restored. On the whole, market sales in July have improved, but the industry is still weakly recovering. It takes some time to complete consumption confidence to fully recover. Because there is still some uncertainty at the current epidemic, it still needs to be "watching while walking." In the second half of the year, income can maintain double -digit growth.

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