Isn't baking "fragrant"?In the first half of the year, three A -share baking raw materials companies weakened the decline in profit.

Huaxia Times (chinatimes.net.cn) reporter Wang Jingge Aifeng Shenzhen report

In the first half of this year, the days of the baking raw materials seemed to be a bit less good.

On August 28, Li Gao Food (300973.SZ), known as the "first share of baking raw materials", released the 2022 semi -annual report. Affected by the rise in raw material prices, the performance decline in the first half of 2022 in 2022.

The report shows that the operating income in the first half of the year was 1.324 billion yuan, an increase of 5.76%year -on -year; the net profit attributable to shareholders of listed companies was 70.393 million yuan, a year -on -year decrease of 48.53%; the net profit attributable to shareholders of listed companies was 66.568 million yuan in net profit and loss of non -recurring profit and loss. , Decreased by 48.88%year -on -year; basic earnings per share were 0.416 yuan.

Hairong Technology (300915.SZ) and Nanqiao Food (605339.SH), which are also listed in A shares, also handled the answer sheet of 2022 in the first half of the year. Among them, Nanqiao Food is also in a dilemma of performance. In addition, the announcement issued a few days ago shows that the net profit attributable to shareholders of the parent company in July 2022 was RMB 1.0831 million, a year -on -year decrease of 93.73%.

The three A -share baking raw materials companies also perform poorly in the secondary market. As of the closing of September 1st, Li Gao Food closed at 80.47 yuan/share, which has fallen 53.91%compared with the highest point of history; Hairong Technology received 38.38 yuan/share, which has fallen by 66.92%compared with the historical highest point; 22.49 yuan/share, 70%of the highest historic.

In the investor relationship activity record form on August 30, Li Gao Food said: "The penetration rate of frozen baking is still limited now, whether it is the diversified penetration of the product or the penetration of the channel depth." Then, limited penetration Under the rate, is frozen baking good business?

The reporter of the Huaxia Times sent an interview letter to Ligao Foods on the company's operational dynamics and other issues, but as of the time, the press publishing has not received any response. It is worth mentioning that after the company's former secretary Long Wangzhi resigned in March this year, the company's secretary has been in a shortage state. At present, the chairman and legal person Peng Yuhui, the secretary of the board of directors of the board of directors.

Li Gao Foods returned to the mother's net profit in the first half of the year nearly cut off

According to public information, Ligan Foods are mainly engaged in the research and development, production and sales of freezing baked food and baking ingredients, which belong to the baking industry. The main products include cream, fruit products, sauce, chocolate and other baked food raw materials and frozen baking semi -finished products and finished products. In addition, they also produce some casual foods. It is understood that, thanks to industry dividends and listing, Li Gao Food occupies a considerable share in the mass consumer market.

The performance report in the first half of 2022 of Ligan Food showed that the company achieved revenue of 1.324 billion yuan, an increase of 5.76%year -on -year; net profit attributable to shareholders of listed companies was 70.393 million yuan, a year -on -year decrease of 48.53%; The net profit of sexual profit and loss was 66.568 million yuan, a year -on -year decrease of 48.88%; the basic earnings per share were 0.416 yuan.

In fact, the decline in the performance of Ligan Food's business has appeared in the first quarter of this year.

On April 25 this year, Li Gao Food disclosed the first quarter of the 2022 performance report. The company achieved operating income of 629 million yuan, an increase of 8.83%year -on -year; net profit attributable to shareholders of listed companies was 40.2 million yuan, a year -on -year decrease of 45.29%.

It is worth noting that from January to June 2022, the company's share payment of equity incentives was 38.9375 million yuan. After excluding the above factors, the net profit of non-recurring profit and loss of the shareholders of listed companies was 103 million yuan. It still decreased by 20.71%compared with the same period last year.

In this regard, Zhu Danpeng, vice president of the Guangdong Food Safety Promotion Association and the food industry analyst, said in an interview with a reporter from the Huaxia Times that as a supplier of raw materials, Li Gao Foods due to their own relatively single categories, channels, customers, models, and models To a certain extent, there is a risk of a single development model. In addition, the integrity of Li Gao Food's own supply chain is not enough, so cost as an uncontrollable factor will greatly affect it.

Regarding the current release of the company's production capacity, Li Gao Food said that because the northern epidemic control was relatively stricter in the first half of the year, the capacity utilization rate of Weihui Factory in the first half of the year was not high. The characteristics of the baking industry are that demand will increase quarter by quarter. If the capacity is unchanged, the capacity utilization rate will be higher in the second half of the year.

However, Zhu Danpeng said: "China's baking market has been greatly affected by the seasons in the past, but now it is not greatly affected by the season. The Times reporter, the key to continuously optimistic about the baking industry, how to seize its core competitiveness to establish a moat.

Frozen baking penetration rate is still low

The reporter sorted out and found that the three A -shares of baking raw materials companies in the first half of the year were affected by the rise in raw material prices. "In the first half of the year, it was the off -season of baking. At the same time, the epidemic caused the demand to not be very strong. In addition, the company's production base depreciation and amortization and the rising raw material costs, the entire industry faced greater cost pressure." Li Gao Food said.

Regarding the sharp rise in the cost of main business, the high food said that the company's main raw materials consisting of large materials such as oil, sugar, flour and other large materials. Taking palm kernel oil in oil as an example, due to market supply and demand, the procurement of the first half of the year in the first half of the year. The unit price rose by about 66%year -on -year, and the rise in raw material prices led to the company's main business cost of the company's reporting period by 2.24%year -on -year. However, Ligao Food has been raised based on factors such as continuous rising costs and rising costs brought by the company's optimization and upgraded products at the beginning of this year. Adjust the adjustment.

Zhu Danpeng told the reporter of the Huaxia Times that it is normal for Ligan food price to losing money. Because Ligao Food is a "two -way dealer" enterprise, the overall operation model is relatively extensive, and there are not many core competitiveness and moat. In the case of increasing competition in the industry, its premium capacity is not strong, and too much price increase may cause customers to unable to accept their price increase.

In this regard, Zhu Danpeng predicts that because the price of commodity commodity has declined in phased and division categories since June, the pressure caused by rising costs will decline, and profits in the second half of the year may increase.

Regarding the development trend of the freezing and baking industry in the second half of the year, Hong Shiliang, a partner of Locke Capital Consumer Investment, analyzed the reporter of the Huaxia Times that it should be considered from two aspects. "The demand of the C terminal is mainly due to the impact of the epidemic and economic impact. It is unlikely to be significantly recovered in the second half of the year, so it is unlikely to drive the growth of raw materials due to the force; There will be more merchants using freezing baking goods, "he said.

Hong Shiliang pointed out to the reporter of "Huaxia Times": "The penetration rate of baking in China is still very low, and there is still a large gap between the per capita consumption level in China and developed countries and regions. China will be a 300 billion market in the future. space."

"Baking raw materials is a good business, but the key is to continue product innovation. For example, the main products of Li Gao's current products are hemp potato and donuts. It has become the core of growth. "Hong Shiliang further pointed out to the reporter of the Huaxia Times.

Editor -in -chief: Xu Yunqian Editor: Gong Peijia

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