Tiandi Yihao (832898): The leader in vinegar beverage sales in 2019H1 is 27.

05% advance receipts increased by 68%

Tiandi Yihao (832898): The leader in vinegar beverage sales in 2019H1 is 27.

05% advance receipts increased by 68%

Event: The company released its semi-annual report for 2019 and realized total operating income7.

660,000 yuan, 28 a year ago.

96%; realized net profit attributable to mother-821.

440,000 yuan each year -357.

twenty one%.

Based on the company’s existing total share capital of 428,800,000 shares, 6 shares will be distributed to all shareholders for every 10 shares.

RMB 50 cash.

Leading company in vinegar beverages, creating a platform for incubating diversified healthy specialty beverage brands: The company is a value digger and brand operator of Chinese-style cutting-edge healthy beverage products.Co., Ltd., Jiangxi Tiandi No. 1 Beverage Co., Ltd. and more than ten wholly-owned subsidiaries, including Jiangmen Intelligent Production Base, Jiangxi Production Base and other six bases, covering South China, East China, North China and Middle China, areLeading Enterprise.

The company mainly develops through two methods of dealer distribution and direct sales.

Continuous investment in scientific research, the company now has 73 national patents, including 13 invention patents, 31 utility model patents, 29 appearance patents.

Increase marketing efforts to effectively develop markets in and outside the province: In the first half of 2019, the company supported the company’s brand, marketing channels, and technological advantages, strengthened marketing efforts, increased product promotion and market expansion, and the main products were canned apple cider vinegar.Income grows 84 per year.

41%, the revenue of bottled apple cider vinegar increases by 0 every year.


The company expands marketing personnel, market expenses, and sales expenses for H1 2019 will increase by 36 each year.

73%, driving a 27% increase in total product tonnage.


Among them, the revenue of traditional markets increased by 25 compared with the same period last year.

31%, the income of Beituo Province increased by 49 compared with the same period last year.


In the first half of 2019, the total revenue of the company’s Jiangxi, Hubei, Hunan, and Fujian increased by approximately 53 compared with 杭州夜网 the same period last year.


Continue to incubate new products and adhere to multi-category operations: In order to meet the changing consumer experience needs of consumers, the company has successively developed health drinks such as Bama One and launched a market trial of high-concentration fruit juice “Bai Guo Yi”. At the same time, in order to cater to modernThe society has a low-sugar and healthy diet demand. The company has carried out research and development of low-sugar apple cider vinegar beverages. At present, the product development is progressing smoothly, and the beverage taste and indicators have reached expectations.

R & D expenses for 2018H1 were 2317.

870,000 yuan.

2019H1 advance payment 4.

0.9 billion (+68.

31%), the cash flow gradually improved: the company started from the initial single product operation (aged vinegar beverage), and gradually developed into a multi-category operation (aged vinegar beverage + apple cider vinegar beverage), and explored the development of a multi-brand operation model (Tiandi Yihao + Others)Brand), orderly layout of the national market.

Relying on its strong “point-to-point” offline marketing planning capabilities and downstream channel control capabilities, it actively explores other regional markets and transforms Tiandi One into a national beverage brand replacement.

In the first half of 2019, the company continued to adhere to consumer demand-oriented, promote consumption in the form of festival promotions, scene promotion, etc., expanded the promotion of dining terminal channels and restaurant promotions, deepened the province’s market, accelerated the expansion of overseas expansion, and promoted stable growth in performance.Among them, the revenue of 2019H1 increased by 28.

96%, advance payment for 2019H1 is 4.

09 million yuan, an increase of 68 in ten years.


Operating net cash flow from -4 in 2018H1.

21 trillion rebounded to -3 in 2019H1.

67 trillion, cash flow gradually improved.

The company’s overall operation is stable, and indicators such as accounts receivable and asset turnover rate remain stable, of which only 4370 accounts receivable in 2019H1.08 million yuan, 15 accounts receivable turnover.

07, little change in one year; and the company basically has no bad debt losses, mostly negative, 2019H1 is only -83.

610,000 yuan.

In addition, the company’s inventory turnover rate, asset turnover rate and other indicators remained stable overall.

The company maintains a stable and stable dividend every year, and will pay 6 for every 10 shares in the semi-annual report of 2019.

5 yuan: The company’s 2019 semi-annual report on equity distribution plan is “based on the existing total share capital of 428,800,000 shares, the distribution of 6 to every 10 shares for all shareholders.

50 yuan in cash “, a total of 277.87 million yuan was distributed.

It supplements the 3001 annual dividend for 2018.

60,000 yuan, the total dividends reached 3.

088 megabytes, corresponding to the current budget, cash dividends reset7.


It is planned to invest 8 billion US dollars in construction projects, all of which are expected to achieve an annual output value of 1 billion US dollars: According to the company’s announcement, the company plans to sign a Suixi Industrial Park project investment agreement with the Suixi County People’s Government.Suixi Industrial Park Project.

According to the agreement, the company is responsible for the construction investment of Suixi Industrial Park project, and the Suixi County People’s Government provides the company with full service before the project is completed.

The Suixi Industrial Park project will serve as an important production base for the company’s vinegar beverage series and other beverages in the western Guangdong region. The production products will cover Hainan, Guangxi, Hunan and western Guangdong.

After the two phases of the project are completed and put into operation, it is expected to achieve an annual output value of 1 billion US dollars, which will enhance the company’s performance in the future.

Investment suggestion: As of the latest, the company’s market size is 43.

820,000 yuan, corresponding to PE (TTM) 13X.

Indicators such as the company’s advance receipts warmed up and maintained stable dividends. At present, the sales market has expanded slightly.

We recommend paying attention.

Risk reminders: risks to food quality and safety, consumer preferences, and risks of changes in consumption patterns