Slogan of Li Tao Short Bread

The most understandable in-depth stock analysis depends on the value company.

As far as vive is concerned, he likes peaches and plum bread very much. He basically ate in college for five years (studied medicine for five years), and almost all the shelves in supermarkets, canteens and schools were covered with peach and plum bread.

At that time, I thought that peach and plum bread, like Huishan milk, was a specialty of Northeast China, so I wouldn't eat it outside the Northeast. Unexpectedly, when I first joined the work (in Beijing), supermarkets and canteens, including the company's unmanned retail shelves, were filled with peach and plum bread.

So, I ate again ....

Later, when I returned to Chongqing, my economic conditions improved and I stopped eating peach and plum cakes, but this did not prevent it from being everywhere in Chongqing.

At first, there was an argument with Leo because of this check, because Leo was in Shenzhen and had never seen peaches and plums, but at the beginning of this year, Leo's wife found peaches and plums while visiting Wal-Mart.

Haha, actually, the above description illustrates a problem.

First of all, the distribution of peaches and plums has been very good, except for the northeast of the base camp, which has been completed in some important cities, which is very popular and highly reproducible; Secondly, Li Tao's performance can maintain a relatively stable growth in the next few years. After all, the pattern has run through, and the rest is the problem of replication in different places.

Judging from the recent semi-annual report of Li Tao Bread, it is as stable as ever and as excellent as ever!

In the first half of 2020, the revenue was 2.739 billion, up by +7.08% year-on-year, and the net profit was 465.438 million, up by+37.54% year-on-year; In the first and second quarters, the revenue was1.41.60 billion, which was basically the same as the same period of last year, and the net profit was 223 million, up by +22.33% year-on-year.

Of course, there are still many people in the market who are dissatisfied with Li Tao's recent semi-annual report, because the revenue in the second quarter was stagnant.

Good performance in the first quarter, easy for everyone to understand. After all, you can't go anywhere during the epidemic. If Keming flour industry, which sells noodles, and Fuling mustard tuber, which sells pickles, are on fire, you can naturally get a peach and plum bread.

Revenue stagnated in the second quarter, which represents the real performance of the company. A casual search on the internet, a lot of empty articles ... God, if you believe this, it will be miserable.

The income of peaches and plums stagnated in the second quarter, mainly because the epidemic situation was basically controlled. Of course, everyone has to go out and eat something else. People who have nothing to do with eating bread every day. Secondly, a large number of college students did not start school, and a large part of the consumer groups of peaches and plums came from colleges and universities; Thirdly, this kind of food also has an important consumption scene-packaging short-guaranteed bread, such as long-distance travel, such as eating on the train or car.

The above three points will return to normal in the third quarter, and Value Firm can be very responsible to say that peaches and plums can still grow in double digits in the 2020 annual report.

The company's cash flow is also very good, which greatly exceeds the net profit, and it is like this every year, which proves that the company has received real money and management is really excellent.

The company's performance has been good, and its gross profit is also rising. It can always introduce new products for "upgrading", such as 20 18 fried dirty bread, 20 19 purple rice sandwich bread, souffle and angel bread.

As mentioned in the previous article, Li Tao Company has raised the flexibility of its supply chain to a new level.

Before we buy bread, we either make it on the day we buy it in the bakery or go to the supermarket. The shelf life is more than one and a half months. We have to choose between freshness and convenience. However, peach and plum bread put bread with a shelf life of 7 days into circulation channels on a large scale.

In order to achieve this, Li Tao adopts the mode of "central factory+wholesale", and distributes its production capacity to 17 regions all over the country, and there is a Li Tao bread factory almost every two or three hundred kilometers. At 4: 30 every day, bread will appear on the shelves at 6: 30.

The company's strong supply chain management and control ability is beyond other companies' learning. For example, the inventory turnover rate of peaches and plums is significantly higher than that of Dali, almost three times that of Dali.

Efficient supply chain management ability and stable and rapid growth performance enable the company to continuously expand its production capacity. 20 19 Company issues convertible bonds to build production bases in Jiangsu, Li Tao, Sichuan, Qingdao and Zhejiang.

At present, the company's business model has been fully integrated. As of the end of the semi-annual report, the company's income is still uneven nationwide, and the Northeast is the only one. This also confirms that the company has great room for development. Now the company only needs to open central factories in various places within its own controllable range.

This company is a typical family business. Wu Zhigang and Sheng Yali are husband and wife, and Taoli was founded by him. However, at present, the second generation successor should be his second son, Wu Xuequn. For the sound development of the company, Tao Li was in March 20 17, March 20 18, March 20 19 and March 2028 respectively. Covering 65,438+008, 65,438+009, 65,438+027, 65,438+027 employees respectively, the long-term interests of employees have been restrained.

Peach and plum bread is the leader of short bread in China, and the national layout has been steadily promoted, and the scale effect has gradually emerged.

We believe that short-term bread is a high-prosperity track, and from the comparison of per capita consumption in different countries, there is more room in the future. At present, as the bread leader, the market share of peaches and plums is only 1 1%. In the future, with the growth of the industry, the promotion of market share, the continuous introduction of new products (focusing on fewer and better products, not pursuing more varieties), and the cost reduction brought about by scale effect, the company's profitability will become stronger and stronger.

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