Yili, Chengde Lulu, Sanquan Food

Yili stock 600887

"Double high products" (high technology and high added value) help the company to grow continuously and rapidly. For a long time, Yili has taken "innovation" as its corporate purpose, adding dozens of new products every year. The new products created by this customer conference hit a record high and will be promoted in various channels soon. In the original dairy business, the company launched a number of new products, such as Yili QQ Star (adding strawberry and vanilla flavors, new packaging and four Disney cartoon images), Shu Hua middle-aged and elderly milk (specially designed for middle-aged and elderly people's physique, which can improve the cardiovascular and cerebrovascular diseases and osteoporosis problems of middle-aged and elderly people), milk rich in oats, Amherst blueberry yogurt, Lampe imported milk and so on.

Chengde Lulu 000848

Investment rating and valuation: We maintain the profit forecast, and the EPS of 14- 16 is 0.88 yuan, 1.05 yuan and 1.26 yuan, which are up by 3 1.5% and1respectively. The plant protein industry where the company is located has a space of nearly 100 billion yuan, while the company's scale is only about 3 billion yuan. The company's new products are growing rapidly, and the company is undergoing positive changes after the new general manager takes office. Assuming that Shenzhen-Hong Kong Stock Connect is opened in the future, the company is expected to become a scarce target for investment in the vegetable protein beverage industry. We maintain the company's target price of 28.4 yuan for the next 12 months and maintain the "buy" rating.

Sanquan Food: Selling holding companies increases performance, and low share prices release positive signals.

Sanquan Food Announcement: All the 4.96% shares of its holding company Wanda Futures Company will be transferred to Shanghai Huaxin Petroleum Group at a price of 99.5538 million yuan. Considering the cost and income tax, we expect that the income of this transaction will eventually increase by 0.07 yuan (65,438+05%) per share next year. Considering the confirmation of investment income, we raised the company's 20 15 earnings per share forecast from 0.48 yuan to 0.55 yuan, and kept the 20 16 earnings per share forecast unchanged at 0.73 yuan, maintaining the buy rating.

Key points to support rating

After the sale of Wanda Futures, the earnings per share increased by 65,438+05% in 2005: Wanda Futures was a company invested by Sanquan Food in June, 65,438+06,5438+0,697, 400 yuan. This equity transfer will bring an investment income of 38.5764 million yuan. After deducting 25% income tax, it is estimated that the after-tax profit of this transaction will increase by 28.9323 million yuan, that is, the final earnings per share will increase by 0.072 yuan. The transaction is expected to complete the equity delivery within 4 months after the approval of the CSRC. According to accounting principles, the investment income is expected to be confirmed in the second quarter of next year, so this investment income will affect the profit next year. According to 15' s expected earnings per share of 0.48 yuan, this transaction is expected to increase earnings per share by 15% to 0.55 yuan next year.