Yili, Chengde Lulu, Sanquan Foods

Yili 600887

"Double-high products" (high-tech, high value-added) to promote the company's sustained rapid growth. For a long time, Yili has taken "innovation" as its corporate purpose, adding dozens of new products every year. The innovative products in this customer conference are at an all-time high, and will be promoted in various channels soon. The original dairy business, the company through the improvement of product flavors and packaging, launched the Yili QQ Star (new strawberry, vanilla flavors, the new packaging hand in hand with four Disney cartoon images), Shu Hua middle-aged and elderly milk (specifically designed for the middle-aged and elderly physique, can improve the middle-aged and old people's cardiovascular and osteoporosis problems), cereal grains of oatmeal milk, Anmucil blueberry-flavored yogurt, Peilan imported milk and other new products!

Chengde Lulu 000848

Investment Rating and Valuation: We maintain the profit forecast, we expect 14-16 years EPS 0.88 yuan and 1.05 yuan and 1.26 yuan, respectively, an increase of 31.5%, 19.4% and 20.8%, corresponding to the 14-16 years of PE were 26/22/18 times. The company is in the plant protein industry space of nearly 100 billion, while the company's size is only about 3 billion, the company's new high growth, the new general manager took office after the company is in positive change. Assuming the opening of the Shenzhen-Hong Kong Stock Exchange in the future, the company is expected to become a scarce target for investment in the plant protein beverage industry. We maintain the company's target price of 28.4 yuan for the next 12 months, maintaining the "buy" rating.

Sanquan Foods: the sale of equity participation in the company to increase performance, the share price of the low release of positive signals

Sanquan Foods announced: the equity participation in the company held by Wanda Futures, 4.96% stake in the company at a price of 9,955,380,000 yuan transferred to Shanghai Huaxin Petroleum Group, taking into account the cost and income tax, we expect that the proceeds of the transaction eventually thicken next year's earnings per share by RMB0.07 (15%). Considering the investment income recognized, we will raise the company's 2015 EPS forecast from 0.48 yuan to 0.55 yuan, maintain the 2016 EPS forecast of 0.73 yuan unchanged, and maintain a buy rating.

Key points supporting the rating

Sale of participating company Wanda Futures, thickening 15-year earnings per share by 15%: Wanda Futures is a company in which Sanquan Foods invested with a participation of 60,977,400 yuan in November 12. The equity transfer will bring investment income of RMB 38,576,400, and after deducting 25% income tax, the transaction is expected to increase after-tax profit by RMB 28,932,300, i.e. ultimately thickening EPS by RMB 0.072. The transaction is expected to be completed within 4 months after the approval of the Securities and Futures Commission to complete the delivery of equity, in accordance with the principles of accounting treatment, it is expected that the recognition of investment income will be in the first or second quarter of next year, so this investment income will affect next year's profit, in accordance with the 15 years of earnings per share of 0.48 yuan is expected to be expected, it is expected that the transaction will be thickened next year's earnings per share by 15% to 0.55 yuan.