Different from industrial beer, craft beer requires higher taste and taste. In the blue monument of the Louvre in Paris, it is recorded that Sumerians worshipped the goddess with a sparkling alcoholic drink, which is actually the prototype of beer. Beer at that time was made of water, yeast and malt, and hops were added thousands of years later. Water is available everywhere, and there is yeast in the air. Malt is the symbolic raw material for early beer brewing. High-quality beer begins with the choice of malt, and the composition and quality of malt directly affect the flavor and quality of beer.
Driven by the rapid development of beer industry, China has also formed an automated, large-scale and specialized modern malt industry. In the industry competition pattern, the situation of two strong and multi-strong regional small companies headed by Yuehai Yongshuntai Group Co., Ltd. (hereinafter referred to as Yongshuntai) has been formed.
The leading position in the industry is the largest malt production enterprise in China.
Yongshuntai is a leading malt manufacturing enterprise in China. Yongshuntai has been mainly engaged in the research, development, production and sales of malt since its establishment. The company's products are mainly based on basic malt, taking into account high-end special malt and other products.
Yongshuntai 1987 started its business, and after years of accumulation, it has developed into the largest malt production enterprise in China.
In terms of production capacity, Yongshuntai currently has a 1 1 production line, all of which are fully automated, with a total production capacity of 850,000 tons, ranking first in Asia and fifth in the world. The company is headquartered in Guangzhou and its production bases are distributed in coastal ports of Guangdong, Zhejiang, Jiangsu, Shandong and Hebei. Through the layout of national production bases, the company can effectively cover all major regions of the country, improve operational efficiency and reduce logistics costs.
In the market, Yongshuntai has established a long-term and close cooperative relationship with the most important beer group in China. China's beer industry is highly concentrated, and the downstream customers of malt industry are mainly large beer groups. Yongshuntai and its predecessors have cooperated with well-known beer manufacturers such as Budweiser, China Resources Beer, Yanjing Beer, Zhujiang Beer, Tsingtao Beer, Carlsberg and Heineken Beer for more than 65,438+00 years. According to the data of china alcoholic drinks association, in 2020, China Resources Beer, Tsingtao Beer, Budweiser Beer, Yanjing Beer and Carlsberg will occupy more than 90% of the beer market in China, and the stable cooperative relationship with high-quality beer customers will become an important guarantee for the steady development of Yongshuntai. According to the prospectus, Yongshuntai's domestic market share of 20 19, 2020 and 202 1 was 25%, 26% and 27% respectively, and its market share increased steadily.
At the same time, Yongshuntai is the largest malt exporter in China, and its products have been exported to Southeast Asia, Japan, South Korea and other countries and regions. In 20021year, the company's malt export scale accounted for 46% of China's malt export scale.
In addition, the prospectus shows that Yongshuntai achieved operating income of 2.938 billion yuan, 2.826 billion yuan and 3.025 billion yuan in 20 19, 2020 and 20021year respectively, and barley malt accounted for 96.45%, 96.74% and 96.35% of the company's main business income respectively.
Outstanding position in the industry, with the first-Mover advantage of high-end malt business
As the deputy head of the national standard revision working group of beer barley and beer malt, Yongshuntai has always attached importance to technology investment and has a technology accumulation and research and development system that matches the status of the industry.
In terms of production equipment, Yongshuntai's first fully automatic malt production line was completed and put into operation on 1989, which is the first fully automatic malt production line in China. In the mid-1990s, the company introduced the first domestic tower malt production line from Germany, which changed the pattern that the domestic malt production equipment was mainly floor-standing production line at that time, and further improved the production efficiency, automation level and quality control ability. So far, the tower malting production line is still the mainstream malting equipment in China and even the world.
In terms of production technology, on the one hand, Yongshuntai has been equipped with fully automatic control system and experienced production team through decades of accumulation. According to the requirements of different customers and different varieties of barley raw materials, the control parameters in the production process are refined to more than 30 physical and chemical indexes and 10 special indexes, and are tracked and adjusted in real time to ensure the stability of the production process; On the other hand, the company will carry out small batch trial production of each batch of barley raw materials. According to the actual situation of trial production and the production experience over the years, the technological parameters in the production process were revised to ensure the stability of malt taste and quality supplied to beer production enterprises.
Yongshuntai has the most advanced technical equipment and talent team. The company has the qualification of Guangdong Beer Malt Engineering Technology Research Center, and the center laboratory has passed the certification of China National Accreditation Laboratory for Conformity Assessment (CNAS). After years of technical precipitation, the company has strong technical capabilities in wheat making technology, wheat making environment control, customized transformation of production equipment, automatic production data detection, raw materials and finished products detection. He has mastered the malt production technology under different requirements in Canada, France, Argentina and other producing areas, and has the core technology of large-scale and high-quality production of basic malt and special malt. By the end of June 2022, the company had 9 invention patents and utility model patents.
With such scientific research strength, Yongshuntai can continuously upgrade production equipment according to the specific requirements of customers and the continuous iterative upgrading of production technology, and maintain the leading level of production equipment and production technology.
With the transformation of China beer market to high-end and refined brewing, malt production enterprises need to have strong research and development capabilities of high-end malt, special malt and other products. Over the years, Yongshuntai has been deeply involved in customer research and development, and started customized high-end malt business earlier in the industry, which has obvious first-Mover advantage.
The industry has broad prospects and capital helps.
According to the research report released by Guo Sheng Securities, the beer market in China has not yet entered a highly mature stage, and the future ton price increase is the main point of view. In the future, medium and high-grade beer is expected to gradually replace low-grade beer. Not long ago, a number of listed companies in the beer industry released reports for the third quarter of 2022, all of which showed a good growth trend, and the growth of high-end beer sales became a bright spot.
At the same time, with the gradual maturity of the beer industry in recent years, the overall business strategy of the industry has shifted from sales-driven to brand-driven, and the sales of high-end beer products in China have continued to grow. In the future, the market growth rate of high-end malt industry will be faster than the overall growth rate of the industry.
As an upstream enterprise with obvious advantages in beer industry, Yongshuntai will benefit directly.
With the increasing concentration of downstream beer industry, the market concentration of malt industry in China is relatively high. If ordinary small and medium-sized enterprises can't make their own production and sales reach a certain scale, it will be difficult for them to have a competitive advantage in product quality and production cost. However, large-scale production faces large-scale investment in fixed assets and high operating costs.
Yongshuntai landed on the main board of Shenzhen Stock Exchange this time, and the funds raised are intended to be used for the fourth phase expansion project of Guangmai and the middle and high-grade beer malt project with an annual output of 6.5438+0.3 million tons. After the project is successfully put into production, it will help to consolidate its market share, further consolidate the company's leading position in the industry and greatly enhance Yongshuntai's market competitiveness. (CIS)
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