Zhongju Hi-tech (600872): Steady growth in performance motivates boots to land long-term and optimistic

Zhongju Hi-tech (600872): Steady growth in performance motivates boots to land long-term and optimistic

Enterprise incentive mechanism is an important means to improve the efficiency of business operation and management. The relevant economic theories of enterprise incentive mechanism include principal-agent theory, optimal contract agency theory, and strength theory.

National scholars’ analysis and research on corporate performance incentives shows that in order to improve corporate performance, companies should strengthen the role of compensation committees in compensation management, transform high-level management talents, and continue to motivate high-level management talents.

At the same time, Haidi’s people-oriented assessment system, Yonghui Supermarket’s “partner” system, and Huawei’s differentiated employee incentive system are all good examples of internal employee incentives at this stage. The condiment industry benchmark Haitian has achieved good results through equity and salary incentives.The characteristics of the effect condiment industry are: high interest rates, consumer demand, large product differentiation, and increasing concentration.

  From the perspective of incentives, we are optimistic about the development space of future industry leaders Haitian and Zhongju.

  The semi-annual report for 2019 shows that Haitian’s operating income in the first half of the year was 101.

60 ppm, an increase of 16 over the same period.

51%, net profit attributable to mother 27.

51 ppm, an increase of 22 in ten years.


Haitian per capita bonus 17.

60,000 yuan, although not the highest in the industry, but still far higher than the industry average11.

420,000 yuan.

  The release of the 2019 semi-annual report from Zhongju Hi-tech shows that the company has formulated a new incentive system, and at the same time, the delicious and fresh company has maintained high growth, and its revenue and gross profit margin have grown steadily.

92 ppm, an increase of 2 over the same period last year.

180,000 yuan, an increase of 10.

03%; Net profit 4.

0.6 million yuan, an increase of 0 every year.

31 trillion, an increase of 8.

26%, of which net profit attributable to owners of the parent company.

66 ppm, an increase of 0 per year.

27 trillion, an increase of 7.


  Improve non-recurring profit or loss of net profit.

46 ‰, increasing by 0 every year.

19 trillion, an increase of 5.


  At the same time, a new corporate incentive system was announced. Prior to this, the new system specifically focused on the assessment of income, the distribution of bonuses to middle-level backbones, and the formulation of excess rewards, which will help improve the company’s overall combat effectiveness.

  We believe that the new incentive system is the powerful momentum that Baoneng brings to Zhongju Hi-tech. The changes in the assessment indicators are expected to open the company’s income growth channel. (Cookbon is supported by developed coastal provinces and creates a model area through unique seafood 杭州桑拿网 sauceThe strategy of gradually penetrating forward to the central and eastern provinces and third- and fourth-tier cities is expected to promote rapid progress through performance. At the same time, it will help the company’s sales gross margin to continue to increase (the changes in assessment indicators will give the company’s technical staff a good incentive,Contribute to the company’s future product quality improvement, product development acceleration and product cost control).

  Earnings forecast and estimate The company’s 19/20/21 pure condiment revenue is 46.



800 million, the net profit of the condiment part was 8.



7 trillion, corresponding to the EPS of pure condiments is 1.



72 yuan / share.Given the 2020 condiment 35 times estimate, the target price of pure condiment 四川耍耍网 is 46.

6 yuan, considering the real estate market value of 60 million, the total market value of 43 billion yuan, corresponding to a target price of 54 yuan, more than 20% of space, “Buy” rating.

  Risk reminder: the incentive benefits are not significant risks real estate business risks market risks raw material price fluctuation risks food safety risks