Guan Nong shares three outside the quarterly secret: Tomato whole industry chain has the mystery

Recently, with the publication of the three quarterly report of the 600251-stock-farming shares, its action on the tomato industry chain has aroused investors ' concern again. On the SSE interactive platform "e interaction", investors asked the company for the new acquisition of Tianjin three and what the industry chain integration and extension. Previous market analysts have pointed out that the acquisition of the main business for the filling of tomato paste, soft packaging of canned tomato paste in Tianjin Three and, in fact, highlighted the stake in the agricultural sector to create a "full industry chain aircraft carrier" ambitions. Third Quarterly: Revenue than the same period increased 47% according to the three quarterly, three quarterly company revenue nearly 800 million yuan, compared with the same period last year, increased 47%, net profit of 156 million yuan. One of the fruits and vegetables processing business (mainly tomato products) growth quickly, according to its 2014.5 annual report, the tomato paste revenue increased by nearly 466%, margin of 25.86%, far higher than the first cotton processing business. In fact, as for the entire tomato industry, with the implementation of last year's policy of "limiting the insured price" and the gradual end of the global ketchup inventory, the ketchup market has warmed up and ketchup prices have reached a record high. Industry analysts pointed out that small business because of the bad situation has gradually withdrawn from the market, the future tomato sauce industry is expected to continue to be good. The company said it had planned to produce 35,000 tonnes of tomato sauce-40,000 tonnes, up from 25,000 tonnes a year earlier-to 40%-60%, as prices warmed and raw materials were plentiful. At the same time, Guan Nong shares strengthened in the tomato products industry chain extension, this August, to 210 million yuan to acquire three and 51.1% of Tianjin Equity, and in August it into the financial statements of the merger scope. It is understood that Tianjin three and the main business for canned tomato paste, soft packaged tomato paste cans, etc., has more than 20 years of processing export food experience, products are exported to the Middle East, Africa, Europe and the United States, Russia, Japan and other 48 countries. China is the world's largest exporter of tomato products, and the new middle base (000972, shares bar), Cofco Tun River (600737, shares), Tianjin three and several companies accounted for the majority of the export share, of which Tianjin three and 2014 has been the cumulative export of about 70,000 tons, accounting for the total export of 22%. According to the director of the Jin Jianxia in e Interactive reply, Tianjin three and 2014 1-September to achieve a net profit of 38.8361 million yuan (unaudited), which realized a profit of 18.14 million yuan in August-September. According to the previous announcement, Tianjin three and shareholders pledged that Tianjin three and the next 3 years since 2014 to deduct the non-recurrent profit and loss after the net profit is not less than 50 million yuan, and the annual growth of 10%, and all the tomato paste assets and brands into Tianjin three and, if in the 3-year profit commitment period, Tianjin three and not meet the promised net profit number, The other shareholders will pay cash compensation for the difference between the net promised profits. However, the Guan Nong shares to Tianjin three and the idea, far more than the report on the performance so simple. According to Dong's theory, the acquisition of Tianjin three and after the company to achieve the upstream and downstream industry chain integration and extension, "the present good cooperation between the two sides, in line withProject expected effect ". Small packaged ketchup: The market has just started, the space is huge at present, China is still the "processing power" of tomato products and "small consumer". Due to the impact of domestic eating habits, domestic consumer demand is small, the data show that China's fresh tomatoes and processed tomatoes consumption ratio of 95% than 5%, while the world average ratio of 76% to 24%. According to Tomatoland statistics, in 2013, China's per capita consumption of tomato products for 0.6kg/years, domestic consumption demand of only 84,000 tons. However, with the change of dietary habits and the upgrading of consumption structure, the consumption of tomato products in China increased by 15% per year in 2007-2011, the growth rate is much higher than that of world 3%, and the overall market demand will still increase in the next few years. In tomato products, the small package of tomato sauce is more imaginative space. All along, because of the eating habits of the Chinese people are mainly edible fresh tomatoes, which led to the small packaging industry in China slow development, until 2005, the national production of small packaged tomato sauce But 90,000 tons, and 70% of them are used for export. According to the China Food and Livestock import and export Chamber of Commerce data, 2014 1-September China's small packaged tomato paste export total of 314,700 tons. In recent years the domestic small packaging market is also gradually expanding, coupled with technological progress, such as the beginning to grasp the high viscosity cold crushing technology, small packaged tomato sauce capacity began to expand. Because of China's large population base, along with the whole consumption structure upgrade, the diversification and internationalization of dietary habits, tomato consumption market "demographic dividend" is expected to further release. Despite the huge space, but overall, the domestic small packaged ketchup market current situation is not very optimistic, on the one hand, exports than domestic, competition is fierce, on the other hand, is the lack of its own brand, OEM production, the main profit for foreign brand companies to retrieve. The competitiveness of the large packaged ketchup comes mainly from price differences, small packaged tomato sauce directly to the end consumer market, its competitiveness, mainly from the brand and marketing channels, whether in the production process, quality control, or in the brand modeling, market maintenance and marketing management, are more complex, need to invest a lot of money and manpower. For the stake, the acquisition of Tianjin three and, in fact, is a tomato processing in the entire industrial chain layout, the crown of agricultural shares in the tomato raw material advantages and Tianjin three and excellent international market ability to combine, Xinjiang high-quality ketchup products and international market docking, thus, The company can realize small package ketchup from the source of production to the market terminal synergy and control, greatly improve the overall competitiveness, at the same time can effectively avoid the tomato paste industry fluctuations in the market risk. In brand building, it is understood that the "Crown farmers" as the brand of tomato products advertising has been spread in Xinjiang, the Crown farmers own-brand tomato sauce will gradually appear in the public eye. And in the sales channel coordination, in addition to the integration of Tianjin three and sales channels, the company in the electric business channel is also a continuous movement, such as in August and Shun Fung Express under the "Hey Customer" cooperation, tryFigure O2O model to build Xinjiang characteristics of agricultural products (000061, shares bar) green supply chain. Prior to that, the Chairman of the Crown Agricultural shares in public said that the Crown farmers are carrying out a large-scale strategic transformation, the goal is to create a whole industrial chain of agriculture "aircraft carrier." In fact, since the 2014, in the "main business + investment" of the double wheel drive, its transformation action is obvious, the acquisition of downstream enterprises, the establishment of e-commerce companies, He Shumfong Hey customer cooperation, all reflect the company is determined to transform the management of active innovation to change.