Exhibiting | Myo throw APP
Author | Li Yujia
Edit | Guan Xuejing
Header image | Oriental IC
Lu Zhengyao returned. As the founder of Luckin, he came back with pre-made dishes.
In August last year, taking advantage of the outlet of small noodles, Lu Zhengyao created a fun small noodle opening, planning to open 500 stores across the country, who understood that financing is not easy, it is difficult to expand the store, and the wind blowing away from the noodle shop is too fast. So at the beginning of this year, taking advantage of the prefabricated vegetable wind, Lu Zhengyao changed the flag and changed the banner, vigorously engaged in the prefabricated dish brand tongue tip workshop, opened 10 offline direct stores in one go, and said that it had signed more than 3,000 franchisees.
Lu Zhengyao can be called a master of the wind outlet, although he ended up in Ruixing, but after all, he has made a big market. This time, he bet on the pre-made dish, will he replicate the grandeur of the coffee, or will he hit the water in a bamboo basket?
After all, there is still a huge divide in the market over the prefabricated vegetable track – bulls claim it's a long-term outlet, while bearers think it's short-lived.
At present, the focus of market controversy is on the demand side of prepared dishes.
For example, a group of investors said, "What a pre-made dish, is to cut leeks!" Do you really take it seriously? The price is so expensive that no one buys it. Another group of investors believe that the pre-made dishes at the current stage are similar to the new tea drinks such as Hey tea and Naixue tea in the early stage of development, and the new tea drink is a category that is not available in the market, and Heytea and Naixue have created a new demand, thus opening a new track.
So, will the pre-made dish be Lu Zhengyao's life-saving straw?
Or a more blunt question: Is pre-made food a long-term outlet? If so, who is more likely to stir up a bigger splash on this track? Who is more worthy of investment - is it Lu Zhengyao, who is not listed, or Jia Guolong, the founder of Xibei Noodle Village, who also entered the game, or the listed Weizhixiang, Guolian Aquatic Products, and many new and old players who have followed up?
Miaotou will use today's article to reveal the answer to you.
Another consumer upgrade category
This Spring Festival, the sales growth and attention of prepared dishes are mainly driven by the C-end, which seems to mean a huge imagination space that can replace dine-in and takeaway, so pre-made dishes will be paid attention to by capital and stir-fried.
Start with the previous set of data:
Taking the revenue growth of the C-end prefabricated vegetable enterprise Weizhixiang as an example, from 2017 to 2021, the operating income of Weizhixiang has nearly doubled, and the average annual revenue growth rate from 2017 to 2020 has reached 21.11%.
(Source: wind)
In 2021, the sales volume of the whole line of prefabricated dishes on the fresh e-commerce platform Dingdong buy vegetables (unit: servings) increased by 300% year-on-year, and the penetration rate of orders including pre-made dishes in the overall order has exceeded 40%.
It can be seen that the growth of both occurred before this Spring Festival, and it was less disturbed by the Annual Festival factor. It can be seen that pre-made dishes are not a category that has suddenly exploded, and the market has been paved before.
The pre-made dishes that were "blown" up by the wind this time, specifically semi-finished dishes, are prepared in the factory, or even prepared dishes are stored in frozen or vacuum packaging, and consumers only need to simply heat or cook to eat. The key word for this wave of prepared dishes is 4R, that is, "instant food, instant matching, instant cooking, that is, heat". Common quick-frozen bun dumplings, self-heating hot pots, etc., are not covered. This is a new market outside the tangyuan, pastry, and ball dumpling categories.
The reason is that quick-frozen and self-heating foods are similar to standard products with long shelf life and large channels; while the production process of prefabricated vegetables is complex, the logistics threshold is high, the challenge of shortening the shelf life is large, the requirements for research and development and supply chain capabilities are higher, and it is a higher cost consumption upgrade commodity.
Miaotou has experienced the whole process of rapid upgrading of new tea drinks. At that time, Xicha and Naixue turned out to be born, with fresh production, heavy manpower investment, a large number of fresh fruits, complex supply chain, so that the cost was high, and the terminal sold to a unit price of about 30 yuan. The capital market also once questioned whether such a price will make consumers who have adapted to milk tea of up to 10 yuan continue to pay. Nowadays, the demand is established, but the market size is limited.
Consumption upgrading is a real demand.
From the supply side, as Ou Houxi, the relevant person in charge of Dingdong's prefabricated vegetable business, said, the threshold of prefabricated dishes lies in the deliciousness, health and innovation of dishes, which is not a lie. In the past, under the premise of considering cost, if you want to make scale, manufacturers tend to do less SKUs, longer shelf life, and more standardized products, which will greatly damage the taste of dishes, especially in order to extend the shelf life, you have to put in more additives.
The current prepared dishes are more considered to the seasonality of the dishes, the shelf life is shorter, the additives are less, and the frequency of new innovations is higher, which means great rapid pressure on research and development, supply chain, and higher costs.
At present, considering the difficult cost of prefabricated dishes for a while, the popularity on the market is still a household name, there is "technical difficulty" of the festival hard dishes, such as sauerkraut fish, Buddha jumping wall, plum vegetable buckle meat, chopped pepper fish head and other categories, this dish process is complex, the production threshold is high, it is not easy to reproduce at home, and it is easier to make a high premium.
However, such pricing and selection strategies have screened users and limited the size and growth rate of the prefabricated vegetable market.
Are the requirements of the C-side clear enough?
So on the C-side, can consumer demand for prepared dishes grow steadily for a long time?
At present, the more visible demand for prepared dishes comes from working women in the 80s and 90s in first- and second-tier cities. This is also a wave of users that the fresh e-commerce platform is trying to win.
According to the "2021 Annual Consumption Trend Report" released by Dingdong Grocery recently, the user portrait of prefabricated dishes is a white-collar woman in the age group of 30-45 who can cook, and 78% of users have children at home. It can be seen that the current consumer group of pre-made dishes on the C-end is not the "single aristocrat" that the mainstream view previously thought, but a white-collar family, with a budget, no time, and want to eat at home, and eat well.
Ou Houxi, the person in charge of dingdong to buy vegetables, once said that at the beginning of the pre-made dishes on the horse, it also followed the mainstream cognition - no one bought the prefabricated dishes of more than 20 yuan, until the 49.9 yuan boxing shrimp on the shelves was sold, and then began to further tilt towards high-quality, high-priced prefabricated vegetables in research and development.
Jia Guolong, the founder of Xibei Noodle Village, completely abandoned the goal of opening "10,000 highly standardized and franchiseable light catering brands" in early 2021 and decided to all-in the pre-made dish brand "Jia Guolong Kung Fu Cuisine". Its customer unit price is around 100 yuan. At present, Jia Guolong's kung fu dishes are mainly promoted by Xibei stores offline, and flagship stores have been opened online on Tmall, Jingdong and other platforms. The consumers it is focusing on at the moment are the in-store users who will spend in The Xibei store.
In this way, Dingdong Grocery Shopping and Jia Guolong locked in almost the same type of customer group. This part of the people will also be the long-term main consumer of prepared dishes on the C-end.
However, with such a customer unit price, playing such a group of users, looking at the entire "eating" market, it means that the ceiling of the prefabricated vegetable track is not high.
Let's make an analogy:
Jia Guolong has been exploring the small shop model for 6 or 7 years, that is, he has seen the ceiling of the high customer unit price and heavy service model; Haidilao has desperately opened a number of noodle shops, cover code restaurants and even milk tea shops in the past two years, which is also to test the waters with stronger replicability and more large-scale small shop model. These two companies want to break through their own customer unit price and positioning tight curse.
The same problem, Xicha and Naixue also faced. The solution of Xicha is to open a sub-card with a lower unit price to promote the expansion of scale.
So, what exactly does the track of prefabricated vegetables rely on to scale up and become a big market in the real sense? If the epidemic ends and offline physical catering can resume, will the market for pre-made dishes be limited?
Ou Houxi, head of Dingdong's prefabricated dishes, believes that "consumers will feel that pre-made dishes are expensive because they have not yet been able to benefit from the scale effect and compress the cost to the extreme." On the other hand, because there is now less supply of pre-made products, it is not worth the money to 'feel expensive'. “
Similar to the new tea drink, Miaotou believes that the future demand growth of pre-made dishes on the C-end is mainly driven by the demographic structure and consumers' pursuit of convenience and deliciousness.
However, this process of cultivating the ToC market will be relatively long, and before the arrival of the scale advantage, it is difficult for prefabricated dishes to compete for takeaway, but will only be a relatively niche market opportunity.
Who is really driving the growth of prefabricated dishes
On the C-end, the user's demand for prepared dishes is not clear and stable. Doesn't this mean that the pre-made vegetable track is no longer visible?
Not really.
At present, the more significant growth of prepared dishes will actually come from the B side.
Miaotou believes that at present, there are more urgent and clear demands for pre-made dishes, and it is these three types of B-end players -
1, ToB-end catering businesses, for large chain catering enterprises, group catering enterprises, the catering industry has been affected by the epidemic, offline operations fluctuate greatly, and it is urgent to retail and prepare dishes.
At the same time, from the perspective of the need to further reduce labor costs and do light services, small and medium-sized catering businesses also need to prepare dishes.
2, ToB-end catering supply chain, central kitchen enterprises: try to increase differentiated categories, do deep services and products.
3, ToC's fresh e-commerce platform: trying to use pre-made dishes to differentiate in order to win the competition between platforms, Dingdong and Hema are typical representatives. At this stage, the closed-loop advantage of platform players engaged in pre-made dish business is more obvious.
Let's start with the first category of players.
First of all, it is the catering industry that has promoted the overall growth of prepared dishes in recent years.
Long before the emergence of the new crown epidemic, the demand for prepared dishes was growing year by year, with the compound growth rate of the prepared vegetable industry reaching 31.2% from 2015 to 2020. Its growth mainly comes from small B-end customers such as B-end restaurant companies, hotels, canteens and takeaway businesses.
This is because the biggest pain point for the catering industry in recent years is the rising labor costs - difficult to recruit, manage, retain, and wages are getting higher and higher. Therefore, led by the head catering enterprises, all restaurant companies are carrying out a "de-chef" revolution, using standardized factory semi-finished products, and even using robots to cut and cook, in order to reduce the pressure of the back kitchen and manpower investment. The rise of takeaway has put forward higher requirements for the standardization of catering and the improvement of meal efficiency, and has further promoted the development of prepared dishes.
In the future, as the pressure on the catering industry continues to intensify, the demand for cost reduction and efficiency increase continues to increase, and prepared dishes will be further popularized in the whole industry and become just needed.
At the same time, the demand growth of the B-end of pre-made dishes in the future is still mainly driven by the trend of chaining and scale of catering enterprises. The chaining and scale of catering can reverse the scale and intensive production of the entire prepared vegetable industry, so that the overall cost of the industry is reduced, which will further promote the development of the C-end market of prefabricated dishes.
In 2020, the rate of catering chains in mainland China will increase to 15%, and the rate of catering chains at all levels will show a steady upward trend. Among them, most of the small and medium-sized chain catering enterprises with the scale of 3-500 stores account for about 9.1%. In particular, the consumption of pre-made dishes in the head chain catering enterprises accounts for more than 80%.
"The volume of the mainland catering industry is very large, and the future can achieve a market of ten trillion yuan." However, compared with the 62% restaurant chain rate in the United States, the chain rate of the domestic catering industry is very low. Chain catering needs to carry out integrated management of dishes in different stores in order to reduce costs and improve efficiency and maintain the operational effect of taste consistency. Therefore, in the future, the demand for prepared dishes in the development trend of small catering enterprises becoming chain large catering enterprises is very large. Weng Bocheng, founder of the prefabricated dish brand "Maizi Ma", said so in an interview.
In addition, due to the characteristics of high procurement volume, concentrated supply period and high effectiveness, the group catering industry such as schools, enterprises, party and government organs, hospitals, military canteens, etc., which account for a relatively large proportion of the mainland catering industry, as well as the rapid development of the rural kitchen market dominated by rural red and white celebrations, has also driven the penetration rate of prefabricated semi-finished ingredients.
For the second type of player, that is, the restaurant supply chain, the central kitchen business, the rise of pre-made dishes is a huge business opportunity.
These enterprises, based on the logic of industrial production, have established large-scale fresh processing production capacity, but they do not know that this asset-heavy game has encountered the problem of realization in reality.
Why? As long as you have some understanding of the current situation of enterprises such as Shuhai, Meicai, and Fast Donkey, you can know that this industry burns countless dollars and has difficulty making profits. In the past, they provided catering merchants with either untreated vegetables, meat, rice and flour grains and oils, or primary processed products that had been washed and cut, and the gross profit was low, and it was difficult for platforms to rely on such goods to open up the gap with friends.
The prefabricated dishes have high requirements for research and development and supply chain capabilities, but they are precisely the categories that can form a differentiated competition point.
The third type of player, the fresh e-commerce platform, is also betting heavily on pre-made dishes, for reasons similar to those of the second type of player. However, the second type of player is aimed at B-end catering enterprises, while the fresh e-commerce platform is aimed at C-end consumers. For the fresh e-commerce platform, the advantage of opening up the pre-made vegetable business lies in its own set of complete closed-loop, and the challenge is that the fresh e-commerce has not yet run through its own profit model, and the pre-made vegetable business requires continuous investment in the early stage.
What are the real challenges of pre-made dishes?
So, it seems that the fledgling prefabricated vegetable industry is a place for novice players to gather?
Non also.
A few days ago, some brokerage research reports and media reports specifically mentioned that the overall challenge of the current prefabricated vegetable industry comes from the standardization of Chinese food, the lack of factory production capabilities, and the high cost and threshold of cold chain distribution.
In fact, looking at the entire market, these capabilities are not scarce, and they do not need to be built from scratch, and they cannot constitute a threshold for competition.
In the past decade, the standardization of Chinese food and the central kitchen have made great progress. Regardless of frying, cooking, frying, cooking, frying, cooking, frying, cooking, frying, cooking
The problem of Chinese food factory production is not in capacity, but in the purchase of a large number of equipment, employment of manpower, but due to insufficient downstream shipments, resulting in insufficient capacity utilization. According to Miaotou's understanding, the production lines purchased by large fresh supply chain enterprises are often idle.
On the distribution side, in recent years, the scale of the mainland cold chain logistics market has grown rapidly, and the transportation capacity is relatively abundant. In 2020, the cold chain logistics market will exceed 380 billion yuan, with a cold storage capacity of nearly 180 million cubic meters and a refrigerated truck ownership of about 287,000 units. For example, the traditional express delivery company SF, JD Logistics, China Foreign Transport, and professional cold chain transportation platforms all provide cold chain transportation services covering the whole country, and the cooperation between prefabricated vegetable companies and third parties can completely solve the problem of no own cold chain.
The cost of cold chain distribution is indeed not low, therefore, the cold chain is still more of a service for high-priced goods, and pre-made dishes are still the main high-priced dishes.
In short, before the realization of large-scale shipments, it is difficult for prefabricated vegetable companies to obtain better bargaining power in raw materials and transportation. Therefore, the current pre-made food track, whether it is ToB or ToC, focuses on the shipment capacity of the front end, rather than the production capacity of the back end.
It is important for players on the prefabricated course to be able to run out of sales. But where does scale come from?
There is a suspicion that for pre-made dishes, regional tastes vary greatly, so that large-scale production is difficult. That's not true or not.
Catering is indeed a regional industry, even if the national chain catering enterprises such as Haidilao and Xibei also have their own advantages and disadvantages, but the success rate of such national brands across regions will be higher, and they know how to use local business strategies and adapt to local tastes to adjust.
Taking Dingdong buying vegetables in the hot pot product as an example, according to its "2021 Annual Consumption Trend Report" data, in 2021, users in Chengdu and Chongqing like to eat butter spicy brine pot bottom + 8 seconds crispy belly, raw cut fat beef slice side dishes; Users in Shanghai and Nanjing buy the most is a light pepper pork belly chicken pot bottom + milk slippery duck blood side dish; Guangzhou people love Chaoshan style beef clear soup pot bottom + "90% hand-beaten beef balls"; while the North China market dominated by Beijing is loyal to the spicy sheep scorpion pot bottom + Inner Mongolia Valley feeds snowflake fat cattle rolls.
At the same time, in recent years, with the flow and integration of population, the tastes of the north and the south are also increasingly integrated. Many famous dishes such as Dongpo meat, goo meat, lion's head and so on no longer have regional taste differences, and everyone's definition deviation of delicious food is almost negligible.
It should be said that the regional differences in taste have never been a core problem, and the cross-regional operation ability according to local conditions and the strong research and development and supply chain capabilities are the hard work to test the ability of prefabricated vegetable enterprises.
On the whole, this is a competition that requires tickets, and those that can enter the game will include medium and large restaurant companies with certain strength and foundation, new retail platforms, catering supply chain enterprises, and central kitchen enterprises. Prefabricated dishes are more like the "life-saving straw" for this type of player.
For them, the difficulty of making prefabricated dishes does not lie in the construction and acquisition of production capacity at the factory end, but in how to ship a large number of goods at the terminal and run out of scale advantages as soon as possible to reduce the overall cost of prefabricated dishes and make the price more competitive.
As prefabricated dishes are concerned by the entire market, players with strength and strong scale ability have entered the game, which will squeeze new brands and small and medium-sized social catering enterprises that want to make a difference in the field of prepared dishes. The latter does not have enough chips at the traffic end and the supply chain side, cannot have enough bargaining power, and is in a difficult situation, and if it is not careful, it will become a "leek" to be harvested by platforms (retail stores), 2B factories and cold chain logistics companies.
Analysis of the competitive advantages and disadvantages of five types of enterprises
Based on the above analysis, Miaotou came up with several views:
The pre-made cuisine will be a long-term track, but it is also a track for powerful players to compete, and large chain catering companies and first-line fresh e-commerce platforms are bound to win this. There are not many opportunities for small and medium-sized social meals, and there are no new players with innate advantages in traffic or supply chains, and the opportunities are not large.
For a long time, the Opportunity for ToB to prepare dishes will be greater than for ToC.
Sooner or later, there will be a scuffle at the terminal, and the B-end factory will be able to fish for a period of time. Therefore, the current prefabricated cuisine track can pay more attention to the growth of prefabricated 2B supplier-related enterprises.
At present, to judge the color of players on all sides of the entire track, the most important thing to look at is the ability to ship. This is determined by two things:
First, the R & D production capacity is strong, the product is rich, the menu changes quickly, and with this alone, many players have been blocked from the door of the pre-made dish.
Second, the channel ability, sales ability is strong, whether it is 2B's ability to ship goods through catering channels, or 2C's ability to directly reach consumers, the important thing is to be able to reach and deal. This is also a challenge for players of all strengths.
At present, there are four types of shipping channels for prefabricated dishes: online traffic platform channels represented by Tmall and Jingdong flagship stores; catering channels at the B-end; offline store channels in the form of franchises; and online shopping platforms with important supermarkets and large retail platforms with large traffic.
A fresh retail expert told Miaotou, "At present, prefabricated vegetable companies will not enter these 4 channels at the same time. Online channels are basically not profitable due to high marketing costs, and everyone hopes to do brand promotion online. (Prefabricated vegetable enterprises) most want to do is to control their own franchise channels, take the distribution model, the highest gross profit, equivalent to vertical integration. Everyone in the supermarket channel also wants to enter, but because the mark-up rate and loss are relatively high, there are not too many offline now. In fact, this confirms that 2C is a market that needs to be resisted for a long time.
Finally, evaluating the listed companies of five types of prefabricated dishes based on their shipping capacity and product perspective, Miaotou has the following findings:
1, the advantages of the new retail platform are obvious
The strongest shipping capacity is the new retail platform closest to consumers represented by Dingdong Grocery Shopping and Hema Fresh. Their business model can form a closed loop, naturally has the advantage of data, clear user portraits, and can refine new product development points based on users' purchase preference data.
And they are more diversified in product operation scenarios, and can quickly make adjustments in line with holidays. Operating costs are relatively low, and the gross profit margin is also the highest among the five types of enterprises, such as Dingdong Buy's crayfish prefabricated dish "Boxing Shrimp" with a gross profit margin of 33.8%.
Based on the large number of user purchase and review data accumulated by the platform, it can quickly feedback on the selection of materials and cooking details at the production end of its own factories and cooperative factories, and constantly adjust the prefabricated vegetable products to achieve faster sales.
For example, Dingdong buys vegetables will provide strong seasonal dishes according to the season, during the Spring Festival, Dingdong launched more than 1200 pre-made SKUs, box immediately online 1300, and the so-called 2C pre-made dishes listed enterprise Weizhixiang, only more than 200 SKUs.
2, professional prefabricated vegetable enterprises that have been deeply cultivating the prefabricated vegetable market for many years have seized the outlet, but it is difficult to store strength
Such enterprises have accumulated a lot of mature prefabricated dishes, in addition, most of the professional prefabricated vegetable companies are starting from the B-end, accumulating a large number of B-end catering channel customers and feedback, which is conducive to the expansion of professional prefabricated vegetable enterprises to C-end users.
However, the demand of the C-end and the B-end is not exactly the same, first, because the B-end user is a professional chef, who can reprocess the pre-made dishes for seasoning, etc., and the required pre-made dishes are relatively fixed. The C-end user is an ordinary consumer, and the prefabricated vegetable enterprise needs to prefabricated the taste of the product to be better, and the transmission to the production end is a higher level of intelligent production equipment support and product promotion ability. Second, because the C-end of the sales need a wider range of sinking channels and different channels of accurate product positioning, this point to see the taste of Zhixiang is currently the most competitive.
There are two major brands of "Weizhixiang" and "Yuyu", "Weizhixiang" is positioned at the C-end and "Yuyu" is positioned at the B-end. Covering more than 200 kinds of semi-finished dishes such as meat and poultry, aquatic products, such as cowboy bone, kung pao chicken, crystal shrimp, teppanyaki squid, etc., through the dealer and franchisee system, the products are sold to end individual consumers and hotels and catering enterprises.
(Image source: Weizhixiang prospectus)
By the first half of 2021, Weizhixiang's sales channels have covered 958 dealers and 1219 franchise stores, widely distributed in large farmers' markets, markets and street stores in Jiangsu, Zhejiang, Shanghai and surrounding provinces, making up for the lack of coverage by building a high-density sales network.
On the one hand, the sinking of the sales channels of Weizhixiang makes the products closer to the customer consumption scene, allows more people to understand the semi-finished vegetable products, and cultivates potential consumers; on the other hand, it also facilitates the daily purchase of the company's products, services and consolidates the stock of consumers.
And the pre-made vegetable products released by Weizhixiang in the sinking channel are also different from retail platforms such as Dingdong, and the dishes are more daily small stir-fried dishes than festive hard dishes, such as shredded fish, snow vegetable meat, oyster sauce beef slices, etc., and the price is lower.
Benefiting from the distribution system, Weizhixiang's revenue in 2020 was 622 million yuan, the net profit attributable to the mother was 125 million yuan, the gross profit margin of sales was 29.46%, and the net profit margin of sales was 20.09%, which was significantly ahead of the net profit margin of the prepared vegetable business of other enterprises.
In addition, from the perspective of fundraising projects, Weizhixiang will still focus on offline channels in the future, and its "marketing network and training center construction project" aims to establish a marketing network covering the Yangtze River Delta and radiating the whole country through the establishment of direct display stores, the establishment of a modern logistics system, and brand promotion, as well as to improve the business level of employees and the sales skills of distributors' products through training.
Although it has stepped on the outlet of pre-made dishes, the traffic of Weizhixiang depends on franchisees opening stores in the vegetable market, although the store model has run through, but the problem is that the overall traffic of the vegetable market is declining, and young people are more and more accustomed to buying vegetables online, and less and less choose the vegetable market.
If Misakixiang can't find a new traffic model, and only relies on the wet market, its ceiling is not high.
3, catering enterprises left and right hand fighting is a problem
Although catering companies have a stable customer base and have advantages in product research and development, in order to ensure the customer flow of stores, the pricing of pre-made dishes is almost the same as the price of dine-in, which is not cost-effective for consumers. How to balance stores and prepared dishes is the first problem that catering companies have to solve.
However, in the long run, large catering enterprises will increasingly tilt in the direction of pre-made dishes. Taking Jia Guolong's kung fu dishes as an example, Jia Guolong even set aside 1/3 of the position in Xibei's store to display pre-made dishes, further compressing the space for his dine-in, which is not a small determination, of course, this can also be seen in reverse how difficult offline catering is today.
4, upstream agriculture, animal husbandry and aquatic enterprises, traditional quick-frozen enterprises in the shipment capacity and product research and development of the competitive advantage is not obvious
First, because most of these two types of enterprises have just transformed into the catering field, there is no accumulation of dishes, and the second is that they are far from the end consumers and have little experience in product creation, and the only advantage is the control of raw materials and large-scale production experience.
But there is one target worth paying attention to, Guolian Aquatic Products. Although the current profitability of Guolian Aquatic Products is not optimistic, but relying on its accumulated channel advantages, and the demand for pre-made dishes at the B-end of the catering enterprises and new retail platforms, Guolian Aquatic Products as a supplier has a new performance growth point, which is worth tracking for a long time.
Guolian Aquatic Products has four main competitive advantages in the business of pre-made vegetables:
First, its prepared vegetable products are mainly aquatic products such as shrimp, blackfish, and crayfish, which have a certain differentiated competitive advantage.
Second, Guolian Aquatic Products has a large number of large-scale high-quality customers at the B-end, such as Haidilao, Si Nian, Yonghui Supermarket, Wal-Mart, Dazhang Supermarket, Liangzhilong, RED LOBSTER, SAM'S CLUB, AQUA STAR, Subway, Burger King, etc. In July 2021, it signed a cooperation agreement with the domestic institutional catering leading enterprise Qianxihe Group and other institutional catering enterprises.
Third, in September 2021, Guolian Aquatic Products launched a fixed increase plan of 1 billion yuan, raising funds for the construction of central kitchens and aquatic products deep processing expansion projects. If the project can successfully reach production, it will increase the production capacity of various aquatic foods by about 70,000 tons, which will increase the company's revenue by 2.566 billion yuan and a new net profit of 177 million yuan per year.
Fourth, guolian aquatic products has recently made up for the shortcomings in C-end product research and development and market promotion through cooperation with Hema, supplemented by channels such as supermarkets and e-commerce new retail, and its sales capacity will be greatly improved in 2022.
Returning to investment opportunities, Miaotou believes that investors should stand in the long-term perspective to find enterprises with strong research and development and strong shipping capabilities (scale). At the moment, they may not necessarily stand out in the field of prepared dishes, or even just start-up, but they have accumulated corresponding capabilities. In the short and medium term, the advantages of the new retail platform will be more obvious, and the supplier enterprises that have accumulated and have high-quality large customers in the industrial production of B-end prefabricated vegetables are also worthy of attention.
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