How long can A-share catering listed companies sustain after 500 billion losses?
For stocks, please read Jin Qilin analyst research report, authoritative, professional, timely, and comprehensive, to help you tap potential potential opportunities!
Original title: How long can A-share catering listed companies sustain after a 500 billion loss?
The catering industry was affected under the epidemic.
A-share catering listed company Xi’an Catering (000721.
SZ), Guangzhou Restaurant (603043.
(SH) and others successively issued announcements on the company’s active response to the new coronavirus pneumonia epidemic.
The China Cooking Association released a report on February 12 that the impact of the epidemic on the catering industry may be several times greater than that during the SARS period.
Suspension of business On the evening of February 18, Xi’an Food announced that the company’s catering (hotel) stores have been suspended from January 27, 2020.
The epidemic forecast will affect the company’s operating performance in the first quarter of 2020.
A person in charge of Guangzhou Restaurant Securities Department told reporters on the interface on February 19: “The impact of the epidemic will depend on the specific data disclosed by the following companies. The main business of Guangzhou Restaurant is divided into the catering and food sectors, and the proportion of takeaway is not large.
“At present, all restaurants of Guangzhou Restaurant have stopped serving meals, and have reserved food sales and take-out to provide catering services.
The company said that the company’s first quarter 2020 results are expected to be affected to some extent.
(SZ) said on the company’s official website that there are currently 28 stores in 15 provinces, including 4 stores in Beijing and Hebei, Zhejiang, Anhui, Ningxia and other places.
According to the data of the Evergrande Research Institute, in the 7 years of the Spring Festival, the epidemic has caused a loss of about 500 billion yuan to the retail sales of the catering industry.
”From the perspective of the three A-share catering listed companies, Xi’an Food is not working under normal circumstances, and it may be even worse this time the outbreak is coming; Quanjude is not working, and the dishes are not suitable for take-out; Guangzhou Restaurant may be better.
The time span this time is too long. I personally estimate that the dine-in business can return to normal after May 1st, and consumers will choose to minimize the risk.
“A food industry expert told interface journalists.
”I estimate that these listed companies have been affected. The influence transmission of Quanjude and Guangzhou 南京夜网论坛 Restaurant is almost a cliff-type shift. It cannot be supported by take-out. I estimate that 20% of the business volume is not bad.
“Pan Helin, Executive Dean of the Institute of Digital Economy, Zhongnan University of Economics and Law, told reporters at the interface.
On February 12, the China Cooking Association released the “Report on the Impact of the New Coronary Pneumonia Epidemic on China’s Catering Industry in 2020″. The report stated that during the Chinese New Year this year, the catering industry suffered severe losses, exceeding last year’s Chinese New Year. During the epidemic, 78% of catering companies’ operating incomeThe loss reached more than 100%; 9% of the company’s revenue loss reached more than 90%, 7% of the company’s revenue loss was between 70% and 90%; the revenue loss below 70% was only 5%.
The China Culinary Association’s research indicators are: The impact of the recent epidemic on the catering industry may be several times greater than that during the SARS period.
Performance According to specific operating data, before the outbreak, the performance of the three A-share catering listed companies was not outstanding.
On January 9, 2019, Xi’an Foods realized revenue3.
US $ 9.4 billion, net profit attributable to shareholders of listed companies was 2368 million; Quanjude also achieved revenue11.
$ 900 million, a ten-year average of 12.
62%, the net profit attributable to shareholders of the listed company is 52.6 million yuan, with an annual extension of 59.
09%; Guangzhou Restaurant’s performance is slightly better, with revenue of 24 from January to September last year.
10,000 yuan, an annual increase of 19.
60%, net profit attributable to shareholders of the listed company is 3.
2.5 billion, an annual increase of 9.
In the first quarter of the Spring Festival, from the data point of view, the proportion of the company’s ten-year net profit was 10% -50.
Guangzhou Restaurant achieved revenue in the first quarter of 20184.
4.5 billion, accounting for 17 of the total revenue.
52%, attributable net profit was 38.59 million yuan, accounting for 10% of the original attributable net profit; Quanjude achieved revenue in the first quarter of 20184.
43 trillion, accounting for 24 of the expected revenue.89%, attributable net profit was 37.18 million yuan, accounting for 50% of attributable net profit.
90%; Xi’an Food’s revenue in the first quarter of 20181.
2 trillion, accounting for 24 of the expected revenue.
19%, attributable net profit is -803 million yuan. In 2018, Xi’an Food’s statutory attributable net profit was 9.47 million yuan.
”Spring’s share of profits of listed companies is still relatively obvious. If the catering performance is damaged in 2020, it depends on whether there are other channels to make up for it.
I estimate that even if it can be recovered by the end of February, it will take time for consumers to recover.
“Pan Helin told interface reporters.
Based on the data for the first half of 2019, Xi’an’s catering revenue accounted for 66% of the company’s revenue.
41%, commodity revenue accounts for 4.
96%, room income is 2.
88%; Quanjude’s catering revenue accounted for 71.
92%, merchandise sales accounted for 25.
88%; Guangzhou Restaurant Food Processing Manufacturing Company’s revenue accounted for 64.
04%, catering company revenue accounted for 38.
Guangzhou Restaurant announced in the announcement on February 15 in response to the new coronavirus pneumonia epidemic: Since the outbreak, in order to meet market consumer demand, the companyThe channel meets consumer demand for the company’s quick-frozen foods, pastries, wax products and other products.
At present, the main production bases of the aforementioned foods in Guangzhou Restaurant have been fully resumed.
From a regional perspective, the sources of income of the three catering companies are widely concentrated in regions.
Guangzhou Restaurant’s income accounted for 87 in Guangdong Province.
31%, Quanjude North China’s revenue accounted for 99%.
31%, of which Beijing is concentrated; Xi’an Food’s income accounted for 89% in Northwest China.
Financial pressure “Unlisted companies’ missiles have signaled financial pressure to stop them. I don’t think public companies will get better.
Pan He Lin said.
As of the third quarter of 2019, the net cash flow from Xi’an’s catering operations was -1684.
The figure for the same period last year was 1062.
The company’s second largest, third largest, and fourth largest shareholders’ equity are all pledged and frozen.
Finally, by the end of the third quarter of last year, Xi’an Food held 2 monetary funds.
Quanjude’s net cash flow from operating activities in the first three quarters of 2019 was 8,466.
20,000 yuan, an overlap of 33 over the same period last year.
The shareholders of the company have no pledge of equity. As of September 30, 2019, the currency of Quanjude’s account was 6.
48 trillion, compared with 34 at the end of 2018.
62%, the company said that this is mainly due to idle funds to buy structured deposits.
From January to September 2019, Guangzhou Restaurant has a net cash flow from operating activities of 7.
2.8 billion yuan, compared with the same period last year5.86%, the company’s shareholders did not pledge equity, the company held monetary funds at the end of the third quarter of the last year15.
As of the end of the third quarter of 2019, the western case dietary assets and liabilities were restructured42.
76%, Quanjude assets and debt restructuring21.
87%, Guangzhou Restaurant’s assets and debt restructuring34.
Analysis by the Air Force tourism industry indicates that the epidemic may result in a rebound in consumption.
So for the catering industry, after the epidemic, will consumers have “rebound” dinners?
”Consumption will usher in a certain rebound and there will be a certain amount of compensatory consumption, but the catering sector may not be.
The epidemic is still a big psychological shock to everyone. Consumer habits will change. Group gatherings will decrease. If people change their eating patterns, large chain companies may be affected.
“Pan Helin told interface reporters.