bngslot| The pressure on the performance of peach and plum bread has continued year after year: the number of dealers in South China has decreased, and strategic mistakes have been lost?

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　　《港湾商业观察》廖紫雯

　　官网上挂着的“桃李面包，专注15天以内短保面包”，似乎简洁明了的概括出桃李面包的主要特质。成立于1997年的桃李面包，至今已经走过二十多个年头，作为一家从沈阳闯向全国的面包公司，桃李面包这几年的营收利润不太好看。

　　日前，桃李面包披露了2024年一季度业绩情况，显示营收、净利双下滑的情况，事实上，2021年至2023年的三年时间里，公司业绩已迎来多重下滑趋势，意欲全国化扩张的桃李面包究竟怎么了？

　　另一方面，在产能利用率整体不足75%的情况下，桃李面包仍在推进新建产能扩张项目。上海、佛山、广西等生产基地在建的同时，不由得令人深思，桃李的南下之路真的好走吗？

　　01

　　去年持续增收不增利，一季度双双下滑

　　2024年一季度，桃李面包股份有限公司（以下简称：桃李面包，603866bngslot.SH）实现营收为14亿元，同比下降5bngslot.15%；实现归母净利润为1.15亿元，同比下降16.95%。

　　营收详细来看，一季度，公司面包及糕点实现营收为13.92亿元，同比下降约4.68%；其bngslot他产品实现营收为813.37万元，同比下降约48.67%。

　　2023年，桃李面包实现营业收入67.59亿元，同比增加1.08%；实现归母净利润5.74亿元，同比减少10.29%。

　　桃李面包在业绩预告中表示，净利润下滑其主要原因为，1，部分原材料价格同比上涨、返货率增加以及部分新建项目投产后产能未完全释放且前期费用较高，导致本期毛利率同比略有下降；2，新投产的项目前期进行人员储备，工资费用增加导致管理费用同比有所增长；3，本期利息支出增加。

　　时间线拉长来看，2021年-2022年，桃李面包实现归母净利润分别为7.63亿元、6.40亿元，同比下滑13.54%、16.16%。

　　2024年3月，曾有投资者于交流平台表示“公司疫情以来净利润持续下滑，公司的核心竞争力是否还在？有没有考虑扩大销售市场？”

　　对此，桃李面包表示，公司制定了明确发展战略，在强化产品研发和确保工业生产规模优势的基础上，大力拓展市场终端的数量。同时，对于原有终端客户，着重提升客户服务质量，持续提升单店产出。在产品研发方面不断总结过去经验的同时积极创新组织内部流程，建立全新的产品研发流程，全面拉通市场需求端和企业研发端，建立相关制度充分调动各环节对新品研发的积极性和创造性，针对现有产品进行充分挖掘、优化升级不断迭代的同时，努力打造爆品、大单品，增加竞争力有效提升市场销售份额。

　　早在2023年半年度业绩说明会中，便有投资者表示，“公司归母净利润已经连续十个季度下滑，管理层对此有什么应对措施吗？”

　　公司当时回复表示，公司营业收入一直保持维持稳步增长，今后会持续抓好生产经营及战略规划的实施，努力提升公司经营质量，以回报广大投资者。

　　02

　　产能利用率不算高却继续扩产能？

　　2023年，桃李面包实现营业成本52.19亿，同比增长2.67%，毛利率同比减少1.19个百分点。公司表示，主要是由于：1，部分原材料价格同比上涨导致生产成本增加；2，部分新建项目投产后产能未完全释放且前期费用较高。

　　2023年财报披露，桃李面包产能扩张计划为，公司着力构建全国生产基地布局，报告期内，实现沈阳桃李面包有限公司生产基地建设项目、青岛桃李食品有限公司烘焙食品生产项目及泉州桃李面包有限公司生产基地建设项目的成功投产。公司正在稳步推进广西桃李面包有限公司生产基地建设项目、长春桃李面包有限公司生产基地建设项目、河南桃李食品科技有限公司年产烘焙食品3万吨建设项目、佛山桃李面包有限公司桃李面包年产6.9万吨成品面包、糕点华南烘焙中心项目和上海桃李食品有限公司桃李食品生产、研发及运营总部一体产业化基地项目。

　　截至2023年12月31日，桃李面包共有22个生产基地已投入使用，在建生产基地项目5个。

　　其中，华北地区、东北地区、西北地区、西南地区产能利用率分别为85.48%、79.72%、81.24%、75.14%，华南地区、华东地区、华中地区产能利用率分别为69.66%、62.19%、63.75%。产能利用率整体为74.32%。

　　截至2023年底，桃李面包在广西、长春、河南、上海、佛山等五地有生产基地在建，预计将为其新增设计产能22.43万吨。

　　桃李面包表示，随着经济的持续发展和消费观念的不断升级，消费者已经不再局限于传统的面包产品，他们更多关注面包的安全、营养、口感和功能等特性，面包产品种类更加丰富，功能更加齐全，产品向多元化发展，这将进一步刺激消费需求的增长，扩大市场容量。行业在未来的较长时间将面临良好的发展机遇，公司需要在这一阶段把握契机，通过项目建设的实施扩大生产规模，一方面与市场增长的需求相匹配，保持并扩大市场份额，另一方面通过扩大生产形成规模效应，有效降低成本，提高公司的利润水平，促进公司的快速发展，进一步巩固公司的行业地位。

　　2023年，桃李面包资产负债率为27.82%，同比增加3.72个百分点。

According to snowball data, from 2020 to 2022, the asset-liability ratio of peach and plum bread was 14.99%, 17.98% and 24.10%, respectively. Obviously, there has been a significant growth trend since 2020.

03

South China dealers do not increase but decrease, the loss of strategic mistakes?

In the semi-annual 2023 results presentation, some investors questioned, "in the process of expanding the southern market, how to deal with the competition with many store model brands, the southern store model usually appears more fashionable." and baking consumers in the south usually have a fashion preference. "

Peach and plum bread said that the company has been stepping up efforts to expand East China, South China and other new markets, continue to increase investment in key customers, improve the quality of single stores. While refining the original high-cost products, we are also constantly creating and launching products with high experience and high added value to enhance the brand image and enrich the brand connotation.

In the first quarter of 2024, there was a net increase of 20 peach and plum bread dealers compared with the same period last year. Among them, there was a net increase of 8 in North China, 1 in Northeast China, 3 in East China, 0 in Southwest China, 13 in Northwest China, 8 in South China and 3 in Central China.

As early as January 2023, peach and plum bread examined and passed the "motion on increasing capital to wholly-owned subsidiaries", allowing the company to increase capital to Shanghai peach and plum with RMB 250 million; in December 2022, the company won a 60, 000-square-meter plot in Foshan, Guangdong, at a price of 45.8 million yuan, and will invest 2 billion yuan in the construction of South China Bakery Center project.

Throughout 2023, the number of peach and plum bread dealers increased by 33, with a net decrease of 12 in South China.

Zhu Danpeng, a Chinese food industry analyst, told Harbor Business Watch that the layout of the entire southern market of peach and plum bread is itself a wrong strategy. Because baking in the southern market has become very mature, when a northern enterprise comes to the south and south and east China to do baking, its whole quality, innovation, upgrading and iterative level must not keep up with the sales pace of developed areas. so this is also the reason why the performance is not very bright and the capacity utilization rate is not high.

And in terms of revenue, for the whole of 2023, the revenue of the northeast region was 2.828 billion, down 2.25% from the same period last year, and the gross profit margin was 24.70%, down 0.77% from the same period last year.

East China achieved revenue of 2.094 billion and gross profit margin of 8.41%, a decrease of 2.09% over the same period last year; North China achieved revenue of 1.522 billion and gross profit margin of 20.42%, a decrease of 1.09% over the same period last year; and South China achieved revenue of 457 million and gross profit margin of 1.53%, a decrease of 2.13% over the same period last year.

Peach and plum bread said that during the reporting period, the company focused on developing markets in East China, Central China and Northwest China, resulting in steady growth in sales.

Zhu Danpeng said bluntly that, on the whole, the core problem of peach and plum bread lies in poor sales, declining performance and low profits. From the perspective of the brand strength of peach and plum bread, the product strength, drainage power and comprehensive strength are not enough to support the sustainable development of the company. (produced by Harbor Finance)

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