长寿花食品

http://www.chinacornoil.com/notelist-202.html

Click to access 20180326-171510668.pdf

Click to access 20170424-104910371.pdf

 

多现金,除去现金,pe可能就只有1-2倍。

现金16亿,为何新增贷款3亿?

2017年年报

As at 31 December 2017, the Group’s borrowings amounted to approximately RMB200.0 million (31 December 2016: approximately RMB215.7 million) and cash and bank balances amounted to approximately RMB1,585.0 million (31 December 2016: approximately RMB1,056.0 million).

The Board resolved to recommend a final dividend of HK 10 cents (2016: HK 10 cents) per share for the year ended 31 December 2017 at 2018 AGM to the Shareholders whose names appear on the register of members of the Company on Monday, 4 June 2018, and such dividend will be made on Friday, 22 June 2018.

Mr. Wang Mingxing, Mr. Wang Mingfeng and Mr. Wang Mingliang are deemed to be interested in 290,612,249 Shares and 8,425,000 derivative Shares held by SanXing Trade Co., Ltd. (“SanXing Trade”), whereby SanXing Trade is wholly-owned by Sanxing Grease, which is wholly-owned by Shandong Sanxing, which in turn isowned as to 24.4% by Mr. Wang Mingxing, 24.8% by Mr. Wang Mingfeng, and 24.4% by Mr. Wang Mingliang. 【they own 53.19% of total shares

Koo Yuen Kim  64,168,881; 11.19% 古润金
FIL Limited 46,065,000; 8.03% (24,381,000 Shares held by FIL Investment Management (Hong Kong) Limited, and 17,934,000 Shares held by FIL Investment Management (Singapore) Limited, both of which are wholly-owned by FIL Asia Holding Pte Limited which in turn is wholly-owned by FIL Limited. )

【funny:在cash flow表里,short-term bank deposits是作为现金流出的】

ordinary shares:573,560,000 (2016:573,560,000)

西王、南顺、南海

2000年,南海油脂、南顺油脂相继进入小包装食用油市场,并推出玉米油产品。前者在国内拥有知名品牌金龙鱼,后者则拥有香港知名食用油品牌刀唛。由于巨头缺乏原料来源和加工线,长寿花和西王便抓住机会成为其山东地区的代工厂,将散装玉米油贴标包装后卖给金龙鱼、福临门及后来的鲁花,整个代工历史持续了近十年。从披露的历史数据来看,长寿花的代工产量占比超过50%,而西王的代工产量更是达到80%。2006年,“长寿花”小包装油品牌正式推出,2009年“西王”玉米油产品也开始运作。与之同时,益海嘉里、中粮相继进军产业链上游,布局自有玉米深加工基地。

西王食品2013年销售额为24.27亿元,2014年下滑至18.7亿元,直至2015年才恢复至22.43亿元。长寿花2013年-2015年销售额分别为29.30亿元、27.79亿元、27.82亿元,波动情况与西王食品一致。

长寿花将业绩波动原因归咎于整体油脂市场表现疲弱。西王则进一步解释称,自2012年开始,金龙鱼、福临门大量投入资金搞玉米油,本土小品牌也开始参与竞争大打价格战,“行业竞争激烈程度加剧,对公司的打击反应特别明显”。

村支书王勇执掌的西王食品(000639.SZ),和西王村王明星三兄弟创立的长寿花食品(01006.HK)占据了中国玉米油市场的绝大部分份额

西王食品一手继续做大食用油业务,另一边则联合春华资本耗资39亿元收购了加拿大最大的运动保健品公司Kerr80%的股权,后续还将收购剩下的20%股权。运动保健品Kerr主营业务为体重管理产品和运动营养产品的研发和销售,旗下品牌包括MuscleTech等

2016年,Kerr的资产规模占据了西王食品净资产的84.82%,这实际上完成了Kerr在A股上市。西王集团旗下,除了西王食品、西王异钢(01266.HK)、西王置业(02088.HK),还有西王药业,这是亚洲最大的无水葡萄糖生产基地,将来西王村“大健康”板块在资本市场

这项重大资产重组2016年11月1日完成交割,所以西王食品2016年报只并了Kerr11月和12月的数据。要知道,2016年Kerr的营收就达到30.5亿元,同比增长18.98%,净利润3.69亿元,同比增长15.67%。并表的效果在西王食品2017一季报中已经开始见效。