Miao Kelanduo (600882): Important strategic cooperation landing to help the cheese leader grow

Miao Kelanduo (600882): Important strategic cooperation landing to help the cheese leader grow

Dating Mengniu Dairy as a strategic shareholder January 5, 2020 The company announced that Inner Mongolia Mengniu transferred the 20.14 million shares of Miaoclando directly held by the transferor at the price of 14 yuan, with a total price of 2.

8.7 billion, accounting for 5% 无锡桑拿网 of the total equity of Mycolando.

In addition, Inner Mongolia Mengniu intends to use cash4.

5.8 billion increased capital and held 42 of its wholly-owned subsidiary Jilin Technology.

88% equity.

According to the announcement, the main operating assets of Jilin Technology are Shanghai Zhiran and Miao Ke Food (Tianjin), which are the company’s core cheese business entities.

On the same day, the company, the company’s actual controller, and Inner Mongolia Mengniu signed a Strategic Cooperation Agreement.

The strategic cooperation will bring multi-dimensional benefits to the company. The main aspects of the strategic cooperation brought by the two parties are: 1) business synergy, the company and Inner Mongolia Mengniu have complementary advantages, and the company has advanced production technology and production 青岛夜网 capacity development advantages in cheeseThe advantages of Mengniu Mengniu in channel network, marketing resources and capacity layout will facilitate the rapid development of the cheese market; 2) Corporate governance will be improved, Inner Mongolia Mengniu will have the right to appoint a director and deputy financial directorIt is beneficial for the company to absorb advanced system experience and optimize management.

3) In terms of finance, the company’s financial strength will be enhanced, financial leverage will be reduced (the subsidiary’s Jilin Technology asset-liability ratio is 74%), and the company’s capacity expansion will be guaranteed.

According to the company’s announcement, in the past 12 months, the company’s cheese OEM cooperation business between Inner Mongolia Mengniu and the company reached 16.15 million yuan.

Cheese bar business is growing well In the first three quarters, the company’s cheese business grew by 114 per year.

6% to 5.

7.5 billion, of which 19Q3 achieved revenue2.

34 ppm, an increase of 114 in ten years.


1) The first three quarters of cheese sticks have gradually realized sales revenue2.

9.8 billion, an annual increase of 354.

0%, of which 19Q3 achieved revenue 1.

32 ppm, accounting for 56% of the cheese business.


In the future, the company will increase investment in new products, channels and brands, which is expected to further promote sales.

2) In the first three quarters of the non-cheese bar business including within Mosulilla, sales were gradually realized2.

7.7 billion, of which 19Q3 achieved sales1.

02 trillion, also shows a healthy development trend on the 2B side.

The company’s overall sales of cheese products in the first three quarters reached 13,374.

6 tons, an increase of 101 every year.


On Double Eleven in 2019, the company became the Tmall and the double-headed sales of similar projects on JD platform. It is expected to continue a good growth trend in the fourth quarter.

Maintain “Buy” rating We maintain the company’s EPS for 2019-2021 to 0 respectively.

11, 0.

45, 0.

81 yuan.

Growth prospects for the cheese business remain strong.

The complementary advantages brought by the expansion of important strategic shareholders, we are optimistic about the company’s stable production capacity and channel expansion progress, and maintain a “buy” rating.

Risk warning: less than expected capacity release; new product growth exceeds expectations; rising raw material prices; food safety risks.