Quanjude hundred years old, under the high valuation of fame

 Quanjude: century-old, high valuation of funds under the attention fame

high brand value highlights the main business of Quanjude Co. catering and food processing, sales operations, primarily to provide ; Quanjude Imperial Kitchen famous for the production of This makes the brand value of the company in November 20, 2007 began landing A-share market has been highly concerned about the funds, the new worry-free value of the net capital flows east statistics show that the company's capital flows than 100% of the market average, that the company fully funds highly favored by the market, trading was very active, and its shares are often maintained at a high level. Over the past year of stock market chart shows the performance of the company's share price is far stronger than the average level of industry and the broader market, fully reflect the company such well-known brand of high premium effect.
main revenue growth, gross profit margin maintained at a high level
company's current assets 9 Quanjude Brand Guide, features 5 restaurants (Fangshan a restaurant, Fengzeyuan Hotel 2 and Sichuan restaurants 2), is responsible for processing and production of duck billet base of a vacuum-packed roast duck, face charge of a food production base, a distribution center is responsible for the company to expand chain 1, has been basically formed a relatively complete industrial chain. the company is currently the main source of income is wholly owned stores operating income, and product sales. company revenues from sales of goods holding company vacuum-packed duck triple Venus. Venus in recent years, based on triple meat base, develop a variety of snack foods; in addition to production materials lotus leaf duck cakes, sweet sauce, the traditional moon cake products, Lantern Festival, but also actively develop the cake, and other forms of surface moisture industrialization pasta. snack foods and industrial food markets face a huge space, is expected to become the future growth of the company's new bright spot. from the income suggests that, food and beverage revenues accounted for the vast proportion, but with the vertical extension of the company to strengthen the construction of the industrial chain and input of raw material base, merchandise sales accounted for the ratio of operating income increased year by year, accounting for food and beverage revenue declined year by year. At the same time although the company maintained a high level of gross margin, but due to the low margin product sales, as its business income share of the growth, resulting in consolidated gross profit margin decreased slightly.
Our main business is still concentrated in the Beijing area, and its gross profit margin is much higher than in Beijing meals industry average. In a fully competitive restaurant market, century-old brand has quite a premium brand, strong business profitability. the future will take in order to facilitate maximum enjoyment of the brand development of the influence of brand expansion and brand expansion. companies return on net assets in recent years remained at 10% or more, about 8% better than the industry average. Quanjude listed as the first old house catering enterprises, upgrading of consumption structure in the referendum, the Olympic Games background of concepts, its good business position and prospects of continued growth is expected to maintain performance.
profit forecasts and investment recommendations
leveraging the 2008 Beijing Olympic Games, the existing nine wholly owned stores to maintain a rapid growth in revenue. which basically completed the municipal building, reopened in 2008 the first store, 2006 West Hill Road the new larger store revenue growth; Asian Games Village Shop realize losses, Changchun store, shop in Chongqing, Shanghai Pudong market-cultivation period, 2008 expected to contribute in large revenues. 2007 the company achieved earnings per share of 0.59 yuan, based on the company's current financial expected EPS for 2008-2009 were 0.62 yuan and 0.73 yuan profit forecast, but did not rule out in advance because of the cost reflects the the possibility of further increase in the future.'s current static price-earnings ratio of 100 times, 10 times book value, well above the industry average price-earnings ratio of 50 times and 3.12 times the average book value.
corresponds to the current stock price dynamics for 2008-2009 price-earnings ratio of 85 and 73 times respectively. taking into account the potential of the company's chain expansion and industry leading position, the dynamic price-earnings ratio in 2008 can give to a 50-55 times, corresponding to a reasonable valuation of 31-34 million. Because the current stock price has been significantly more than reasonable target price, give the company