With the upgrading of consumption and the steady growth of downstream dairy industry and non carbonated beverage demand, the market scale of sterile packaging is constantly showing an upward trend. In this context, Shandong new Jufeng technology Packaging Co., Ltd. (301296, hereinafter referred to as "new Jufeng"), a sterile packaging manufacturer, wants to write a new chapter in A-share.
On September 2, as a supplier of Yili, new hope and other domestic well-known liquid milk giants, new Jufeng was officially listed on the gem. Previously, on August 24, new Jufeng opened its subscription, with an issue price of 18.19 yuan / share, a subscription limit of 115000 shares, and a price earnings ratio of 51.87 times.
From the perspective of the industrial chain, the downstream industry of sterile packaging belongs to the field of consumer goods such as food and beverage, and the industry prosperity is highly related to the total retail sales of consumer goods.
With the rapid development of China's economy, the acceleration of urbanization and the steady improvement of residents' disposable income, the rapid growth of the domestic consumer goods market in recent years has also provided a broad market space for the sterile packaging industry, and the overall scale is also on the rise.
Although Tetra Pak, SIG and other international enterprises occupy a high market share in this field, domestic enterprises represented by new Jufeng are gradually realizing domestic substitution by upgrading their core technologies, and their market share is also steadily increasing.
In the next three years, new Jufeng will continue to layout the Chinese market in depth by optimizing production technology and process, achieving technological upgrading, improving product competitiveness. In addition to focusing on the domestic market, new Jufeng also disclosed that the company will develop the international market according to the future market situation and the world economic situation.
Continuous benefits: rapid growth of aseptic packaging
As an enterprise recognized by the gem, xinjufeng, which has a good relationship with Yili and other dairy giants, naturally has its own strength and heritage.
In terms of business, new Jufeng's main business is the R & D, production and sales of aseptic packaging. In the aseptic packaging industry, its main customers are normal temperature milk and non carbonated beverage manufacturers.
The downstream industry of aseptic packaging belongs to the field of consumer goods such as food and beverage. There is a high correlation between the prosperity of downstream industries and the total retail sales of consumer goods.
With the rapid development of China's economy, the accelerating process of urbanization and the steady improvement of residents' disposable income, the domestic consumer goods market has grown at a high speed in recent years. Compared with the past, the purchasing power of Chinese consumers, especially those in second and third tier cities, has improved by leaps and bounds.
Data show that the total retail sales of consumer goods in China increased from 30.09 trillion yuan in 2015 to 44.08 trillion yuan in 2021, with a compound growth rate of 6.57%.
In the past few years, with the upgrading of consumption and the steady growth of downstream dairy industry and non carbonated beverage demand, the overall size of the aseptic packaging market has shown an upward trend. From 2015 to 2020, the average annual growth rate of China's aseptic packaging reached 6.50%, and it is expected that it will continue to grow rapidly in the future.
The information disclosed by new Jufeng in the prospectus shows that with the continuous growth of China's GDP, the gradual improvement of consumption capacity, the growth of demand for liquid milk and non carbonated soft drinks, and the gradual growth of demand for brick bags, pillow bags and diamond bags.
This growth trend will continue in the coming years. According to the Research Report of Ipsos, the average annual growth rate of liquid normal temperature milk from 2019 to 2022 is about 4%, still maintaining a high growth rate. It is estimated that by 2022, the market scale of normal temperature milk will reach 8.537 million tons.
In the view of insiders, the growth of normal temperature milk and non carbonated beverage customers downstream of sterile packaging has continuously driven the growth demand of sterile packaging. In addition, the traditional Baili bag is transitioning to "pillow bag", and the sterile packaging market still has great growth potential.
Of course, driven by consumption upgrading, the application of aseptic packaging is not limited to the traditional fields such as normal temperature milk. Xinjufeng mentioned in the prospectus that at present, aseptic packaging is mainly used in dairy products and non carbonated beverages. With the maturity and application of aseptic packaging technology, aseptic packaging is gradually applied in biotechnology, drugs, beer, condiments, cosmetics, pet food, canned food, food soup and other different industries.
From the perspective of major customers, new Jufeng has established long-term and good relations with well-known downstream liquid milk and non carbonated beverage manufacturers, and has provided high-quality sterile packaging for domestic well-known liquid milk manufacturers such as Yili, new hope, Xiajin dairy, Eurasian dairy, manor ranch, and well-known non carbon acid beverage manufacturers such as Wang Laoji and Dongpeng beverages.
The aseptic packaging industry has a high technical threshold, and there are not many enterprises with large-scale production capacity in China. The downstream of the aseptic packaging industry is mainly the liquid milk and non carbonated soft drink industries, which have great development space and potential. Domestic aseptic packaging manufacturers often have a reasonable and stable gross profit margin.
The good customer base and growing demand also make the achievements of new Jufeng more brilliant. Financial data show that from 2019 to 2021, the operating income of new Jufeng increased from 935 million yuan to 1.242 billion yuan, with a compound growth rate of 15.24%; The main business income increased from 930 million yuan to 1.235 billion yuan, with a compound growth rate of 8.36%; Net profit increased from 116 million yuan to 157 million yuan, with a compound growth rate of 16.64%.
Multi dimensional system helps increase market share
In the field of aseptic packaging, although Tetra Pak, SIG and other international enterprises occupy a high market share, domestic enterprises represented by new Jufeng are gradually replacing domestic ones by upgrading their core technologies, and the market growth of aseptic packaging is also gradually showing.
Taking xinjufeng as an example, the company has been committed to the R & D, production and sales of aseptic packaging for a long time, with innovative breakthroughs in materials, technology, production process and product types.
The data as of August this year shows that xinjufeng has rich technical reserves, accumulated more than 28 core technologies, and 18 patented technologies. These core technologies mainly focus on solving key problems in aseptic packaging production and process, improving aseptic packaging production efficiency and product stability.
Through the combination of production and R & D, xinjufeng has gradually increased its product spectrum. At present, the company's sterile packaging products include pillow bags, brick bags and diamond bags. The product capacity mainly includes 200ml, 250ml, 500ml and 1000ml.
By gradually increasing R & D investment, purchasing advanced production equipment globally, constantly improving product competitiveness through core technology, and gradually replacing product and production process innovation, xinjufeng's market share is increasing year by year.
According to the research report issued by Ipsos, in 2018, 2019 and 2020, the market share of new Jufeng's liquid milk aseptic packaging was 8.9%, 9.2% and 9.6% respectively, showing a growing trend and a rising trend year by year.
New Jufeng said in the prospectus that with the company's continuous enrichment of production experience, continuous progress of production processes and technologies, as well as the development and listing of new products, the company will be able to continue to improve production capacity and output, explore a broader market, and further improve the market share of the company's products.
It is worth noting that while promoting market share through core technology, xinjufeng is also the drafter of many industrial technical standards, and its technical level is consistent with that of comparable listed companies in the same industry of aseptic packaging.
According to the information disclosed in the prospectus, xinjufeng is the drafter and drafter of a number of industrial technical standards such as "20193206-t-469 coulometer test method for oxygen permeability of plastic films and sheets of packaging materials", "GB / t18706-2008 paper-based composite materials for liquid food freshness packaging", "BB / t0052-2009 co extrusion packaging films and bags for liquid milk", and leads a number of technical standards.
The above national standards have detailed requirements on all dimensions of aseptic packaging, with a total of more than 170 items tested. This is enough to ensure the technical level of new Jufeng, and through the accumulated rich technical experience, it can not only fully meet the above technical level standards, but also keep it in line with the technical level of comparable companies in the same industry.
In addition to the technical improvement, for liquid milk and non carbonated beverage customers, the continuous and smooth filling and production of liquid products is the foundation of their production and operation. For example, if customers have problems in the process of filling milk, they need to check the filling machine, sterile packaging materials and other aspects in time.
In this regard, new Jufeng is equipped with sufficient and experienced after-sales technical personnel, which can respond to the maintenance and commissioning needs of customers for filling machines and sterile packaging materials in the filling production process in a timely manner and provide technical support to customers all over the country.
In the view of a marketing person, the agile and high-quality service system improves the core competitiveness and service innovation ability, so that downstream liquid milk and non carbonated beverage customers can use xinjufeng's sterile packaging products more confidently, and also reflects its agile and high-quality service system, which has the characteristics of innovation, creativity and creative customer maintenance.
In the future, both domestic and international markets should be grasped
For new Jufeng, the existing position is obviously not the end. After landing in the capital market, the company also decided to directly wrestle with international giants on a larger stage.
Of course, before breaking the wrist, we must first let ourselves develop and grow, which is also directly shown in the fund-raising projects.
According to the information disclosed in the prospectus, in addition to replenishing working capital, xinjufeng's raised investment will mainly be invested in "5 billion packages of sterile packaging materials expansion project", "5 billion packages of new sterile packaging sheet materials expansion project" and "R & D Center (phase 2) construction project".
According to the plan, the "5 billion package aseptic packaging material expansion project" is a phase II project. The first phase of the expansion project has been completed. On the basis of the original buildings, 13 sets of main equipment will be added. After the completion of the project, the production capacity of its main product sterile packaging materials will increase by 5 billion packages.
It is worth noting that with the continuous improvement and improvement of aseptic packaging technology, the market development space of aseptic packaging products is increasing day by day.
According to the research report issued by Ipsos, from 2017 to 2019, the consumption of China's sterile packaging market increased from 80.2 billion packages to 93 billion packages. With the improvement of national living standards and the increase of national income, the market of liquid milk and beverages is expected to continue to expand. It is expected that the output of sterile packaging will continue to grow in the next few years.
In the view of new Jufeng, the implementation of this project is an important measure for the company to conform to the development trend of the industry and lay a foundation for the future development of the company.
As another key fund-raising project, "5 billion packages of new sterile packaging sheet material production expansion project" also plays an important role in the strategy of new Jufeng.
The prospectus shows that xinjufeng has been deeply engaged in the roll type aseptic packaging industry for more than ten years, has formed technical barriers and core competitiveness, and its market share in domestic aseptic packaging has increased year by year. According to the company's development strategy, it will gradually expand the field of chip aseptic packaging and enrich and broaden the aseptic packaging product spectrum. After the completion of the project, the production capacity of the enterprise will be increased, the product quality control ability will be improved, and the competitiveness of the enterprise in the domestic market will be enhanced.
As for the above-mentioned raised investment projects, new Jufeng said that in the medium and long term, the implementation of the raised investment projects will drive the improvement of the company's business scale, promote the optimization and upgrading of the company's business, thereby enhancing the company's profitability and net profit level and achieving a reasonable return on capital for the company's shareholders.
According to the plan, in the next three years, the company will achieve technological upgrading and improve the competitiveness of products by optimizing production technology and process. The company will continue to layout the Chinese market in depth, expand new customers and expand brand influence. The company plans to expand its existing production capacity and improve its ability to meet customer needs.
While deeply cultivating the domestic market, xinjufeng also mentioned that the company will develop the international market according to the future market situation and the world economic situation. In addition, the company will increase investment in product research and development, introduce new products, meet new market demands, expand the company's market share in medium and high-end products, and promote the sustainable operation of the company's operation.
