On the evening of April 14, New Dairy (002946.SZ) announced its 2020 results. The report shows that last year, the new dairy industry recorded revenue of 6.749 billion yuan, an increase of 18.92% year-on-year; net profit attributable to the mother was 271 million yuan, an increase of 11.18% over 2019, achieving a double increase in revenue and net profit.

The performance forecast released by the company disclosed that in the first quarter of this year, New Dairy's revenue increased by more than 90%, and its net profit increased significantly compared with the same period in 2019. After excluding the impact of equity incentive amortization, it is expected to increase by more than 60 million compared with the first quarter of 2020.

At the same time, New Dairy also announced the "three-year doubling" development goal, and proposed that "the consolidated operating income and net profit growth rate by 2023 will not be less than 95% compared with 2020, and it will be nearly doubled at the same time." . Since its listing in 2019, New Dairy has achieved double growth for two consecutive fiscal years. How the company will realize its "three-year doubling" plan has attracted much attention from the outside world.

Continue to build "fresh" barriers

With the consumption and industry upgrades in recent years, the value of fresh milk has been recognized by more and more consumers, attracting many dairy companies to deploy and make efforts. The new dairy industry, which started with fresh milk, started its layout more than ten years ago, and established barriers to competition through long-term focus on the "fresh strategy".

In 2011, New Dairy took the lead in launching the country’s first day-only low-temperature liquid milk product, "24-hour fresh milk", which does not exceed 24 hours from being on the shelf to being off the shelf. At the end of 2018, New Dairy broke through the technical barriers and changed the low-temperature sterilization temperature from When 80℃/15s is reduced to 75℃/15s, the immunoglobulin content is 10 times that of 85℃/15s low-temperature sterilized fresh milk.

Last year, New Dairy Industry once again upgraded the "golden 24 hours" nutrition. By adopting the 72℃/15s gold sterilization process and the Swedish membrane RO reverse osmosis filtration process, it reached 15 times the nutrition of immunoglobulin and 3.6g/100ml of high-quality milk protein. New height.

Behind the refreshing freshness standards time and time again is the long-term deep cultivation and precipitation of the new dairy industry in the milk source, cold chain, market and other fresh milk industry chains.

Xiaoshidai noticed that in recent years, the new dairy industry has continued to strengthen its control over high-quality milk sources, carried out mergers and acquisitions and integration around the "fresh strategy", and established its own self-controlled fresh milk source circle covering the whole country. Last year, New Dairy completed the acquisition of Huanmei Dairy, a leading dairy company in the northwest region, and reached a strategic cooperation with Modern Dairy to further ensure the stability of raw milk supply. The annual report shows that as of the end of 2020, New Dairy has nearly 40,000 dairy cows, firmly occupying the resource layout of the most core high-quality milk source for fresh milk.

At the same time, the company actively promotes the "fresh strategy", opens up every link from the pasture to the table, strengthens the construction of smart pastures and factories, and establishes barriers to competition by improving pasture breeding, breeding technology and information technology.

According to New Dairy, the company’s two new farms in Haiyuan and Yongchang have been completed. The second phase of the Qingdao Qin Brand Intelligent Workshop Project is expected to be completed and put into production in July this year. Preliminary preparations for upgrading and building new farms in order to coordinate the supply and processing capabilities of milk sources with the business development plan." New Dairy said in a notification.

At present, New Dairy has 46 holding subsidiaries, 15 major dairy brands, 16 dairy processing plants, and 13 own ranches, and continues to improve the layout of "ranch-factory-market" integration.At the beginning of this year, New Dairy announced that it would acquire a 60% stake in the domestic yogurt tea drink pioneer "Yogurt Cow" for 231 million yuan, in order to step up its deployment in downstream emerging channels.

The analysis pointed out that compared to the retail end, the ready-to-drink method combined with tea is a very good channel for the value-added of dairy products. The new dairy industry's entry into the tea-drinking track is not only the expansion of sales channels, but also the further improvement of low-temperature fresh milk and milk. The value experience of yogurt provides a new dimension.

"Half a step" to seize the "fresh advantage"

In the first quarter of last year, the new dairy industry was affected by the epidemic. After a brief setback in performance, it quickly entered the path of recovery and growth. In the second quarter, revenue and profit achieved positive year-on-year growth, with a net profit growth of 26.75%, which achieved both in the third and fourth quarters. The business has experienced high year-on-year growth.

According to the annual report, the new dairy IPO fundraising project "enterprise informatization construction" has been basically completed. Take the ranch end as an example. After successful pilot operation in West China Ranch, New Dairy’s smart ranch has been promoted to all ranch, starting from data sharing, multi-system integration, data management APP, and Internet of Things applications, realizing ranch informatization. Comprehensive upgrade of construction. During the reporting period, the yield of adult cows increased by about 2%, and the quality of raw milk increased significantly.

On the factory side, New Dairy launched the first phase of the digital factory project in July 2020. It will be piloted in the three factories of Huaxi Dairy, Hebei Tianxiang, and Anhui Baidi, which have a high degree of production automation, and are connected through the use of industrial Internet of Things and other technologies. Production equipment and people to achieve the goals of efficient supply chain coordination, lean management, and digital operation. After the project is put into operation, the efficiency of equipment and personnel is expected to increase by 8% and 5% respectively.

Corresponding to "flexible production" is "hard core technology". Currently, New Dairy has built a global scientific research think tank covering "four continents and four countries" on the basis of its self-built science and technology research institute, and has conducted in-depth research in the research and development of strains, product research and development of subdivided nutritional needs, and processes, covering the early stages of life. Nutrition, elderly nutrition, disease and public nutrition, etc., to ensure that it provides its own biotechnology IP output for product innovation.

On the consumer side, the new dairy industry is also accelerating digital transformation and upgrading. Last year, the company’s self-developed membership platform "Fresh GO" opened up more customized services suitable for platform users, and achieved new breakthroughs in the combination of zero-purchase and periodic purchase; at the same time, it cooperated with e-commerce platforms such as Ele.me, Alipay, and Meituan. Reached in-depth cooperation, launched the company's exclusive small program on Alipay, expanded the "last mile" service circle, and expanded the fresh milk home business in the scene of active young consumers. According to the data, during the reporting period, New Dairy achieved an e-commerce sales channel revenue of 372 million yuan, a year-on-year increase of 54.49%, becoming a new growth point for the company.

Under the dual impact of the impact of the epidemic and the transformation of the industry, New Dairy has delivered a dazzling report card. In the annual report, the company proposed seven key tasks including "new strategy", "new layout", "new digital intelligence", etc., and upgraded the original "fresh strategy" to "fresh cube strategy" to explore and promote The development of new tracks and new categories is a good start to achieve the goal of doubling in three years.