Giving my experience and honest feelings about death, broad generosity and under

Giving my experience and honest feelings about death, broad generosity and understanding...

In my life, I have witnessed the moment when I feel death five times and the sight of my opponent dying twice due to my fault.

When I was 29 years old, I experienced two drowning accidents when I was young and when I was 29 years old, I encroached on the central line by drowsy driving on the 88 Freeway, but it is a miracle to be alive.
It was a truly dizzying moment, and I came to think that humans have a fixed fate.

Once, I crashed an 8TON truck stopped for inspection at a checkpoint and flew from the front bonnet to the trunk of the car, and my body would have already split in two if the impact hadn't caused the driver's chair to fall.
At that time, the speedometer stopped at 138 km/h due to the fall of the car.
I was knocked out for 8 hours in the hospital and couldn't remember the moment of the accident at all.
I felt like I was being born again and I thought it was a moment to die.
Since then, his friends have teased him that he won't die even if he hits a tank, and he has been nicknamed a phoenix.

Another time, during practice as a baseball player in my school days, my opponent hit me on the head with a baseball bat, and my head would have been smashed if I hadn't stopped it with my arm to mitigate the impact.
The shock knocked me out.

Another time, while running on a downhill road with both hands in his pants pocket, he slipped on the icy road while trying to avoid an oncoming motorcycle, and his forehead was ruthlessly stuck on the telephone pole.

At the moment, the lights flashed, and I felt the pain and suffering for a long time that I could not and could not help but die, and I felt the feeling of dying in a strange pain that I could not and could not help.
I don't even want to imagine that feeling then.

I have a lot of other experiences, but other than discussion,

At one time, I lived in abundance, and I lived in poverty due to business failure.
It really is a turbulent life experience.
I couldn't get rid of the idea that I could live my life like this while being born as a man.

There was a heartbreaking breakup, and I experienced the best love I could write a novel.
When I think about it now, during my short life, I experience a lot of twists and turns, but all of these things feel futile and everything is useless.

I come to the conclusion that I should love the present and love as much as I want and then do the next thing when I can be satisfied and love today.

And I think that those who realize that the time has come to submit the settlement of accounts and bills of their lives, and prepare for it, may be the wisest person.

Although we have completed and are proceeding with the delivery contract of over 8,000 trillion won
The sun can't be caught by the sun,
I realize that the world does not wait for me.



에스앤디 실적발표 있었습니다. 매출액 238억, 영업이익 35억 (OPM 14.7%) 으로 컨센서스 상회하였습니다. 매출액 Growth +30.8%, 영업이익 Growth +72.1% 큰 성장하였으나 OPM -2.0%p 축소되었습니다.

  일반기능식품소재(분말형) 매출 비중 57.9%로 50% 초반 비중에서 상승함 확인됩니다. 장기시계열보면 액상형 30% 중후반대에서 30% 초반으로 하락하는데 분말형은 다시 반등합니다. IR 담당자와 체크해 볼 부분입니다.

전반적으로 실적 좋으나 OPM 14.7%로 -2.0%p 빠졌습니다. GPM 24.0% 기록하며 지난 분기 대비 +0.7%p 상승하였는데 판관비율 9.3%로 +2.6% 증가하였습니다. 지난 분기 비교하여 지급수수료, 세금과공과금 항목 매출액 대비 비중 증가하였습니다. 문제가 될 포인트 없었으나 장기적으로 GPM 우하향 가능성에 대해선 CR과 함께 점검해야겠습니다.

지난 분기이어 치킨향분말-지(G) 판가 하락 있습니다. 1Q24 -0.55% 가격하락 있었고 2Q23부터 4분기 연속입니다. 그릴농축액-지(G)는 더 이상 공시하지 않아 확인 불가합니다. 상대적으로 단가 높은 크림맛분말은 단가 변화 없습니다. 투자자들이 가장 우려하는 것이 CR(Cost Reduction)인데 진행형인 것은 팩트입니다. 회사는 일방적인 가격인하 압박 아니고 Q 확대 항상 바탕된다는 입장입니다.  
* 주요 제품 가격 변동추이 23년 분기 단위 추가하였습니다.
** 이번 공시엔 치킨향분말-브이투(V2), 매운치즈소스-브이(V)가 신규 공시 되었고 우선 우선 치킨향분말-지(G), 매운치즈소스-지(G)와 비교하였습니다.

라면 수출데이터 호조와 함께 가동률 1Q24 91% 높게 유지하고 있습니다. 높은 매출액, 영업이익 성장률 마음에 듭니다. 그리고 14.7% OPM -2.0%p 하락하였으나 지난 8개 분기 (14.6%) 비교하여 망가지지 않아 다행입니다. 다만 규모 크진 않더라도 CR 계속되고 있습니다. 혹시 OPM Growth Marginal 해지지 않을까 생각해봅니다.

에스앤디 시가총액 996억, 12m fwd P/E 6.6x 입니다. 이러나 저러나 가격 자체 매력적으로 보입니다. 관심종목 유지합니다.