Jinjia (002191): New business layout continues to advance and performance continues to improve
Event: The company released the first quarter report of 2019, and achieved operating income of 10 in the first quarter.
1 ppm, an increase of 24 in ten years.
1%, net profit attributable to mother is nearly 2.
6 ppm, an increase of 21 in ten years.
8%, net profit after deduction is 2.
500 million, the previous growth rate was 21.
From January to June 2019, net profit attributable to mothers is expected4.
900 million yuan, with an expected growth rate of 20% -30%.
Changes in business structure resulted in a slight decrease in gross profit margin and steady improvement in operating capacity: in the first quarter of 2019, the company’s overall gross profit margin was 43.
8%, a decline of nearly 3 per year.
3pp, mainly due to the company’s category expansion, the proportion of color box business increased, but because it is still in the early stages of development, the gross profit margin of the color box business decreased.
The company’s cost-effective fee control effect was remarkable, with four expenses in the first quarter of 1911.
8%, down by 1 every year.
7pp, of which the sales rate is 2.
4pp), management and R & D expense rate 6.
1pp), the financial rate is about -0.
The company’s overall net profit attributable to its parent is 25.
7%, down by 0 every year.
The distribution of color boxes and new tobacco business continued to advance: In terms of color boxes, the company continued to optimize production capacity and production processes, improve production efficiency, and explore new customers.
Newly developed tobacco customers such as British American Tobacco, Renault Tobacco, Philip Morris International in 18 years, and alcoholic customers such as Jinjiu, Red Star Erguotou, Jiang Xiaobai, etc., are expected to be heavy in 19 years.
In terms of new tobacco business, the company’s subsidiary Jinjia Technology cooperated with China Tobacco companies in Yunnan, Shanghai, Henan, Shandong, Guangxi, and Chongqing in 18 years. 上海夜网论坛 The company has established a merged joint venture with external partners, and initially with China Tobacco YunnanA strategic cooperation agreement has been reached to jointly promote the development of new tobacco, and the new tobacco business may become a new business growth point in 19 years.
New materials continue to break through and value-added services continue to be upgraded: The company’s fund-raising project “China Toyota Optoelectronics Technology Reconstruction and Expansion Project” has been advanced in an orderly manner, and its capabilities in the development of new anti-counterfeiting packaging materials have continued to increase, its production capacity has continued to increase, and its upstream and downstream industrial chains have continued to expandThe value-added service capability has been 杭州夜网 continuously improved. In terms of anti-counterfeiting traceability of packaging products, the subsidiary Hezhi Technology has realized the global authenticity traceability platform based on smart packaging for the Internet of Things, and the integration of two major platforms for personalized customization services for wine companies; the subsidiary Huada Beidou assisted the companyProvide personalized and customized encryption solutions for different customers to promote the transformation and upgrade of large packaging business. In terms of packaging product design and creativity, the subsidiary Blueberry Culture, as the company ‘s independent design and creative sector, continues to strengthen design creativity. DigitalThe use of marketing and other packaging products enhances the company’s soft power and promotes the company’s sustainable development.
Profit forecast and rating.
It is expected that EPS for 2019-2021 will be 0.
76 yuan. It is expected that the compounded net profit growth rate of the mother in the next three years will be 15.
3%, maintain “Buy” rating.
Risk warning: the risk of rising raw material prices; customer development of the color box business exceeds expectations, and new tobacco business development exceeds expectations.