Jinjia (002191) 2019 Third Quarterly Report Review: Performance continues to grow steadily, optimistic about new tobacco business

Jinjia (002191) 2019 Third Quarterly Report Review: Performance continues to grow steadily, optimistic about new tobacco business

The company released the third quarter report for 2019: reporting that the combined company realized operating income28.

84 ppm, an increase of 21 in ten years.

35%; net profit attributable to mother 6.

73 ppm, an increase of 23 in ten years.

44%; of which Q3 achieved operating income of 10.

20,000 yuan, an annual increase of 32.

76%; net profit attributable to mother 2.

08 million yuan, an increase of 24 in ten years.

76%; performance was basically in line with expectations.

The revenue side continued to maintain strong growth, and the color box business was still highly resilient: the company’s revenue growth rate in the third quarter remained strong, and even the single-quarter growth increased by 25 compared with the second quarter alone.

23pct, mainly from the steady growth of traditional cigarette labels and the high flexibility of the color box business.

In the third and third quarters, the growth rate of cigarette standards has picked up, and we guess that it is related to the pace of revenue recognition.

On the whole, as a leader in cigarette labeling, we can obtain a steady growth rate that slightly exceeds the industry through product upgrades and continuous new development.

The color box business still maintains a very high-speed growth. The growth rate of premium cigarette boxes and 3C products is particularly dazzling. The acceleration of boutique cigarette boxes comes from the 南京桑拿网 increasing market demand. The company will continue to improve efficiency and reduce costs.Binding premium cigarette case customers and enjoy industry dividends.

The packaging of e-cigarettes has contributed greatly to the packaging revenue of 3C products, and the growth of the industry in the future will also bring opportunities for the company.

The gross profit margin and the three fee rates remained basically stable: in the third and third quarters alone, the company’s gross sales margin was 42.

59%, an increase of 0 from the previous month.

43pct, reduced by 0 every year.

96pct, basically stable.

In general, the gross profit margin of cigarette labels has increased slightly, mainly due to the decline in the gross profit margin of traditional cigarette label products. After the new products are gradually introduced, the overall gross profit margin of the products can remain stable.

The gross profit margin of color boxes is gradually increasing, which is also in line with our previous judgments. Through the cumulative incremental growth and the improvement of production efficiency, we expect that the scale advantage will further increase, and the gross profit margin of color boxes will continue to increase.

The company’s sales expense ratio in the third and third quarters was 3.

43%, management expense ratio 12.

84%, financial expense ratio -0.

21%, which has not changed much from the previous month.

Earnings forecast and investment rating: The company announced the launch of the “Three-year Development Strategic Planning Outline (2019-2021)” in the early stage, which clearly proposes cohesion, gradually promotes the development of the large packaging industry and actively cultivates new tobacco industries;Strive to maintain a compound annual growth rate of net profit of more than double digits.

At present, the company’s new tobacco products continue to be launched, but the performance is relatively flexible. Taking into account the steady growth of the company’s main business of cigarette labels, the high growth of the color box business and the incremental contribution of investment income, we maintain our forecast for the company’s net profit for 19-21.



26 trillion, corresponding to 0 EPS.



91 yuan, the current sustainable corresponding PE is 16X / 13X / 11X, maintaining the “buy” level.

Risk warnings: Downside risks to cigarette production and sales; customer expansion beyond expected risks; new tobacco-related policy risks.