Jinjia shares (002191) 2019 first quarterly report comments: 2019Q1 opening doubled red gift boxes doubled faster than expected

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Jinjia shares (002191) 2019 first quarterly report comments: 2019Q1 opening doubled red gift boxes doubled faster than expected

Investment Highlights: The company announced the first quarter report of 2019 and continued to maintain steady growth, in line with our expectations: the company achieved revenue of 10 in 2019Q1.

10 ppm, an increase of 24 in ten years.

1%, net profit attributable to mother is 2.

590,000 yuan, an increase of 21 in ten years.

8%, net profit after deducting non-attribution to mothers increased by 21 per year.

3%, at least 90%.


The poor cash flow is mainly due to: ① the purchase and restructuring of raw materials at the end of 2018 were concentrated in the first quarter for payment and settlement, the purchase of goods, and the payment of labor services increased by 82%; ② the sales of products from March to March had not been paid back (in terms of smart packaging materials)The customer repayment period is also slightly longer), and accounts receivable increased by 34%.

The future cash flow will gradually improve, gradually and generally in line with past trends.

It is expected that the net profit of 2019H1 will increase by 20% -30% each year.

Traditional cigarette label: Under the background of industry destocking, the company has achieved new trends to increase its share.

From January to March 2019, the amount of tobacco and wine clubs increased by 5 per year.

9%, good growth momentum.

Tobacco clearing of channel inventory in 2018 is the basis for total growth in 2019.

New products in the industry, such as fine cigarettes, popped cigarettes, medium cigarettes, and high-end cigarettes, increased by 47%, 123%, 76%, and 11% in January-November 18 years.

The company merged the new products and won the bid. The sales volume of the previous cigarette labels increased by 8%, and it successfully achieved the industry growth rate, and achieved a counter-trend increase in the share (fine cigarettes maintained double-digit growth, and the market share was about 20%).

Fine color boxes: With the increase of design + automation, the revenue of color boxes has doubled.

19Q1 color box revenue increased by 134% each year, of which boutique cigarette cases, wine bags and 3C packaging increased by 148%, 101% and 135%, respectively.

Based on the advantages of the first-level cigarette labeling field, the company integrates accumulated design and production management advantages, vigorously promotes product transformation and upgrading, and has achieved significant results in the expansion of the premium tobacco and famous wine packaging fields.

The quality cigarette boxes have new and old customers such as Zhonghua (Jinzhongzhi), Nanjing (nine-five years honor), Yunyan (big heavy nine) and other products.

Among the wine package customers, Moutai launched the “Moutai Alcohol · Constellation Wine” in November 18th, which was developed by Jinjia and designed and provided marketing services. Customers such as Jinjiu, Wuliangye, and Jiang Xiaobai also gradually increased their capacity and transformed Moutai.And Wuliangye’s two major customers have been identified. In the future, other new and old customers will also try to continue to increase volume.

In addition, the current gross profit margin of the color box business is about 32%, compared with 23, 2018.

5% has increased significantly.

Gradually increasing the capacity of color boxes will gradually climb in the future, and there is still room for improvement in gross profit margin.

Based on the production experience of high-quality cigarette cases, the company independently researched and developed several sets of equipment, and also applied for corresponding technology patents. It is expected that the improvement of automation level will continue to create 深圳桑拿网 a moat advantage for the company.

Wine bag business: Strategic cooperation with Moutai and Wuliangye, the future growth of wine bag is highly determined.

The company successfully held Wuliangye in April 2019, and the two parties established a joint venture to fulfill the logic of Jinjia being expanded by other Moutai customers by the benchmark effect of Moutai suppliers.

We produce finished wine by Wuliangye annually19.

2 Consumption tax. The scale of Wuliangye paper packaging is about US $ 1 billion. If Wuliangye upgrades its product line or launches new products in the future, Jinjia is committed to providing integrated design, packaging, marketing and other services. The joint venture will provide packaging production.

The Air Force Company successfully increased its capital and acquired Moutai subsidiary 天津夜网 Shenren Packaging 40 in 2017.

6% equity, Moutai still has about 4 times the growth space.

In 19Q1, Ren contributed RMB5.33 million in investment income and RMB5.14 million in investment.

As the purchaser’s factory is still in the capacity renewal stage, the incremental part of Moutai has not been quickly reflected.

New tobacco: industry standards are expected to be implemented, the integration of the e-cigarette industry is promoted, and leading companies that break through the technology and product strength are feasible.

At present, products such as heated non-burning cartridges (including tobacco) are generally divided into the scope of traditional tobacco monopoly regulations, while related regulations for e-cigarette electronic cigarettes are still blank, leading to problems such as product irregularities in the industry.

After relevant media reports, it is expected to accelerate the implementation of relevant laws and regulations.

Jinjia Co., Ltd. established a joint venture with Yunnan Tobacco and Xiaomi to deepen the development of new tobacco fields, and has significant advantages in card position.

At present, the overall joint venture company has separately researched and developed new products for e-cigarettes and heating non-combustion electronic cigarettes, and is expected to make progress in domestic and foreign channels in the future. Proposed a three-year development strategy plan, with confidence in net profit growth, and stable dividend policy!

With strong design, automation level and intelligent packaging, the company has joined hands with two major liquor leaders to set the benchmark effect in the wine bag industry!

Tobacco’s main industry is leading the development of new products, and the city’s share continues to increase; the new tobacco industry has joined hands with Yunnan Tobacco & Xiaomi, which has a significant card advantage.

The company seized the structural upgrade of the tobacco industry, seized the opportunity of new categories such as fine cigarettes, and realized expansion and growth against the trend; joined hands with Moutai + Wuliangye to enter the field of wine bags; the implementation of a new tobacco policy is expected to usher in volume opportunities; and gradually extend the packaging industry chain, Transform from manufacturing to service, enhance the value chain, design capabilities and new technologies highlight competitive advantages.

The company’s air force has gradually repurchased and reset 2996.

390,000 shares, accounting for 2 total shares.

0%; Since 2017, the major shareholder Jinjia Venture Capital has accumulated an increase of 22.98 million shares. In March 2018, the company’s executives increased their holdings by 190,000 shares, showing the company’s confidence in future development.

We maintain the EPS for 2019-2021 to 0.

63 yuan, 0.

75 yuan and 0.

93 yuan profit forecast, long-term growth of 27% / 20% / 23%, currently expected (14.

(56 yuan) corresponding to 2019-2021 PE is 23 times, 19 times and 16 times respectively, the company’s downstream business is stable and both growth, new tobacco business upgrade and replace, and maintain buy!