Jin Shiyuan (603369): The structure continues to optimize and the performance target accelerates again

Jin Shiyuan (603369): The structure continues to optimize and the performance target accelerates again

The 2018 annual growth rate is in line with expectations, and the 2019 performance target has once again accelerated to achieve operating income of Jinshiyuan in 201837.

41 trillion, an increase of 26 every year.

49%; net profit attributable to mother 杭州桑拿网 11.

51 ppm, an increase of 28 per year.

45%, the performance exceeded the annual operating target of 3.5 billion in operating income and net profit of 1 billion set in 2017, basically in line with our expectations.

In the first quarter of 2019, the company’s operating income was 19.

54 ppm, an increase of 31 in ten years.

12%; net profit attributable to mother 6.

4.1 billion, an annual increase of 26.


The company’s operating goal for 2019 is to achieve operating income of 48.

About 500 million, net profit 14.

About 300 million, with annual growth of 30% and 25%, the performance target has accelerated again, showing the company’s confidence in the growth of operating performance. We adjusted the EPS in 19-21 to 1.

15 (down 3%), 1.

45 (down 3%) and 1.

83 yuan, maintain “Buy” rating.

The product structure continued to be optimized, and the gross profit margin level continued to increase. The company focused on strategic single products, the product structure continued to upgrade, and the proportion of national margins of sub-high-end brands continued to increase.

In 2018, the operating income of special A + products represented by national borders and Sikai was 18.

45 ppm, an increase of 42 in ten years.

7%, accounting for the company’s liquor revenue from 43 in 2017.

72% increased to 49.

33%, the increase in the proportion of special A + products drives the company’s overall gross profit margin to increase by 1 compared with the previous year.

15 averages, reaching 72.


In the first quarter of 2019, operating income of special A + products was 10.

24 ppm, an increase of 44 in ten years.

86%, accounting for 52% of the company’s liquor revenue.

6%, the company’s gross margin level increased to 74.


Continue to promote the sinking of channels and maximize the increase in sales expenses. Due to the increase in pre-payments scheduled for the Spring Festival, the company’s advance accounts increased, and the company’s advance accounts in 2018 were 11.

68 ppm, an increase of 43 in ten years.

42%; as part of the company’s advance receipts were recognized as operating income, advance receipts fell to 2 in the first quarter of 2019.

9.2 billion yuan.

In terms of channel strength, the company is committed to both quality and quality, promoted channel sinking, and realized a manufacturer’s collaborative combat unit under the leadership of the manufacturer’s office.

The company’s selling expenses in 2018 were 5.

86 ppm, an increase of 36 in ten years.

74%, selling expenses 15.

65%, an increase of 1 over the same period last year.17 units.

In the first quarter of 2019, due to the continuous increase in advertising costs, the company’s selling expenses3.

100,000 yuan, an increase of 43 in ten years.

23%, sales expense ratio increased to 15.


The Nanjing area topped the list for the first time, and the proportion of sales outside the province has increased. In 2018, the company’s home base in Huaian District still ranked first, with operating income9.

1.4 billion, accounting for 24 of the company’s total revenue.

46%; Nanjing area has a rapid growth rate, with an annual growth rate of 52.


In the first quarter of 2019, Nanjing topped the list and its revenue share increased to 28.


The company expanded its efforts to explore markets outside the province, and realized revenue in markets outside the province in Q1 2019.

120,000 yuan, an increase of 72 in ten years.

21%, the proportion of income from 6.

9% increased to 8.


From the perspective of the scale of dealers, as of the first quarter of 2019, the number of dealers in the province was 325, which was reported to increase by 13 and decreased by 3; the number of dealers outside the province was 301, and the report increased by 48 and decreased by 10.

Performance continues to maintain steady growth, maintaining the “Buy” rating. We expect that the company will continue to promote the “brand + channel” dual drive to accelerate the establishment of a new national brand structure. Operating performance may gradually increase. We expect the company to grow in 2019?
In 2021, sales revenue will be 48.

7.3 billion (up 3%), 62.

1.6 billion (up 5%) and 78.

370,000 yuan, an increase of 30%, 28% and 26% each year.

Considering that the company will increase marketing costs during the nationalization process, we adjusted the EPS in 19-21 to 1.

15 (down 3%), 1.

45 (down 3%) and 1.

83 yuan, the average PE of a comparable company is 25 times, which gives the company 24 in 2019?
26 times PE estimates, the target price range is 27.

60 dollars?

90 yuan, maintain “Buy” rating.

Risk Warning: Market competition is intensifying, market demand is not as expected, and food safety issues.

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