Jin Shiyuan (603369): Overweight high-end income growth significantly accelerated

Jin Shiyuan (603369): Overweight high-end income growth significantly accelerated

The event company disclosed its 2018 annual report.

In 2018, the company realized operating income of 37.

3.6 billion, up from 26 previously.

6%; net profit attributable to mother 11.

50 ppm, an increase of 28 per year.

5%; basic return 0.

92 yuan.

In the fourth quarter of this year, it achieved revenue of 5.

73 ppm, an increase of 1 per year.

4%, realizing net profit attributable to mother 1.

22 ppm, an increase of 1 per year.


The company disclosed the 2019 first quarter report.

The company achieved operating income of 19 in 2019Q1.

54 ppm, an increase of 31 per year.

1%; net profit attributable to mother 6.

4.1 billion, an increase of 26% previously.

A brief comment on the growth of mobile sales was in line with expectations: 18Q4 and 19Q1 combined revenue increased by 23 per year.

5%, 19Q1 advance receipts are basically the same as 18Q1 2018Q4 control of goods led to 2018Q4 (growth rate of 3.

21%) and 2019Q1 revenue growth rate (31% growth rate) fluctuates greatly, comprehensive Q4 and Q1 point of view, revenue growth increased by 23.

5%, stable growth, while advance receipts 2 in 19Q1.

92 ppm, which is basically the same as 18Q1 (18Q1 is 2).

4.5 billion), in line with expectations.

In terms of products, the structure has been rapidly improved.

Special A + products (above 300 yuan products, mainly national border series) are still the product series with a growth rate, which increased by 42 in 2018.

7%, the first quarter of 2019 increased by 45%, national border series accounted for about 60% of overall revenue +, of which four-way and folio products accounted for about 70-80% of national border series.

In terms of different regions, the province has seen a rapid increase in the past 18 years, and the 武汉夜网论坛 investment promotion has accelerated in 19Q1 outside the province.

Nanjing Region maintained higher growth, with revenue of 8 in 2018.

3 ‰, an increase of 52% in ten years, an increase of 54% in 2019Q1, meanwhile, the Xuzhou region began to increase volume in 19Q1, an increase of 59 in 19Q1.

6%, and an increase of 24% in 18 years (revenue volume is 2).

1.4 billion).

Xuzhou is likely to become the next major growth area in the province.

The investment outside the province accelerated in 19Q1.

Distributors outside the province increased by 17 in 2018 and increased by 28 in 19Q1.

At the same time, the revenue outside the province in 19Q1 exceeded the growth rate by 72%, faster than the overall 28 in 18 years.


In 2019, the company will focus on exploring key markets outside the province, such as Shandong and Zhejiang.

The gross profit margin continues to increase, and it is expected that the sales expense ratio will improve in the next 1-2 years.15pct to 72.

87%, mainly due to the continued high growth of the national border series, the proportion has increased. In 2018, the average ton price has gradually increased by 26%.

2019Q1 gross profit margin 74.

65%, at least less than 1pct, the larger reason is mainly due to the extension of the Spring Festival promotion in 19, the promotion cost deducted income.

Selling expense ratio: The selling expense ratio increased in 2018 and 19Q1 each year.

Increased by 18 years.

17pct, 19Q1 is increased by 1 in advance.

34pct, mainly because 1) the intensive cultivation through the channels in the province, the sales staff naturally increased; 2) the increase in advertising costs, especially in the process of expanding the market outside the province, CCTV and outside the province ‘s advertising increased;The implementation of the strategy of “intensive farming and expansion outside the province” has an upward trend in the expense ratio.

Operating targets for 2019: 30% increase in revenue and 25% increase in net profit. The operating targets for 2019 are: operating income 48.

500 million (an increase of about 30%), net profit of 14.

30,000 yuan (an increase of about 25%).

Profit forecast and investment recommendations
In 2020, the operating income will be 47.

88, 57.

840,000 yuan, an increase of 28 in ten years.

0%, 20.

8%; realized net profit of return to mother 14.

27, 18.

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

0%, 26.

8%; corresponding EPS is 1.


44 yuan.

Latest consensus (4.

12 is 25.

90 yuan) corresponding to 2019?
The static PE will be 22 in 2020.

7, 18.

0 times.