Jinjia (002191): 18-year net profit + 26% large packaging + new tobacco to help future growth

Jinjia (002191): 18-year net profit + 26% large packaging + new tobacco to help future growth

[Event]The company released its 2018 annual report, reporting a series of realized revenues33.

7 ppm, an increase of 14 in ten years.

6%, net profit attributable to mother 7.

30,000 yuan, an annual increase of 26.

3%, increased by 26 after non-deduction.

5%, net cash flow from operating activities8.

500 million, an increase of 4% in ten years.

By quarter, Q1 / Q2 / Q3 / Q4 operating income increased by 8 respectively.

1% / 18.

8% / 13.

3% / 17.

9%, net profit attributable to mothers increased by 21.

1% / 30.

5% / 25.

8% / 29.


In addition, the company plans to distribute a cash dividend of 3 yuan for every 10 shares.

[Comment]1) The large packaging strategy is advancing steadily, driving performance to the inflection point.

① Tobacco label main business: Benefiting from the overall recovery of the industry (the growth of cigarette sales in 2018 increased by 1%), the company’s tobacco label business achieved revenue of 25.

7 ppm, a ten-year increase of 8.

1%, cigarette label sales increase by 7 per year.

9%; ② Color box: preliminary realization of revenue 4.

460,000 yuan, an increase of 67 in ten years.

1%, we expect to be mainly driven by the boutique cigarette case business. 3C, the wine package business is expected to gradually usher in the harvest period in 2019; ③ laser packaging materials: revenue 6

1 ppm, an increase of 4 in ten years.

The growth rate has been improved by 6%, which is expected to be mainly due to the fact that the donated production capacity raised in the previous period has not yet been put into production, and the subsequent growth rate is expected to pick up; ④ Cost: affected by the increase in the proportion of color box business, and the gross profit rate decreased by 0.

5pct to 43.

7%, but in terms of business, the gross profit margin of cigarette label / laser packaging / color box business increased by 0 respectively.



34pct to 45.

06% / 23.

15% / 23.

52%; ⑤ Expense rate: the initial expense rate increases and decreases 1.

2pct to 16%, of which sales / management / R & D / financial expense ratios are reduced by 0.


5 points to 3.

5% / 8.

5% / 4.

2% /-0.

2%; ⑥ Investment income: Initially realized investment income of 78.52 million yuan, an annual increase of 125.

3% is expected to be mainly contributed by non-consolidated companies such as Shen Ren and Ren Cai.

2) Big packaging + new tobacco, future growth is expected.

①Large packaging: The main business of traditional cigarette labels has benefited from the upward trend of the industry (the output of cigarette crops in the first two months of 2019 increased by 8%.

2%), is expected to maintain stable development subsequently.

In the field of color box packaging, while high-quality cigarette boxes are growing at a high speed, the company recently signed a cooperation agreement with Wuliangye Mixture. It is expected that the wine bag business will continue to develop at a high speed driven by benchmark cooperation cases. Overall, the color box business is committed to maintaining a highRevenue growth rate, gross profit margin steadily increased with the release of scale effects, contributing to incremental performance.

The earliest is that because the applicant’s packaging is not consolidated, it mainly contributes investment income to the company; ② New tobacco: The company established Jinjia Technology in 2014 to enter the new tobacco field, and strategically joined Yunnan Tobacco, Xiaomi Ecological Chain and other companies.As of the end of 2018, a total of 40 patents related to e-cigarettes have been obtained, and the accumulated accumulated precipitation is deep.

At present, both Yinwei Technology and Huayu Technology have launched their own e-cigarette products. From the situation of the Shenzhen Electronic Cigarette Show, Huayu’s heated non-burning smoking appliances can be sold outside. It is expected that related supporting products will also 青岛夜网 accelerate the market progress.Jia electronic cigarette business is expected to gradually contribute to the increase in performance.

Profit forecast and grade: Jinjia’s traditional main business maintains steady growth. The development of the electronic cigarette and color box packaging market opens up growth space and maintains the “recommended” grade.

Risk reminders: segmentation of the prosperity of the tobacco industry; supervision of e-cigarettes; increased tobacco control.

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