Jiuyang Co., Ltd. (002242): Soymilk machine share price increased sharply in mid-term dividends, showing confidence
Jiuyang Co., Ltd. released its semi-annual report for 19 years. In 19H1, revenue and net profit attributable to mothers increased by 15% and 10%.
The company achieved operating income of 41 in 19H1.
87 ppm, an increase of 15 in ten years.
04%, achieving net profit attributable to mother 4.
0.6 million yuan, an increase of 9 in ten years.
72%; of which 19Q2 achieved operating income of 23.
88 ppm, an increase of 15 in ten years.
30%, net profit attributable to mother 2.
43 ppm, a ten-year increase of 8.
The company paid 5 yuan for every 10 shares in the half year of 19, a total of 3 yuan.
8.4 billion, cash dividends accounted for 94% of net profit attributable to mothers in 19H1.
The performance of each product line is excellent, the recovery of food processing machines has increased, and the average price of soybean milk machines has increased significantly.
In terms of products, the food processor series achieved revenue of 18.
00 ppm, an increase of 16 in ten years.
57%, nutrition pot series 14.
35 ppm, an increase of 18 years.
90%, Western-style small household appliances series 5.
31 ppm, an increase of 16 in ten years.
54% of the induction cooker series achieved revenue 2.
8.3 billion, down 11 a year.
In addition, the company’s export sales developed rapidly, and in 19H1 it achieved export sales3.
2.1 billion with a revenue share of 7.
In the first half of the year, the company’s food processing machine series revenue increased by more than 15% and realized restorative growth. The company released the K-series soymilk washing machine in the first half of the year to solve consumer pain points and reverse the poor growth rate of soymilk machines in the past few yearsIn the situation, according to the data of Zhongyikang, Jiuyang Soymilk increased by 10pct to 79% in the first half of 2019, and the distribution increased significantly.
In terms of different channels, the company’s online channels have become the company’s main sales channels. According to this, the company’s online channels are growing faster than offline channels.
In the first half of the year, the company opened a new direct-operated store “Joyungung Jiuyang Official Flagship Store” on Tmall platform to shorten the distance between the company and users, and to connect, communicate, guide and interact with offline brand stores to achieve O2O integration and development.
New retail channels are gradually being deployed, value ascent continues to advance, and average price increases are evident.
The company constantly improves and optimizes its sales network, actively explores new retail business, and has opened various new stores such as “Jiuyang House” stores, brand flagship stores, brand experience stores, brand specialty stores and other stores to strive for value.
According to the data of Yikang in 18H1, the average price of soybean milk maker, mixer and rice cooker increased by 15%, 11%, and 10%, respectively.
02pct to 34.
In terms of profit, short-term companies continue to invest resources in channel 无锡夜网 layout, brand promotion, product research and development. The growth rate of the company’s profit side is lower than that of the income side, but the rapid growth of the company’s income side is gradually verifying that the company’s “products” and “channels” are improving.
Profit forecast and investment advice.
In the long run, we continue to be optimistic about the growth and scalability of the small home appliance industry, and we are optimistic about the company’s brand transformation from soymilk machines to quality small home appliances.
The company develops SharkNinja’s business in China and develops in multiple categories. We estimate that the company’s net profit attributable to mothers will increase by 11%, 13%, 13%, and EPS will be 1 in 2019-21.10, 1.
40 yuan, the current closing price corresponds 淡水桑拿网 to 19 times PE in 19 years, referring to comparable companies, giving companies 20-25 times PE in 19 years, corresponding to a reasonable value range of 22-27.
5 yuan, given the “preliminary market” rating.
The price of raw materials fluctuated, and downstream competition was fierce.