Jin Huijiu (603919): The adjustment effect is obvious and the fundamentals continue to recover

Jin Huijiu (603919): The adjustment effect is obvious and the fundamentals continue to recover

Jin Huijiu (603919): The adjustment effect is obvious 四川耍耍网 and the fundamentals continue to recover
The incident described the company’s first three quarters of revenue11.06 billion, ten years +14.6%, net profit attributable to mother 1.6.3 billion a year.29%, deducting non-net profit 1.63 ppm, +5 for ten years.23%; of which the third quarter revenue 2.92 ppm, +70 a year.38%, net profit attributable to mother is 27.55 million yuan, + 878% for one year. Core point 1. Low elasticity in the third quarter. High elastic growth, continuous improvement in product structure, and accelerated growth outside the province: Q2 took the initiative to control the volume and adjust the market (increasing the appraisal intensity, etc.). Q3 achieved significant results. Revenue and profit were at a low base in the same period last year.Increase elasticity and toughness.In terms of products, high-end products 深圳桑拿网 increased by dozens in the first three quarters.2% to 5.1.2 billion (proportion increased to 46.6%), is the core driver of performance growth, of which Q3 growth reached 61.6%, driving a gross profit margin of +5 for ten years.4 points to 66.In terms of regions, areas around Lanzhou, western Gansu, and southeast Gansu accelerated in varying degrees in the third quarter. The market outside the province maintained an explosive growth trend at a low base, with Q3 growth reaching 115.8%.Q3 sales are now +112 for ten years.8% to 4.US $ 1.6 billion, the net cash flow of the operation was converted to 77.36 million yuan per second, showing that the channel was active in payment, and the return was better; the advance payment at the end of the period2.2.6 billion, previously +6379 million, +8564 million compared to the previous quarter, the real fundamental performance is expected to be more optimistic. 2. Revenue accelerates as scheduled, the company’s core focus remains unchanged, and there is room for long-term growth: in the previous report, we proposed that the company’s future core focus will be on “sustainable development in the province and sub-high-end efforts, and regional expansion beyond the province””Accelerated revenue growth.” From the three quarterly reports, the company’s fundamentals have improved significantly, revenue growth has accelerated, and high-end continued heavy volume. Structural data can clearly reflect the company’s operating direction and strength.In the long run, as one of the leading private wine companies in Gansu Province and one of the few privately-owned liquor companies in the country, the company has a strong system and outstanding management capabilities. We continue to be optimistic about the company’s future growth space. 3, overweight incentives, development potential is expected to continue to release: after employees and dealers hold shares, the company gradually continued to overweight core team incentives, released five-year development goals and core rewards and punishment programs, plans to 2023 income and deductionsNon-attributed net profit reached 30 ppm / 6 million, respectively, and 2018 performance rankings, the next five years revenue / profit compound growth rate will reach 15.45% / 19.03%, according to whether the annual performance target is achieved or not, there will be different punishment measures.The introduction of this plan has further enhanced the enthusiasm of the core management team and will continue to stimulate the company’s development potential in the future. 4. Profit forecast and rating: EPS is expected to be 0 in 19-21.79/0.91/1.08 yuan, corresponding to PE20 / 18/15 times, maintaining the “recommended” level. 5. Risk reminders: 1) Expenses increase due to increased competition; 2) Expansion outside the province is less than expected; 3) Major changes in macroeconomics affect industry demand