Jiuyang shares (002242) quarterly report comments: innovation and upgrade revenue maintain double-digit growth

Jiuyang shares (002242) quarterly report comments: innovation and upgrade revenue maintain double-digit growth

The revenue growth performance was dazzling. The company maintaining the “Buy” rating disclosed the third quarter report of 2019, and the company achieved operating income in Q1-Q3 of 2019.

55 trillion, +15 for ten years.

02%, net profit attributable to mother 6.

1.8 billion, +8 a year.

54%, of which, in the single quarter of 2019Q3, the company achieved operating income of 20.

68 ppm, ten years +14.

98%, net profit attributable to mother 2.

12 trillion, ten years +6.

35%, the overall growth rate is in line with our expectations.

The company’s revenue growth performance is dazzling. Each of its advantageous products has maintained a rapid growth rate. New products and new growth momentum of overseas business are expected to continue.

We forecast the company’s EPS for 2019-2021.

12.1.

30, 1.

50 yuan, maintaining the company’s “Buy” rating.

The demand situation is positive, and the revenue is expected to continue to grow rapidly. In Q1 to Q3 2019, the company achieved operating income62.

55 trillion, +15 for ten years.

02%, in the single quarter of 2019Q3, the company achieved operating income of 20.

68 ppm, ten years +14.

98%.

In the past 2-3 years, the company’s internal sales have been adjusted through channels, diversified categories, actively improved the three-dimensional channel network, and shared the growth in demand for small household appliances through boutique strategies. It has entered a benign development cycle, and superior categories have promoted excellencePerformance, at the same time the coordinated development of the company and Shark, overseas foundry business is also expected to become an important increase in the company’s revenue.

Q3 gross margin rebounded, +1 in ten years.

23pct’s 2019Q1-Q3 achieved a gross profit margin of 32.

34%, -0 per year.

06 points.

Among them, in the single quarter of 2019Q3, the company’s gross profit margin was 32.

35%, ten years +1.

23pct.

In the case of the company’s internal export structure adjustment, profitability will increase due to short-term exchange rate changes. In the medium and long-term trend, the company’s internal sales products 夜来香体验网 will be upgraded and the brand’s tone will be driven to increase the gross profit margin.

The expense ratio decreased during Q1-Q3, of which the sales expense ratio decreased by -2.

01PCT2019Q1-Q3 The company’s overall period expenses 21.

65% a year -1.

25pct (Q3 +10 in a single season).

12pct).

Among them, due to the high base of marketing expenses for the World Cup in the same period last year, the sales expense ratio exceeded 14.

32% per year.

01PCT (Q3 single quarter sales expense ratio ratio -0.

91PCT).

R & D expense ratio reaches 3.37%, -0 per year.

19PCT.

In Q3, due to the increase of equity incentive amortization, management expenses increased 4.

07%, ten years +0.

77%.

Finance costs are -697.

90,000 yuan, due to exchange gains and losses increased.

At the same time, the one-time 武汉夜网论坛 investment income brought about 0 due to the disposal of subsidiary assets during the same period last year.

77 ppm, resulting in a higher non-recurring benefit base.

To sum up, the company’s net profit attributable to mothers in Q1-Q3 20196.

1.8 billion, +8 per year.

54%.

Entering a benign development cycle, the momentum of revenue growth is expected to maintain our forecast of the company’s EPS for 2019-2021.

12.1.

30, 1.

50 yuan, as of October 30, 2019, comparable industry average PE 23x in 2019. Compared with industry benchmarks, the company, as a leading company in A-share small kitchen appliances, has a leading new product reserve, and the explosion of models has been promoted smoothly.

At the same time, the channel transformation effect has been significant, and the store continues to upgrade and transform, which is expected to enjoy the expanding demand of the small home appliance industry and the bonus of speeding up the mid-to-high end new products.

Recognition granted to the company on 23rd of 2019.

0-25.

0xPE, corresponding to the target price of 25.

76?
27.

95 yuan, maintain “Buy” rating.

Risk warning: industry competition is intensifying.

Unfavorable price fluctuations of raw materials, etc.

New product promotion was less than expected.