Chenguang Stationery (603899): Q3 sales revenue is beautiful and the two wings continue to grow rapidly
Event: The company released the third quarter report for 19 years, and achieved pre-tax income of 79 in the first three quarters.
50,000 yuan, an increase of 29 in ten years.
8%, net profit attributable to mother 8.
0 million yuan, an increase of 28 in ten years.
4%, realizing net profit deducted from non-mother 7.
60,000 yuan, an increase of 32 in ten years.
9%; revenue in the third quarter alone was 31.
1 ppm, an increase of 33 in ten years.
0%, net profit attributable to mother 3.
30,000 yuan, an annual increase of 32.
Traditional business is steadily advancing, new business continues to grow at a high rate: the company ‘s third-quarter revenue growth has accelerated, and we believe that the better growth of Q3 benefited from the financial consolidation of Anshuo in May.We expect that the profit margin of Klippu business will continue to improve; the life museum business (including Jiumu) plans to gradually open about 100 new Jiumu stores in 19 years, and the rapid growth of franchise stores is mainly due to the company’s opening of the franchise model in 2018.Related, we believe that the rapid expansion of the number of stores has proven the successful operation and reproducibility of the Jiumu model. It is expected that the increase in the number of stores and the expansion of the scale in the future will increase the growth momentum in the next 3-5 years.
Q3 gross profit margin increased significantly: the company’s gross profit margin in the first three quarters of 26.
8%, increase by 1 every year.
33pct, net interest rate 10.
2%, 0 per year.
07pct, Q3 gross margin 27.
7%, an increase of 2 per year.
49pct, net interest rate 10.
9%, gross profit increase in the third quarter We judge mainly benefit from expected tax cuts.
The expense ratio is generally stable, and the selling expense ratio is slightly reduced: the company’s selling expense ratio was 8 in the first three quarters.
8% (one year-0.
34pct), the management expense ratio is 5.
8% (decade +0.
72pct), financial expense ratio -0.
1% (basically flat), the increase in the company’s management expense rate was mainly due to increased investment in research and development and financial consolidation.
Profit forecast and rating: As a leading manufacturer in the stationery 杭州桑拿网 industry, the company has obvious channel advantages, high brand awareness, and new businesses such as Klip and boutique cultural and creative companies will drive the company’s rapid growth. We expect the company’s net profit attributable to mothers to be 10 to 20 years respectively.
9 trillion, a year-on-year growth rate of 27.
3%, corresponding to PE is 44 times, 35 times, refer to comparable companies for 19 years 43?
45 times the PE variable, corresponding to a reasonable value interval of 48.
4 yuan (corresponding to PS 4).
0 times, 4.
2 times). As a leader in the stationery industry, the company has high barriers to traditional main businesses, good business model ROE and cash flow, and better growth of new businesses, so it must have a premium and give it a “big city” rating.
杭州桑拿 Risk reminder: New business growth is lower than expected, and traditional business growth is declining.