Jiuyang Co. (002242): Continuous high income growth, innovation and upgrading drive profit improvement

Jiuyang Co. (002242): Continuous high income growth, innovation and upgrading drive profit improvement

The company released its financial report for the third quarter of 2019.

The company achieved operating income in the first three quarters of 62.

55 ppm, an increase of 15 in ten years.

02%, achieving net profit attributable to mother 6.

18 ppm, a ten-year increase of 8.

54%; of which, the operating income in the third and third quarters was 20.

68 ppm, an increase of 14 in ten years.

98%, net profit attributable to mothers2.

12 ppm, a six-year increase of 6.


  The cooking machine performed well, and the shark brand grew rapidly.

In terms of categories, the growth rate 返回码: 500 网站打不开?重查of wall-cooking cooking machines reached more than 20% in the first three quarters, soymilk machines achieved positive growth for the fourth consecutive quarter, rice cookers and nutrition cookers achieved nearly 10% growth, and the three major categories contributed more than 60% of their revenue.

Following the initial launch of the Y88 cooking machine, the company introduced the highest-priced Y1 cooking machine, and the audience is expected to increase significantly after lowering the price.

Shark brand domestic sales contributed 70 million yuan in the first three quarters of the year, an increase from the end of last year (20 million yuan in the last year). Currently, a 200-ton Shark brand flagship store has been built.The steam mop, hand suction and vacuum cleaner introduced by Chinese consumers are expected to achieve volume.

In terms of different channels, online channels have grown by more than 20% and offline has achieved positive growth. The company will develop new retail channels that are directly operated, deepen interaction and communication with users, and improve user experience and transaction conversion rates.

  Product structure was upgraded and gross profit margin increased.

Thanks to the decrease in raw material costs and the improvement of the company’s product structure, the gross profit margin of Q3 increased by 1.

23pct to 32.

35%; sales expense ratio drops by 0 every year.

91pct to 13.

32%; increase in management expense ratio by 1.

18 points to 4.

60%, mainly due to the increase in labor costs and amortization of equity incentive expenses; the rate of research and development expenses fell to 0.

82 points to 3.

28%; financial expense ratio increased by 0 in ten years.

66 points to -0.

13%; net interest rate has decreased by 0 every year.

71pct to 10.

04% Q3 sales repayments improved month-on-month, and inventory and receivables had a long turnover.

Q3 Net cash flow from operating activities increased by 5 per year.

5 billion to 7.

US $ 4.5 billion, an improvement from the previous two quarters, mainly due to good sales receipts, including cash received for selling goods and providing services.

45 ppm to 33.

7 billion.

Third quarter inventory balance 7.

08 million yuan, the inventory turnover days exceeded 6 increase.

09 days to 46.

41 days, the balance of accounts receivable4.81 trillion, accounts receivable turnover days increased several times 5.

31 days to 14.

06 days.

Turnover of inventories and receivables has improved compared to the same period last year, mainly due to the drag in the first half of the year, and Q3 has improved.

  Investment suggestion: The company continues to develop R & D and innovation, and constantly introduces new products. While adhering to the ascent of value, it will launch more mid-to-low price segments to broaden the consumer population.

In overseas markets, the collaboration with sharkninja is expected to bring the company’s revenue and profit expansion.

Maintain EPS forecast for 19-21.



38 yuan, currently expected to correspond to 19-21 year earnings 20/18 / 16X, maintain “Buy” rating.

 无锡桑拿网  Risk warning: New product sales are less than expected, raw material prices fluctuate, and industry competition is intensifying