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Jinjia (002191) Annual Report Comments: Large Packaging Continues to Accelerate New Tobacco Layout

Jinjia (002191) Annual Report Comments: Large Packaging Continues to Accelerate New Tobacco Layout

Net profit attributable to mothers increases by 26 each year.

27%, performance in line with expectations Jinjia shares in 2018 to achieve revenue 33.

7.4 billion, an increase of 14 in ten years.

56%; net profit attributable to mother 7.

25 ppm, an increase of 26 in ten years.

27%, in line with our democratic expectations.

18Q1 / Q2 / Q3 / Q4 single-quarter revenue increased by 8% / 19% / 13% / 18%; net profit attributable to mothers increased by 21% / 31% / 26% / 29% in each quarter.

Company release 2019?
The outline of the three-year strategic development plan in 2021. In the future, the company will vigorously develop color box packaging and actively cultivate a new tobacco industry on the basis of strengthening and expanding the tobacco label business. The company expects 2019?
In 2021, the net profit composite materials will maintain two over, and the annual cash dividend rate will not be less than 50%.

We expect the company’s EPS for 2019-2021 to be 0 respectively.

60, 0.

72, 0.

85 yuan to maintain the “overweight” level.

The main business of cigarette label has steadily increased, and the color box maintains a high growth rate. In 2018, the company’s cigarette label revenue has been extended and increased8.

1% to 25.

US $ 700 million, of which sales volume increased by 8% to 3.53 million boxes. Through the gradual recovery of cigarette production and sales in 2019, the main industry of cigarette labels is expected to maintain steady growth.

In terms of color boxes, we have developed a variety of new-style tobacco gift box packaging, dating new customers such as “Jinjiu”, and the sales revenue of color boxes increased by 67% in 18 years.

1% to 4.

500 million, a significant increase in the proportion of revenue 4.

1 point to 13.


During the year, the technological transformation of the laser packaging material production line had a certain impact on production and sales, and the revenue of laser packaging materials increased.

6% to 6.

100 million US dollars, and then gradually expand the construction capacity and put into production, which can increase the extension of customer expansion on the basis of further meeting internal supply and demand.

In addition, benefiting from the increase in wealth management income, Chongqing Hongshen and other associates developed steadily, and investment income increased by 125% to 78.52 million yuan.

Hand in hand with Wuliangye’s packaging subsidiary, the development of wine packaging business is worth looking forward to. On April 10, the company signed a strategic agreement with Sichuan Yibin Licai Group, a subsidiary of Wuliangye’s packaging subsidiary.Invested 20 million to establish 都市夜网 a joint venture subsidiary Yibin Jiamei Intelligent Packaging Co., Ltd., Jinjia Intelligent Packaging holds 51% of the shares.

The company successfully cut into Moutai, and the Wuliangye packaging industry chain is expected to accelerate the development of the wine package business. At the same time, it will also form a good demonstration effect and provide a foundation for the subsequent development of liquor customers.

Actively cultivate new tobacco industry and expand existing sales channels.
Obtained a total of 40 effective patents in the field of low temperature non-combustion.

In addition, the company’s joint venture subsidiary, Yinwei Technology, plans to launch steam electronic cigarettes and non-burning smoking appliances in 2019. In the future, it will gradually strengthen domestic and foreign market 成都桑拿网 development in accordance with the requirements of laws and regulations in order to cultivate new growth points for the company’s profits.

The large packaging strategy opens up room for growth and maintains an “overweight” rating. Considering the rapid development of the company’s consumer packaging, we slightly raised our profit forecast. We expect 2019?
In 2021, the company’s net profit will be 8.

8, 10.

5, 12.

4 ppm (2019?
It will be 8 before 2020.
8, 10.

3 ppm), corresponding to EPS.

60, 0.

72, 0.

85 yuan.

With reference to the average PE estimates of 23 times for comparable companies in 2019, considering that the company’s cigarette label leader is stable, the large packaging business opens up development space, giving the company
29 times PE estimate, corresponding to a reasonable price range of 16.

40 yuan, maintaining the “overweight” level.

Risk Warning: Tobacco industry policy risks, new business expansion is less than expected.