Shanghai Jahwa (600315): Stable growth in performance leverages new retail to expand influence

Event Shanghai Jahwa released the 2018 annual report, and the company achieved operating income of 71 in 2018.

3.8 billion, an increase of 10 in ten years.

01%; net profit attributable to shareholders of the parent company5.

4 billion, an annual increase of 38.


Net profit attributable to shareholders of the parent company after deduction4.

5.7 billion, an annual increase of 37.


Company reviews Deeply cultivate the daily chemical industry, with a wide range of brands. 佛山桑拿网 The company is a leading company in the domestic cosmetics industry. It mainly researches, develops, produces and sells military skin care, washing, home care and infant feeding products. The brands include Liushen, Herborist, Gough, Meijiajing, Qichu, Jia’an, Yuze, etc., covering a wide range of ages.

Beauty skin care business achieved 23.

55 ppm, a 10-year increase3.

41%, gross profit margin 72.

62%, a decrease of 4 per year.

50 units; 45 for personal care.

41 ppm, an increase of 12 in ten years.

27%, gross margin 58.

58%, a reduction of 0 per year.

03 mergers; home care business 2.

33 ppm, an increase of 41 in ten years.

18%, gross margin 46.

62%, a decrease of 5 per year.

23 units.

The daily chemical industry is growing steadily, and the domestic market space is growing further. The daily chemical market is in a steady growth state. According to Euromonitor statistics and forecast, the market size in 2017 is about 3,616.

66 ppm, an increase of 9 in ten years.

6%, is expected to reach 5,352 trillion in 2022, with a compound annual growth rate of 8.

2%, of which, the expected growth rate of makeup can reach more than 13%, which is higher than the industry average.

From a global perspective, China’s cosmetics market is leading the growth rate, significantly surpassing many major consumer goods. At present, the domestic cosmetics market has leapt to the second place in the world, but the per capita cosmetics consumption data has increased horizontally.

Product innovation and cross-border coexist, marketing channels leverage the new retail model of many company brands, Herborist’s 2018 sales revenue fell slightly, Liushen, Meijiajing and other brands maintained double growth. Goff’s turning point in the fourth quarter of 2018 was upward, and it achieved real positive growth.At the beginning, the growth rates of Yuze and Jiaan all exceeded 40%.

Cayman A2, Ltd.

Realized operating income in 201816.

3.3 billion, with a net profit of 7528.

09 million yuan, deducting non-net profit 7454.

0.6 million yuan, far exceeding the performance commitment of 2555.

99 million yuan.

The company has continuously carried out product research and development and channel innovation. Among them, Herborist Solid Essence Mask has been on the market for 10 months, retailed more than 3 million pieces, and tried watercolor makeup products.At the beginning, they jointly launched the Moslian brand and launched a cross-border model.

At the same time, the company uses the “fan economy” for brand marketing. Liushen spreads the brand through customized UGC on Douyin. Qichu, Herborist, and Meijiajing can all use celebrities for brand promotion; and according to Weibo, Xiaohongshu, Douyin, know aboutPromote targeted platform and other platform features. In 2018, the brand’s total network exposure was driven by word of mouth marketing nearly 7 billion times.

In terms of channels, the company’s online channel sales revenue increased13.

11%, faster than offline sales.In addition, the company will focus on the development of Herborist brand in 19 years, and carry out targeted product development and promotion according to different customer groups, while continuing to carry out content marketing and build stronger brand influence.

Earnings forecast and estimation We expect the company’s operating income in 2019, 2020 and 2021 to be 83.

85 billion, 96.

4.2 billion and 109.

73 trillion, with a growth rate of 17.

47%, 14.

99% and 13.

81%; net profit attributable to shareholders of the parent company is 6, respectively.

5.4 billion, 7.

8.2 billion and 9.

06 million yuan, the growth rate was 20.

96%, 19.

71% and 15.

74%; Fully diluted earnings per share were 0.

97, 1.

17 and 1.

35 yuan, corresponding to PE is 32.

4, 27.

1 and 23.

4 times, covering for the first 都市夜网 time, giving a “cautious increase” rating within the next six months.

Risks indicate that new product development is less than expected; intensified competition for imported goods; terminal demand is less than expected; systemic risk.