Jiuyang shares (002242) 2019 first quarterly report comments: the structure continues to upgrade the transformation effect

Matters: Jiuyang shares released the first quarter report of 2019, and the company achieved total operating income of 17 in Q1 2019.

9.9 billion, a previous appreciation of 14.

70%, net profit attributable to mother 1.

6.3 billion, an increase of 10 in ten years.

90%, net of non-attributed net profit1.

5.4 billion, an annual increase of 8.


Comment: The new product is expanding smoothly, and the transition effect is gradually showing.

The company achieved revenue of 17 in the first quarter 都市夜网 of 2019.

9.9 billion, ten years +14.

70%, benefiting from the expansion of new products and the end of channel adjustments, revenue continued to grow at a double-digit rate for 18 years.

According to the company’s announcement, in the first quarter of 2019, the amount of related party transactions (Hangzhou Jiuyang sold goods to SharkNinja HK) was 74.93 million yuan. Excluding this effect, the company’s main business income growth rate was 10%.

The companies in the report continue to promote the “value ascend” strategy, constantly innovate, and achieve volume and price increases, with price as the main contribution.

According to Tao data, due to the increasing proportion of high-end products, the company’s online sales customer unit prices have continued to rise. In Q1 2019, Ali’s online retail sales increased by 25%, unit sales increased by 8%, and together contributed to sales revenue (retail caliber)) A significant increase of 36%.

With the continuous upgrade of the company’s products and channels, the company’s performance is expected to maintain rapid growth.

The product structure continued to upgrade, and profitability steadily improved.

The company achieved maximum profit in the first quarter of 20192.

09 million yuan, an annual increase of 14.


Benefiting from the upgrading of product structure, the gross profit margin was +1 for ten years.

20pct to 32.

73%, profitability has steadily improved.

In terms of expenses, the reporting expenses were affected by increased publicity efforts and fair incentive expenses sharing. In the first quarter of 2019, the company’s sales expense ratio and management expense ratio were 13 respectively.

25% (decade +0.

27 points), 3.

40% (decade +0.


In addition, the company’s R & D investment continued to increase, and the R & D expense ratio increased by 0.

37 points to 4.


In terms of cash flow, the company’s cash position is good, and the net cash flow from operating activities in the first quarter of 2019 reached 1.

77 ppm, a substantial increase of 40 per year.

80%, mainly due to the increase in revenue and increase in bill maturity.

Category expansion facilitates transformation, and connected transactions contribute to increased revenue.

Product innovation is the company’s core competence. Through continuous category expansion, the company is transitioning from “Jiuyang = Soymilk Machine” to “Jiuyang = Quality Living Small Appliances”, gradually reducing its dependence on a single product of traditional soymilk machines, including cooking machines.Is one of the categories of the company’s growth rate.

From the end of 2017, the company focused on launching cooking machines. From the market share perspective, according to AVC Cloud Data (AVC) data monitoring, Jiuyang’s offline and online market share of cooking machines respectively accounted for 2018.

11%, 26.

55%, are among the highest in the industry.In addition, the company married TapShark, an American vacuum cleaner, and used the Shark brand and its own channel advantages to enter the consumer electronics market.

With the increase of related party transactions and order transfers, related party transactions are expected to contribute to the company’s revenue growth.

Investment advice: We maintain the company’s EPS forecast for 18/19/201.


44 yuan, corresponding PE is 20/17/15 times.

With the expansion of new products and the restoration of channel adjustments, the company’s transformation effect in 2019 is expected to further appear.

The market share of cooking machines is leading steadily, which has become a major growth point for the company.

In addition, Jiuyang and Shark have realized the expansion of household electrical appliances, which is expected to continue to increase the company’s performance in the future.

Maintain the “strong push” level.

Risk warning: industry competition intensifies; raw material prices rise.