Chenguang Stationery (603899) 2019 Third Quarterly Report Review: Third-quarter results slightly exceeded expectations New business maintained strong growth

Chenguang Stationery (603899) 2019 Third Quarterly Report Review: Third-quarter results slightly exceeded expectations New business maintained strong growth

The company released the third quarter report for 2019: reporting that the combined company achieved operating income of 79.

47 ppm, an increase of 29 in ten years.

78%; net profit attributable to mother 8.

20,000 yuan, an increase of 28 in ten years.

36%; net profit after returning to mother 7.

610,000 yuan, an increase of 32 in ten years.


Among them, Q3 achieved operating income of 31.

09 million yuan, an annual increase of 33.

02%; net profit attributable to mother 3.

31 ppm, an increase of 32 per year.

22%; net 杭州桑拿网 profit attributable to mother after deduction 3.

33 ppm, an increase of 43 in ten years.

89%, revenue and profit growth exceeded expectations.

Traditional business and new business maintained stable and high-speed growth at the same time: reports, writing of traditional business (including Chenguang Technology), students, office and other stationery maintained a growth of nearly 20%, exceeding our expectations.

Among them, the growth rate of student stationery exceeded expectations. Anshuo ‘s consolidation brought nearly 1 billion growth to student stationery. The endogenous growth rate of student stationery was also about 30%.Category.

In the third quarter, the new business of Chenguang Klip, Chenguang Life Museum, and Jiumu Sundries Co., Ltd. still maintained strong growth. The overall growth rate exceeded 50%, which 佛山桑拿网 still met our expectations.

The gross profit margin of traditional businesses increased, and the cost rate of Colips decreased: in the first three quarters of 2019, the company’s gross profit margin was 26.

79%, an annual increase of 1.

33 points.

The improvement in gross profit margin mainly comes from traditional businesses.

Among them, the tax reduction probably has an expanded contribution, and the introduction of new products has caused the price increase to contribute to the improvement of gross profit margin.

Colip’s gross profit margin has declined, which is related to the change in the ratio of landing services and direct supply.

The company’s sales expense ratio for the same period was 8.

82%, a decline of 0 every year.

34pct, overhead cost rate 5.

81, down by 0 every year.

72 points.

The decline in the overall sales management expense ratio was mainly due to the gradual increase in the maximum production capacity of Colip, which resulted in a decline in Colip’s sales expense ratio.

Cash flow performed well, and accounts receivable and payable increased: reporting a series of companies’ operating cash flows.

7.8 billion, an increase of 37 in ten years.

70%, the traditional core business has been performing well as a cash cow.

Accounts receivable 12.

9.5 billion, an increase of 60 from the beginning of the period.

11%, accounts payable 16.

800 million, an increase of 27 from the beginning of the period.

27%, the increase of the two is mainly due to the increase in the proportion of Klippu.

Due to the simultaneous increase in receivables and payables, Colip’s cash flow situation is healthy and will not affect the overall cash flow performance. Profit forecast and investment grade: We are optimistic about the steady growth of the company’s core business and the high flexibility of new business.

Maintain the forecasted net profit for 19-21 years10.

37, 13.

43, 16.

86 trillion, corresponding to EPS 1.

13, 1.

46, 1.

83 yuan, the current sustainable corresponding PE is 44X, 34X, 27X, maintaining the “overweight” level.

Risk Warning: Demand growth in the stationery industry is declining; profitability of new business is lower than expected