Shanghai Jahwa (600315): Changes in Fair Value Affect Third-Quarter Profits
Shanghai Jahwa released the third quarter report of 2019, and the company achieved revenue of 57 in the first three quarters.
400 million, a five-year growth 北京夜网 of 5.
8%; net profit attributable to mother 5.
40,000 yuan, an increase of 19 in ten years.
1%; net profit after deduction is 3.
8 ppm, a ten-year increase2.
The company achieved revenue of 18 in the third quarter.
1 ppm, a 10-year increase of 3.
3%, net profit attributable to mother is 96 million yuan, a year-on-year decrease of 29.
6%; net profit after deduction is 1.
2 ‰, a decrease of 11 per year.
Analysis and judgment: The income end was slightly adjusted, changes in fair value affected the company’s third quarter profit, and the overall expense ratio increased.
The company’s revenue growth rate in the third quarter of 20193.
3%, a slight increase in pilot speed.
Net income from changes in fair value was -0.
US $ 300 million, which has a significant impact on the company’s third quarter 重庆耍耍网 net profit, but does not affect the company’s long-term trend.
At the same time, the company’s overall cost is 9.
96 ‰, an increase of 8 per year.
The gross profit margin has declined, and future operating capabilities will be improved.
The company’s gross profit margin in the first three quarters of 2019 was 62.
79%, 1 year down.
The 16 points were mainly due to the new factory’s operation last year and the low gross profit margin of the main mask in the first half of the year.
From the perspective of inventory, inventory at the end of the period was 9.
600 million, down 8 a year.
3%, inventory turnover days is 127 days.
Make every effort to build its brand, and optimize and upgrade Herborist.
The company’s owners own nine brands, with product layouts in the three major areas of skin care, personal care and home care.
At present, the company’s major brand Herborist announced that it has invited powerful actor Ma Yixuan to act as the brand spokesperson. At the same time, it also released the second-generation star product Tai Chi Sun and Moon Essence.
Investment suggestion As a leader in the daily chemical industry, the company has a complete range of auxiliary products, covering low-to-mid-end and high-end product lines.
At present, the company’s new integration layout in marketing, channels and other aspects, we are still optimistic about the company’s mid- and long-term investment value.
According to the disclosure in the third quarterly report, the net profit and loss of changes in fair value-30 million yuan, we have revised the financial model, and the net profit attributable to the parent is expected to be 6 in 2019.
800 million down to 6.
500 million, EPS by 1.
The 01 yuan is reduced to 0.
98 yuan, continue to give a “buy” rating and maintain a target price of 40.66 yuan.
Risk Tips 1) Industry competition intensifies: If internal industry competition intensifies and exceeds company expectations, the overall profitability of the company will be affected; 2) Channels and marketing strategies are not upgraded as expected: company channels and marketing capabilities are the company’s key competitivenessAnd the marketing ability upgrade is less than expected, then the company’s overall revenue will also be affected.