Jinjia Co., Ltd. (002191): Expansive sales 杭州桑拿 of color boxes look forward to new tobacco business

Event: The company released a semi-annual report: The company achieved revenue of 18 in 19H1.

65 ppm, an increase of 15 in ten years.

90%; net profit attributable to mother 4.

65 ppm, an increase of 22 in ten years.

64%; net profit after deduction to mother 4.

52 ppm, an increase of 22 in ten years.


Single and second quarter revenue 8.

55 ppm, a ten-year increase of 7.

53%; net profit attributable to mother 2.

0.6 million yuan, an increase of 23 in ten years.

71%; net profit after deduction to mother 1.

98 ppm, an increase of 30 in ten years.


Opinion: The color box business continues to grow at a high speed, and the new tobacco business is worth looking forward to.

In terms of different products, the company’s cigarette label / laser packaging material / color box product revenue was 13 respectively.



3.6 billion, an increase of 6 each year.

55% / 2.

99% / 80.


Color box: In this issue, the company continues to make efforts in color box packaging such as fine tobacco and alcohol packaging, electronic product packaging, and fast-moving consumer goods packaging. Xintuo includes the supply of new tobacco brands such as spirit rhinoceros, black ink, magic flute, and mobile phones such as Zhongnuo.Business qualifications, the rapid growth of color box business80.


New tobacco: The company’s new tobacco business is mainly divided into three parts, 1.

The company’s subsidiary Jinjia Technology and Huayu Technology jointly established Jiayu Technology, which currently undertakes the production of Yunnan Tobacco’s heating and non-combustion products; 2.

2. Established Yinwei Technology with Miwu Technology to launch the FOOGO brand. FOOGO K is currently available for pre-sale on June 18 in JD. J, Q series products will be launched this year; 3.

Jinjia Technology provides R & D and foundry services for tobacco companies such as China Tobacco Yunnan, Shanghai Tobacco, and China Tobacco Guizhou, as well as FOOGO, WEBACCO, GIPPRO and other brands. It is expected that the company’s new tobacco business will break out in the future.

The scale of the color box business has gradually increased, and the gross profit margin has increased significantly, and the expense ratio has decreased slightly.

Gross profit margin: 天津夜网 The company’s gross profit margin was 43 in the first half of the year.

05%, sixth grade 0.

99 points.

In terms of different products, the gross margins of cigarette labels / laser packaging materials / color boxes were 43.

75% / 17.

61% / 32.

71%, the short-term changes were -0.

22 / -6.

16 / +6.66 points.

By continuously optimizing production capacity and production technology to improve production efficiency, the gross profit margin of the color box business has increased significantly.

Profit forecast and estimation: The company’s EPS for 19-21 is expected to be 0.

60, 0.

71, 0.

80 yuan, corresponding PE is 19X, 16X, 14X.

Maintain “Buy” rating.

Risk warning: Tobacco sales are lower than expected, and raw material prices have risen sharply.