Depth-Company-Chenguang Stationery (603899): Performance was slightly better than expected

Depth * Company * Chenguang Stationery (603899): Performance was slightly better than expected

The company released its 2019 Interim Report: the report consolidated and the company achieved revenue of 48.

4 percent, an increase of 27 per year.

8%, net profit attributable to mother 4.

72 ppm, an increase of 25 in ten years.

8%, deducting non-net profit 4.

27 ppm, an increase of 25 in ten years.

4%; of which revenue was 24 in 19Q2.

80,000 yuan, an increase of 27 in ten years.

6%, net profit attributable to mother 2.

10,000 yuan, an annual increase of 25.

0%, non-net profit attributable to mother 1.

9 trillion, an increase of 20 in ten years.


Key points of support level The optimization of product structure guarantees the steady growth of traditional businesses.

We estimate that Chenguang Technology is not included, and the endogenous growth of the company’s traditional business reached 10.

The 4% growth rate has maintained steady growth.

By product, writing instruments income11.

30,000 yuan, an increase of 10 in ten years.

5%, the average price increased by 3 in ten years.

8%; student stationery income 10.

70,000 yuan, an increase of 26 in ten years.

7%, the average unit price increased by 9 in ten years.

9%; office stationery income 10.

2 ‰, an increase of 11 in ten years.

5%, the average price increased by 6.


It can be seen that the company’s product structure has been continuously optimized under the strategy of “adjusting the structure / promoting growth” and has become an important support for the company’s main stationery industry to maintain growth.

The M & A stationery merged at the end of April, contributing 91.17 million yuan in revenue in the first half of the year, and will reflect more incremental growth in the second half of the year.

Incremental tax cuts and optimization of product structure improved gross profit margin.

The total number of reported companies’ writing instruments / student stationery / office stationery business gross margins reached 34 respectively.

96% / 33.

24% / 26.

58%, an increase of 0 every year.



2pct, we believe that the incremental tax reductions starting in the second quarter and the optimization of the company’s product structure are leading the gradual improvement in gross profit margin.

Office direct sales maintained rapid growth.
Klippu achieved revenue of US $ 1.5 billion in the first half of the year, an increase of 56% year-on-year, and an increase of 49% in the second quarter. Although slightly higher than the first quarter (68%), it is in a normal fluctuation range.
In terms of customer development, it has been shortlisted in Shanxi / Jilin / Chongqing government e-commerce projects, as well as postal provincial e-commerce projects, as well as purchase lists of external foreign companies.

Five major warehouses nationwide have been put into operation, and self-used distribution teams have been established in nine cities to improve service efficiency.

In terms of profitability, Colip’s gross 深圳丝袜会所 profit margin was the first half.

8%, a decrease of 1 per year.

28%, with a profit of 28.75 million yuan and a net profit of approximately 1.

9%, through operating leverage, Klip’s profitability promotes rapid growth.

Expansion of large retail stores accelerated.

The Chenguang Living Center (including Jiumu Miscellaneous Materials Co., Ltd.) achieved a total operating income of 230.82 million yuan, an annual increase of 95%. Among them, the Jiumu Miscellaneous Society achieved a business income of 164.47 million yuan, an increase of 240%.

The retail business continued to optimize store operations and expansion. As of 19Q2, there were 300 large retail stores, including 129 Chenguang Life Center and 171 at Jiumu Zamusha (114 self-operated stores and 57 franchise stores), with a significant speed of opening 佛山桑拿网 stores.Accelerate; The development of stores in Zaomaoshe is accelerating, increasing the company’s market share in the boutique cultural and creative market and promoting the Chenguang brand upgrade.

It is estimated that the company’s channel and brand moat is stable, traditional business is growing steadily, the product structure continues to be optimized, new business is expanding rapidly, and Copley and Sunshine Club are progressing smoothly. We expect the company’s earnings per share for 2019-2021 to be 1.



60 yuan, an annual increase of 28.

3% / 21.

3% / 17.

6%, currently corresponding to 2019PE38X, maintain BUY rating.

The main risks faced by ratings are the interconnected growth rate of Klipp; the channels of miscellaneous agencies are not well developed.