Shanghai Jahwa (600315) 2018 Annual Report Comment: Steady Revenue Growth and Profitability Better

[Key points of investment]Shanghai Jahwa released the 2018 annual report.

At the core of the report, the company achieved operating income of 71.

3.8 billion, an increase of 10 in ten years.

01%; realize net profit attributable to shareholders of listed companies.

400,000 yuan, an increase of 38 in ten years.


The company achieved operating income of 17 in 2018Q4.

180,000 yuan, an increase of 11 in ten years.

66%; Net profit attributable to shareholders of listed companies is 0.

870,000 yuan, an increase of 42 in ten years.


The personal care segment led revenue growth, with home care product sales growing fastest.

The company’s products are mainly divided into three categories: “beauty skin care”, “personal care” and “home care”. Among them, the home care products based on the “jiaan” brand account for a small proportion of revenue, only 3.

3%, but the largest increase in revenue in 2018, reaching 41.


And accounting for 63% of revenue.

7% of personal care products mainly include “Six Gods”, “Tang Meixing” and other brands, with an annual increase of about 12%.

As one of the company’s main brands, “Six Gods”, in 2018, it vigorously promoted its youthfulness strategy, further increased its popularity and market share, and held an absolute leadership position in the toilet water category, with a market share of 74.

8%, increasing by 0 every year.

2 units, and in the shower gel and soap category, the “six gods” are also domestic brands with the highest market share.

“Tang Mei Xing” is a baby feeding brand newly acquired by the company in 2017. In 2018, it and the company’s affiliated baby skin care product “Qi Chu” had a rapid growth in the mutual drainage in the mother and baby channel. The revenue increased by about 13% and the net profit was renovatedDoubled, significantly exceeding the performance commitment at the time of the acquisition.

The company’s main brand “Beauty Care” in the “Beauty and Skin Care” section was affected by channel adjustments in the second quarter and its relative growth rate was relatively variable.

The gross profit margin was small, but the decrease in the expense ratio increased during the period, and the net ratio increased.

The decrease in gross profit margin was due to the increase in the original cost of the report and the adjustment of the company’s product sales structure.

The company’s beauty and skin care products have the highest gross margins, above 70%. The gross margins of personal care and home care have relatively increased. However, due to the increase in the proportion of revenue, the overall gross margin has decreased slightly, compared with the same period last year.

11 units.

In terms of three fees, the company’s overall cost control is good, and the marketing expenses, which account for the highest proportion of sales expenses, have only increased by 3%, which also shows that the company’s marketing efficiency has improved.

Management expenses, which account for relatively high wages and benefits, increased by only 2%, and office expenses decreased by 12%, reflecting the improvement of human efficiency.

The financial expense ratio increased and decreased due to the acquisition of Cayman A2, and increased due to the acquisition of Cayman A2.

51 averages, net margin 杭州夜网论坛 increased by 1.

56 units.

The company adheres to the sixteen-character operating principle, and continues to make progress in R & D and channel supply.

The company steadily promotes the sixteen-character management policy of “first research and development, brand-driven, channel innovation, and supply guarantee”. In terms of research and development, the company launched 39 research projects in 2018, and has applied for 52 patents for research technologies.


In terms of channels, the company continued to promote the omni-channel sales model, and the proportion of online sales further increased to 22.


On the supply side, the company’s new factory is under construction and production. Compared with the old factory, the new factory’s production capacity and intelligent manufacturing level have increased by 杭州桑拿网 an expansion margin, laying a foundation for the company’s production efficiency improvement and product line enrichment.

[Investment suggestion]In terms of revenue, the company merged with the “Six Gods” and “Mejiajing” brands such as toilet water and hand cream are in strong leadership positions. In the future, through continued youthful marketing, revenue is expected to increase steadily, and then the brand “yu”Ze”, “Qi Chu”, etc. to meet demand, and further establish brand awareness through word-of-mouth marketing, which helps maintain a high growth rate.Herborist, Tang Meixing and others follow the high-end trend, optimize services through single-brand stores, and drain each other through mother-to-child channels. There is also a lot of room for imagination in the future.

In terms of profit, the new plant can not only improve production efficiency and reduce costs, but also improve the digitalization and informationization of operation management, saving related manpower and operating costs.

The company’s 18/19/20 revenue is expected to be 80.



8.1 billion, net profit attributable to mother 6.



690,000 yuan, EPS 1.



30 yuan, corresponding to PE31.



03 times, give “overweight” rating.

[Risk reminder]Intensified competition in the domestic daily chemical industry; macroeconomic and consumer demand is less than expected.

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