Jinjia Co., Ltd. (002191): Leader in the cigarette label industry, with new tobacco development highlights

Jinjia Co., Ltd. (002191): Leader in the cigarette label industry, with new tobacco development highlights

Core Views Leading companies in the tobacco label industry, color boxes, and new tobacco development are interesting.

The company was incorporated in Shenzhen in 1996 and listed on the Shenzhen Stock Exchange in 2007. Its current business position is in the research, production, and sales of high-end packaging prints and packaging materials. Its main products include cigarette labels, color boxes, and laser packaging materials. It is a leader in the tobacco label industry.At the same time, the company is actively exploring the field of new tobacco products, and a new point of performance growth is formed in the later stage.

In 2018, the company benefited from the continuous improvement of the tobacco market, the development of color box products market, and the company’s operating income 33.

74 trillion, +14 ten years ago.

56%; due to the slightly lower gross profit margin of the color box business, which lowered the company’s overall gross profit margin, the company transferred three fee controls, increasing investment income and realizing net profit attributable to mothers7.

25 trillion, +26 a year.


In terms of revenue structure, the proportion of each business is: Cigarette Mark 76.

1%, laser packaging material 18.

0%, color box 13.

2%, internal interference -20.

0% and other about 12.

7%; due to the higher gross profit margin of the cigarette label business, the gross profit contribution accounted for nearly 80%, which is the main source of performance elasticity.

In historical performance, the company’s revenue and its compound net profit attributable to mothers during the period from 2014 to 2018 were 9.

8%, 5.

8%, average growth performance, and income statement due to non-operating income and expenditure, tax disturbance, performance is weaker than the income side.

In our opinion, the company’s current focus lies in: 1) the recovery of the industry and the optimization of the structure of the tobacco label business, which will continue to grow steadily in the next few years, making the company’s performance a good tone; 2) the business of color boxes and packaging materials is expanding rapidly, And gradually contribute to the performance flexibility; 3) the new tobacco business is still in the strategic layout period, or into a long-term profit growth point.

Tobacco label business: The short-term benefit of the cigarette industry is picking up, and the optimization of the industry structure in the medium term also has some highlights.

The tobacco label business is highly related to the cigarette industry. The short-term benefits of the tobacco market have improved. In the medium term, the company gradually changed the industry consolidation opportunity to increase market share: 1) After destocking in 2016, the industry’s production and sales and revenue growth gradually picked up. The tobacco market in 2018Significant improvement, according to the data of the State Tobacco Monopoly Administration, a total of 11,556 tax advantages and disadvantages.

20,000 yuan, an annual increase of 3.

69%; The company seized the industry’s stability and improved, the cigarette brand structural upgrade, optimized the company’s product structure, expanded new markets and new products, and achieved a growth in cigarette label sales in 20187.

97%, revenue growth 8.

05%, performance industry; 2) Transformed into the national “level cigarette strategy” implemented by cigarette brands, and the standards of cigarette level include “continuous optimization of cigarette structure, continuous improvement of grades, stable price, stable sales growth”, etc.In several aspects, we believe that under the background of industry integration and optimization, the number of cigarette brands will continue to decrease and gradually gather to the mid-to-high end, which will help market leaders to accelerate business expansion and integration through mergers and acquisitions.

In the next few years, the company’s cigarette label business will still be the company’s core business and major performance contribution point, with a high probability of continuous industry average performance, and the growth rate is expected to remain at 5% -10%.

Color box and laser packaging materials business: rapid growth, and gradually contribute to the elasticity of performance.

1) Color box business: Revenue from color box business in 20184.

460,000 yuan, an increase of 67 in ten years.

09%, meanwhile, the business development is gratifying, which is to increase the customer base in the later period.

The company’s scale has been continuously improved by strengthening its post-press manufacturing capabilities, improving the performance of automated equipment, and increasing production capacity and sales; through reorganization, the company has maintained “China (Jinzhongzhi)”, “Nanjing (nine-five years honor)”, and “Yunyan” (largeNine)), “Moutai alcohol”, “Yanghe” and other well-known tobacco and alcohol brand color box packaging market share, while continuing to grow the market, product development efforts, continue to add new customers to expand new products, has obtained British American Tobacco, Renault Tobacco, Philip Morris International, Yue Ke and other well-known brands of new tobacco products qualified supplier qualification; well-known liquor brands such as “Jinjiu”, “Red Star Erguotou”, “Jiang Xiaobai” outer packaging, etc., for the subsequent continuous high-growth growth customersBasics; 2) Laser packaging materials: the short-term growth rate has improved, and the promotion of investment projects has some highlights.

In 2018, the company’s laser packaging materials achieved revenue6.

08 million yuan, an increase of 4 in ten years.

62%, which is equivalent to the improvement in the growth rate in 2017; we believe that with the completion of the 2019 fund-raising project “China Toyota Optoelectronics Technology Reconstruction and Expansion” and in conjunction with the company’s recent active expansion of extended customers, the business can return to medium-speed growth and can be expected.
New tobacco: It is still in the strategic layout period, or it may become a point of long-term profit growth.

The development of the new tobacco industry that the company pays close attention to has already been carried out through the parent company and part-time subsidiaries in the early strategic layout, or has become a point of long-term profit growth: 1) Jinjia Technology, a subsidiary, actively promotes its products to tobacco companies.Has cooperated with China Tobacco companies in Yunnan, Shanghai, Henan, Shandong, Guangxi, Chongqing; 2) Shenzhen Jinjia Health, a wholly-owned subsidiary, and Shenzhen Qianhai Fosun Ruizhe Asset Management Co., Ltd., a subsidiary of Fosun Group, have established joint venturesPromote investment and mergers and acquisitions of high-quality targets in the field of new tobacco and health technology; 3) The company establishes a joint venture with Beijing Miwu Technology and Shenzhen Nanqiao Qianhai Innovation Fund Partnership to make use of the advantages of various parties in technology and capital to promoteThe development of new tobacco products; 4) The company and Yunnan Tobacco Industry signed a strategic cooperation framework agreement to jointly promote the research and production and sales of new products in the field of new tobacco products. Jinjia Technology and its subsidiary Shenzhen Huayu Technology Development jointly invested to establish a joint venture companyTo achieve the implementation of strategic cooperation.

Earnings forecast and rating: The company’s EPS for 2019-2021 is expected to be 0.

58 yuan, 0.

65 yuan and 0.
72 yuan, currently corresponding to 2019-2021 price-earnings ratios of 20 respectively.
2 times, 17.

9 times and 16.

1x coverage for the first time, giving the company a “cautious recommendation” rating.

Risk reminders: The boom of the cigarette industry is shifting; the advancement of new tobacco strategies is blocked.

Ziguang (000938) first coverage: Global enterprise network equipment giant 5G construction is directly called the target

Ziguang (000938) first coverage: Global enterprise network equipment giant 5G construction is directly called the target
Key elements of the report: The company’s actual controller is the Ministry of Education, and its major shareholder is the investment holding platform Tibet Ziguang Communication Investment Co., Ltd., a large state-owned high-tech enterprise group owned by Tsinghua University.According to the company’s first quarter report for 2019, the revenue and net profit attributable to mothers were 122.200 million and 3.7.7 billion, a 20% increase each year.85% and 52.66%.Driven 武汉夜网论坛 by the dual benefits of the gradual implementation of 5G construction and the uninterrupted growth rate of domestic data center construction, we believe that the company is likely to usher in a period of sustained and rapid growth in performance that exceeds the growth rate of the industry. Investment Highlights: “Growth 3.The stage of “0” is entering a period of rapid rise: The company entered the first two stages of scanner manufacturing and sales and IT product distribution, and entered the global enterprise network equipment giant Xinhua San Group (H3C) 51% in 2016.Current growth 3.Stage 0. Regardless of the industry background or H3C’s own operating performance, the company is currently in a period of rapid rise in business development and deserves special attention. H3C is the global enterprise network equipment giant 西安耍耍网 and the only Huawei in China: H3C, which is derived from Huawei’s blood, ranks first in the global market of the industry in terms of customer structure, revenue scale, profit level, and technical maturity, far ahead of domestic division HuaweiAll other manufacturers of the same type.The company’s first market-launched products, including 400G optical equipment, high-end routers, WiFi 6, and small base station solutions, are directly replaced in the context of 5G construction and future data center expansion and data center expansion.Considering the company’s industry level and market share, we believe that the company’s growth rate will exceed the industry’s development speed, and realize the excess partial benefits of deterministic substitution. Increasing research and development expenditure will inevitably promote the continuous optimization of the profit structure: and under the trend of continuous growth in company revenue, the proportion of H3C’s revenue and profit contribution to the company continues to increase at the same time, which shows that the company’s integration effect on H3C is significant.At the same time, the company continues to increase its R & D investment, and at the same time promotes the continuous improvement of sales gross profit. By comparing the gross profit structure of similar foreign companies, we believe that the company’s profitability has increased room for improvement and is expected in the future. Profit forecast and investment advice: It is estimated that the company will achieve net profit of 23 in 2019, 2020 and 2021.10 billion, 28.8.9 billion, 36.9.7 billion, the corresponding EPS is 1.13 yuan, 1.41 yuan, 1.81 yuan; corresponding to the current expected PE is 29 times, 23 times, 18 times respectively; for the first time assigned a “buy” rating. Risk factors: 5G construction fails to meet expectations, Sino-US trade frictions intensify, and the risk of goodwill impairment.

Gujing Gongjiu (000596) Annual Report Commentary: Bright operating data continues to exceed expectations

Gujing Gongjiu (000596) Annual Report Commentary: Bright operating data continues to exceed expectations

The profit growth rate in 2018 exceeded expectations, and the first quarter of 2019 achieved a good start. In 2018, Gujing Gongjiu achieved operating income of 86.

86 ‰, an increase of 24 per year.

65%; realize profit 23.

69 ppm, an increase of 46 per year.

94%, the performance exceeded the established operating income of 79 set in 2017.

6.5 billion, profit 19.

With an annual operating target of US $ 3.9 billion, the company’s net profit attributable to mothers exceeded our expectations.

In the first quarter of 2019, the company’s operating income was 36.

69 ppm, an increase of 43 in ten years.

31%; net profit attributable to mother 7.

8.3 billion, an increase of 34 in ten years.


The company’s 2019 operating goal is to achieve operating income of 102.

About 2.6 billion, with a total profit of 25.

1.5 billion, an increase of 17 each year.

74%, 6.

19%, we adjusted the EPS for 19-21 to 4.

60 (up 20%), 5.

90 (up 30%) and 7.

66 yuan, maintain “Buy” rating.

  The report pointed out that the company has launched a variety of new products, and the proportion of liquor sales has further increased in 2018. The company has launched a new version of its original pulp, China Fragrance, which has been listed for 20 years, and has launched a series of new products such as Xiaozizi Wine and Huanghelou Daqing Fragrance.

The 南京夜网 quality of wine puree products has been comprehensively upgraded, further highlighting the taste style, and constantly satisfying the market with the ultimate wine.

In 2018, the company’s liquor business product operating income was 85.

20 ppm, an increase of 24 in ten years.

89%, accounting for 97% of the company’s revenue from 2017.

90% increased to 98.

09%; driven by the increase in the proportion of high-end products, the gross profit margin of liquor products increased by 1 year-on-year.

28 up to 78.


In Q1 19, the company’s gross profit margin was 78.

21%, down from the same period last year.

52 units.

  The sales expense ratio remained high. The company expanded the R & D investment intensity report scale. The company focused on market construction and consumer growth, focused precisely, optimized 南宁桑拿 resource allocation, and improved the accuracy of cost placement and use.

In 2018, the company’s selling expenses were 11.

68 ppm, an increase of 23 in ten years.

61%, selling expenses 30.

88%, a slight decrease of 0 compared with the same period last year.

26 units.  In the first quarter of 2019, the company expanded its marketing efforts with a sales expense of 11.

68 ppm, a 47-year increase of 47.

06%, sales expense ratio increased to 31.


In 2018, the company increased investment in research and development, and the number of research and development personnel reached 968, an annual increase of 56.

13%, R & D expenses are zero.

24 ppm, an increase of 91 in ten years.


  The net cash flow from operating activities increased, and the advance receipts in 19Q1 were basically the same as at the end of last year in 2018. The cash received from sales of goods and the provision of labor services increased, and the company’s net cash flow from operating activities was 14.

41 trillion, an increase of 54 in ten years.

78%; In the first quarter of 2019, the company’s net cash flow from operating activities was 3.

32 ppm, an increase of 421 in ten years.


In 2018, the company’s advance receipts were 11.

49 trillion, an increase of 6.

46 ppm; In the first quarter of 2019, the company received advance accounts11.

1.5 billion, basically unchanged from the end of last year.

  The company expects heavy volume of high-end products and maintains a “buy” rating. We believe that in 2018 the company focuses on consumer education for high-end products.
21 years of sales revenue 112.

55 (up 10%), 141.

48 (up 20%) and 175.

1.2 billion, an increase of 30%, 26% and 24% each year.

At the same time, the company will focus precisely on the release of costs and optimize the allocation of resources. We lowered the sales expense ratio for 19-21 (down 1).

Five, one.

4 and-individuals), 19-21 EPS to 4.

60 (up 20%), 5.

90 (up 30%) and 7.

66 yuan, the average PE of comparable companies is 23.

2 times, considering that the company is still in a period of rapid expansion, given 28 in 2019?
30 times PE estimates, the target price range is 128.


00 yuan, maintain “Buy” rating.

  Risk Warning: Market competition is intensifying, market demand is not as expected, and food safety issues.

Wash your hair with shampoo

Wash your hair with shampoo

Beyond having a thick, beautiful hair is the dream of every woman, but also the dream of a man who cares about appearance.

Those who have the conditions, in addition to going to the hairdressing salon regularly for nursing, in fact, the more important thing is the daily maintenance and care.

Here are some hair care tips to make your hair look healthier and shiny.

  Shampoo with warm water for best results.

If the water is too hot, it can make your hair dry and itchy.

If the water is too cold, the shampoo will not be rinsed thoroughly.

If you have a rinse of cold water after you have rinsed your hair, it will slightly exceed the gloss.

  To condition your hair you must use a conditioner that suits your hair.

Proteins help to strengthen the moisture and endurance of hair and scalp, while moisturizers can enhance the softness and gloss of hair.

Before using the conditioner, use a towel to absorb the water from the hair, or at least squeeze out the remaining moisture from the hair, because when there is too much water in the hair, the conditioner cannot be effectively absorbed.

The conditioner should be applied to the middle or tip of the hair and not close to the root of the scalp.

  Comb through to dry first with a towel to gently absorb excess water from your hair, being careful not to rub your hair too hard.

After soaking up the water, comb your hair with a wide-toothed comb, starting from the roots, combing through the middle and finally from the roots to the ends of the hair. Hold the part of the hair you are combing with your hands to prevent the comb from pulling hard.

Thanksgiving parents stew soup with Cordyceps Mushroom and Corn Claw Soup

Thanksgiving parents stew soup with Cordyceps Mushroom and Corn Claw Soup

Today is Thanksgiving in the West.

It was originally expected to be grateful to God for the festival, and after entering China, he was given the meaning of thanking his parents.

Indeed, after parents enter old age, their health is our biggest concern.

Taking advantage of Thanksgiving, Xiaobian recommends health foods suitable for the elderly, so that everyone can cook several delicious foods for parents.

Today I would recommend the Cordyceps Mushroom and Corn Claw Soup for seniors.

Elderly people should eat more easily digestible food, too hard or too spicy food is not suitable.

When it is dry in the winter, the soup is most suitable for old friends.

Today I will teach you how to make a good Cordyceps Flower Corn Claw Soup.

Cordyceps Flower Corn Claw Soup Ingredients: Chicken claws 6-7 small pieces of ribs are placed on corn 1-2 Cordyceps flowers. A small amount of practice: 1 clean up chicken claws and ribs, throw them into the pot, boil on high heat until waterA large amount of foam floated, turned off the fire, and removed the chicken feet and piglets.

2 Throw the chicken feet and ribs into the casserole, you can place ginger slices.

3 Cut off the root of Cordyceps flower with a knife, and wash the Cordyceps flower with clean water; cut half of the corn into small sections with a knife, put the corn section and Cordyceps flower into a casserole.

Add plenty of water to the surface of the ingredients and cook on high heat.

4 Turn to low heat and simmer after boiling.

After the soup tastes, add the seasoning and it is acceptable.

Cordyceps flowers are gentle in nature, not cold and dry, beneficial to liver and kidney, nourishing essence, and stopping phlegm. It is mainly used for the treatment of dizziness, tinnitus, forgetfulness, weak waist and knees, chronic cough and asthma.

It is good for the health of the elderly and good for health.

So, don’t ask the other party to bounce the moment you give the order.

Life depresses celebrities seeking to vent vent swear words

Life depresses celebrities seeking to vent vent swear words

According to Hong Kong media reports, Jolin Tsai ‘s birthday on September 15 revealed that her wish was to become “Taiwan’s Lady Gaga”, but the burden of “idol” prevented her from trying boldly.

She admits that life is very depressing, and the way to vent is to swear against the wall.

  Jolin Tsai, who requires perfect personality, is always striving for breakthroughs in dance and music. She admits that she is envious of foreign singers to be able to show herself.不同,如果我再‘机车’(麻辣)一点,也不介意别人怎么骂我,就可以做到像她那样子了!After Cai Tianlin was a little boy, every move, whether on stage or in private, attracted media attention.

In this kind of life, she frankly frustrated, sometimes inevitably going crazy.

She said, “I hope the media will not shoot me or report me. Just listen to me sing and watch me dance.

“The way she relieved her pressure turned out to be quite” barbaric, “” I would go home and swear at the wall. ”

  The strong queen only conceded in front of love. Jolin Tsai admits: “I am finished when I touch love, and I am not strong at all in the other half. I am all kind of . pretending to be poor, of course, sometimes I really feel pitifulYes, haha!

“For Gossip boyfriend Peng Yuyan, Jolin Tsai generously praised the other party for making the girls happy, but what impressed me most was Wang Lihong.

“Jolin Tsai joined Warner Music last year with the goal of entering the international market.

According to reports, the album “Flower Butterfly” is selling well internally and is expected to enter the Japanese music scene.

However, Warner Music Taiwan has promised to deny it, and its agent Jiang Chengyi said: “I have not heard of this plan at present, and we will leave Jolin Tsai on vacation until the end of the year.

Jolin Tsai, who will be welcoming a three-month vacation, decided to leave a little more space for herself. She laughed: “Leave yourself a horse and enjoy life, it is only possible to be an idol by the age of 60.

Infertility caused by the Hermitage, medicated diet to help!

Infertility caused by the Hermitage, medicated diet to help!

Infertility caused by kidney yang deficiency caused by Gong Han, the principle of treatment should be to warm the kidney yang, you can take Yougui pills, gold instead of Shenqi pills.

  The so-called palace cold, refers to female kidney yang deficiency.

Gong Han can cause infertility, but it does not mean that Gong Han must be infertile.

Many women with cold in the palace are mainly afraid of cold, sore waist, soft legs, long urination, nocturnal urination, apathy, and menstrual changes. They often have less menstrual flow, lighter color, or dysmenorrhea.pregnant.
From another perspective, the temperature of the uterus is low, which is not suitable for weight gain, and it is easy to abort even if pregnant.

Therefore, it is necessary for women to condition the uterine environment before preparing for pregnancy.

  Clinical medicine has found that there are many reasons for Gong Han.

It depends on people’s congenital constitution. However, most of the causes of Gong Han now are bad lifestyles, such as eating cold drinks, being greedy, turning the air conditioner temperature too low, or wearing navel clothes for beautiful, winter clothes.Weakness, etc., and the cold period of menstruation will affect the magnitude.

In addition, excessive fatigue or emotional changes can also hurt your body’s yang.

  In the traditional Chinese health regimen, women’s constitution is yin, so don’t be greedy.

Even in the hot summer, women should not eat too much cold drinks, cold fruits and other cold things. Foods taken out of the refrigerator should be placed and eaten again. It is best to eat some hot food before eating cold food.”.

Usually, you should eat more foods such as walnuts, dates and peanuts.

You can also take some Ejiao, antler gum and other blood after the menstrual period, and you can also take Angelica ginger mutton soup for conditioning.

Take Angelica 15?
20 grams, 2 mutton 2 and ginger 4?
5 slices, cooked, eat soup and eat meat.

  Infertility caused by kidney yang deficiency caused by Gong Han, the principle of treatment should be to warm the kidney yang, you can take Yougui pills, gold instead of Shenqi pills.

  Aiming at Gong Han’s women, traditional Chinese medicine gynecologists introduced several medicinal diet therapies: chicken boiled motherwort black chicken, motherwort 500g (in 4 portions, soaked and dried with wine, vinegar, ginger juice, chuanxiong juice).

Put the prepared motherwort into the chicken’s chest, boil it with broth, eat chicken lightly, or send it off with wine.

Chicken bones and medicine residues are roasted to the end, and 120 grams of angelica is added, 60g is cut off continuously, 18g of ginger is the end, and refined honey is a pill, 9g each.

Take 1 pill each morning, middle and night.

Indications for long infertility.

Saffron breeding eggs Take 1 egg, take a mouthful, and add saffron 1.

5g, stir well and serve. Serve on the second day of menstrual cramps. Eat 1 per day, even 9.

Continuous service 3?
4 menstrual cycles.

Indications of infertility due to Qi deficiency and stasis.

Angelica Polygala Liquor is all Angelica, Polygala each 150g, 1500g sweet wine.

Seal Angelica and Polygala with gauze, soak in wine, and seal.

It can be taken after 7 days, and slag removed for future use.

Drink warmly every night and drink as much as you want without interruption.

Run out of wine and make it according to law.

The function is to promote blood circulation, reconcile qi and blood.

For women with irregular menstruation or insufficient blood.

Okara has cured my constipation!

Okara has cured my constipation!

I am an elderly patient with habitual constipation, and often take bowel orally and external medicine to defecate.

  But the effect is not great.

Moreover, the inside of the positive electrode is often formed into a plurality of dung stones, which is difficult to discharge. If you hold your breath for a bit, you will see black eyes.

Taking the golden flower directly made me very unbearable and concerned.

  In the past six months, the reason that I was able to defecate smoothly was the accidental addition of a soymilk machine at home.

At first, after drinking homemade soy milk for breakfast every day.

Discard the filtered bean dregs as garbage.

I heard my neighbor say that eating dregs can cure constipation.


I have a try-and-see attitude, and I want to try it for myself, after each breakfast, eat the bean dregs and soy milk together.

This trick really worked, and the next morning, it was easy to discharge soft stools.

Sometimes three times in two days.

This unexpected harvest not only made me say goodbye to constipation, but more importantly, I can avoid various diseases caused by difficulty in defecation in old age.

  It is recommended that constipation patients do not hinder a try and neither waste it.

Resolved constipation, why not kill two birds with one stone.

The fitness effect is more obvious according to personality

The fitness effect is more obvious according to personality

No matter whether it is a man or a woman, it is impossible to maintain a good figure all the time. In addition to the daily diet, you must take the time to go to the gym to exercise. How can you spend the shortest time to achieve the desired effect?

That is fitness by character, know your personality, and then find out the corresponding fitness method.

  First, timid.

  Some people are timid by nature, shy and blush at every turn.

These people should participate more in swimming, ice skating, boxing, parallel bars, vaulting and other events.

  These projects require people to constantly overcome timidity, to overcome difficulties and overcome obstacles with bravery and fearlessness.

After a period of exercise, the courage will become bigger, and people will be calm and natural.

  Second, suspicious.

  Some people are suspicious, lack trust in civilians, and do things decisively.

These people can choose table tennis, tennis, badminton, high jump, long jump, fencing and other items.

  These projects require athletes to be calm-headed, quick-thinking, correct, and decisive. Engaging in these activities for a long time will help people get out of their doubtful thinking.

  Third, lonely.

  Some people are introverted, lonely, unkind, and not good at interacting with others. They are the most competitive.

These people should choose team sports such as football, basketball, volleyball and relay running, tug of war.

  Persist in participating in the exercise of these collective projects, can strengthen their own vitality and spirit of cooperation with others, and gradually change their personality.

  Fourth, nervous type.

  Some people exercise to improve their psychological quality and should participate in more competitive sports (sports food) projects, such as football, basketball, volleyball and other projects.

The expectations of these projects are changeable and intense. Only by calmly and calmly responding can we gain an advantage.

  If you can often be tested in such fierce occasions, you will not be too nervous and panic, which will bring benefits to work and study.