Jin Shiyuan (603369): Performance in line with expectations


Jin Shiyuan (603369): Performance in line with expectations

Event: The company announced the announcement of 2019 pre-increasing results, and it is expected that net profit will be returned to the mother in 201913.

8.1 billion-14.

96 ‰, an increase of 20% -30% in one year; net profit after deduction after returning to mother 13.

32 ppm-14.

430,000 yuan, an 上海夜网论坛 increase of 20% -30% each year.

  The performance is in line with expectations, and three major success factors are the main driving forces.

2019 has been a successful year for the company.It not only successfully achieved the performance goals set at the initial stage, but also made significant improvements in the optimization of product structure and the development of markets outside the province. We believe that the success factors can be summarized as follows:A few points: 1) The large single product effect of the national border, as of the end of the third quarter of 2019, the company’s special A + products exceeded the growth of 47.

66%, revenue share increased to 56.

04%, which has a significant pulling effect on both revenue and product structure; the transformation of the company’s strategic single product V series has also further enhanced the company’s brand power. As a competitive product, Guoyuan V9 Qingya sauce has beenMarket praise.

2) Brand marketing is effective.

Since 2019, the company has increased its advertising investment in CCTV, expanding brand promotion around the positioning of Guoyuan as “China’s medium-end high-end liquor”, and cooperating with ground advertising, allowing Guoyuan brands to go out of Jiangsu and radiate more potential customers.

3) For the effective operation of the market, the company continued to cultivate the advantageous markets in the province, set up large regions and decentralize the cost authority, and tap the market potential in the province. Nanjing, Xuzhou, and Southern Jiangsu in the province in the first three quarters of 2019 have achievedRapid growth, the first three quarters of the Nanjing market revenue reached 11.

400 million; while outside the province, driven by the “1 + 2 + 4 + N” strategy, the income from outside the province in the first three quarters2.

66 ppm, with a ten-year increase of 62.


  In 2020, we will strive for stability and progress.

At the company’s 2020 Development Conference, which was established at the beginning of the year, Chairman Zhou Suming set a development tone for the company in 2020, “striving for stability while seeking stability while improving.”

At present, the company’s national border products account for more than 60%, and its brand power has also increased significantly. Facing the general trend of consumer demand to the right and concentrated production areas, the company will continue to work steadily, work hard on products and brands, and maintain and dealerThe close cooperative relationship 南京桑拿网 encourages them to grow together with the company and build a company’s “brand + channel” dual-driven marketing system.

  Profit forecast and investment grade: The company’s EPS is expected to be 1 in 2019-2021.

16 yuan (+26.

54%) / 1.

44 yuan (+24.

20%) / 1.

74 yuan (+20.

51%), corresponding to PE of 30X / 24X / 20X, maintaining the “Buy” level.

  Risk warning: food safety risks, intensified competition in the sub-high-end liquor industry