Chenguang Stationery (603899): The two wings of a beautiful performance help high growth

Chenguang Stationery (603899): The two wings of a beautiful performance help high growth

Event: The company released the 2018 annual report: the operating income in 2018 was 85.

35 ppm, an increase of 34 in ten years.

26%, net profit attributable to mother 8.

07 million yuan, an increase of 27 in ten years.

25%, deducting non-net profit 7.

49 ppm, an increase of 37 in ten years.


A dividend of 3 yuan will be paid for every 10 shares in 2018.

In terms of cash flow, cash received from selling goods and providing services in 201897.

140,000 yuan, an increase of 33 in ten years.

86%, net cash flow from operating activities.

28 ppm, an increase of 15 in ten years.


The company expects to achieve revenue of 108 in 2019.

4%, an increase of 27% per year.

  Acquired a 56% stake in Shanghai Anshuo to build a strong wooden pencil.

The company uses its own funds1.

Acquired Ashuo Stationery (Shanghai) Co., Ltd. for USD 9.3 billion.

  Opinion: In terms of quarters, the company’s Q1 / Q2 / Q3 / Q4 single quarters achieved operating income of 18 respectively.




110,000 yuan, an increase of 30 in ten years.

25% / 41.

81% / 36.

86% / 29.

36%, Q1 / Q2 / Q3 / Q4 net profit attributable to mother is 2 in a single 杭州桑拿 quarter.




82 ppm, an increase of 23 in ten years.

22% / 38.

24% / 24.

02% / 27.


  Product and channel advantages are significant, and traditional business has grown steadily.

In 2018, the company’s traditional business grew by 16% each year, achieving steady growth.

On the product side, the company continues to introduce new products, and the four product tracks of popular products, boutique cultural and creative products, office products, and children’s art products are fully promoted.On the channel side, the terminal has continued to be deeply cultivated. As of the end of 2018, the company has 35 national partners in the first level, nearly 1,200 cities in the second and third levels, and the Chenguang department has more than 7 retail terminals.


  Colip achieves rapid growth and continuously improves performance contribution.

Chenguang Klippu achieved revenue of 25 in 2018.

86 ‰, an increase of 106 in ten years.

03%, net profit 32 million yuan, an annual increase of 53%.

Customer development is rapidly advancing, and government customers and financial companies are continuously developed.

At present, Klippu has operated 5 central warehouses across the country, covering five regions of North China, South China, East China, West China, and Central China, which has improved distribution efficiency.

With the strengthening of major customer exploration and expansion of product categories, Klipp’s performance contribution has increased.

  Jiumu Miscellaneous Club joined the franchise directly, and accelerated the development of large retail stores.

In 2018, the Chenguang Living Museum (including Jiumu Sundries Co., Ltd.) achieved revenue3.

0.6 million yuan, an increase of 49 in ten years.

15%. As of the end of 2018, the company had a total of 255 retail stores across the country.

As for the Chenguang Living Museum, it continued to improve store operation capabilities, optimize product structure, and significantly reduce duplication.

In terms of Jiumu Miscellaneous Goods Agency, it has been open for joining since the third quarter of 2018. It has expanded from Jiangsu, Zhejiang and Shanghai to the whole country, stationed in 32 cities, improved product categories, strengthened original development, and realized channel and product upgrades.

  Gross margin improved slightly, and profitability will improve in the future.

The company’s gross profit margin in 2018 was 25.

83%, increasing by 0 every year.

1pct, net interest rate is 25.

73%, 0 years ago.

4pct, writing tools, student stationery, office stationery gross margin increased.

Sales, management, and financial expense ratios are 9 respectively.

25%, 5.

79%, -0.

09%, the sales expense ratio increased by 0 in ten years.

28pct was mainly due to the expansion of Klipp’s business and the opening of a new store in Jiumu Zawusha.

  The company’s traditional business has grown steadily. Klipp, the Living Museum (including Jiumu Sundries Club) and Chenguang Technology’s new business have developed rapidly.

We expect the company’s EPS to be 1 in 2019-2020.


37 yuan, corresponding to PE for 2019-2020 is 30.

37, 25.

37 times, maintain “Buy” rating.

  Risk warning: The stationery industry is developing less than expected, and new business promotion is less than expected.