Chenguang Stationery (603899): Klip 19Q1 continues to develop rapidly and Jiumu Depot is ready

Chenguang Stationery (603899): Klip 19Q1 continues to develop rapidly and Jiumu Depot is ready

Event: The company announced the first quarter report of 2019 and achieved operating income23.

56 ppm, an increase of 28 in ten years.

00%, net profit attributable to mother 2.

590,000 yuan, an increase of 26 in ten years.

42%, deducting non-net profit 2.

32 ppm, an increase of 29 in ten years.

54%, performance was slightly higher than expected.

Comment: New business (Klippu, Chenguang Technology, Jiumu, Chenguang Life Museum) maintained rapid and continuous growth in 19Q1.

The company’s 19Q1 revenue was 23.

56 ppm, an increase of 28 in ten years.


Among them: 1) New business continued to maintain high growth: Colip’s revenue6.

2 ‰, 68 per year.

9%; income from living museum1.

1 ‰, at least 88.

0%; Chenguang Technology has an income of 68.05 million yuan, with a year-on-year increase of 39.


2) The traditional core business has grown steadily, with a year-on-year growth of about 13%.

Affected by the increasing proportion of Colepu’s revenue, the gross profit margin in 19Q1 dropped by 0.


Chenguang Klippu achieved revenue of 6 in 19Q1.

2 ppm, an increase of 68 武汉夜生活网 in ten years.


In the recent years, Chenguang Klippu has won the bids for large state-owned enterprise groups, government department projects, and financial enterprises, and achieved revenue in 19Q16.

2 ppm, an increase of 68 in ten years.

9%, in order to continuously meet customer needs, constantly optimize the product structure, increase supporting professional management personnel, and accelerate the construction of a national logistics network.

At present, five central warehouses have been put into operation nationwide, covering five regions: North China, South China, East China, West China, and Central China.

Jiumu Sundries is actively increasing the speed of market expansion.

Sales of Living Hall (including Jiumu) exceeded 1 in 19Q1.

10,000 yuan, an increase of 88 in ten years.


18Q3 Jiumu 北京夜网 opened to join, currently has 139 living halls, 130 (92 self-operated +38 franchise) stores.

The company actively builds goods and service models for boutique cultural and creative stores, and provides scenario-based product solutions.

Maintaining the “Strongly Recommended-A” rating company steadily develops traditional core business, while promoting the rapid development of the business of Colibri and Jiumu Miscellaneous Clubs. The expected EPS for the years 19-20 is 1.

07, 1.

34 yuan, corresponding to 19 years of PE, PB is 33, 7 respectively.

8. Maintain the “Highly Recommended-A” rating.

Risk warning: New business fails to meet expectations