Jiuyang shares (002242): return to growth with innovation

Jiuyang shares (002242): return to growth with innovation

Jiuyang shares (002242): return to growth with innovation

Event: The company released its 2019 semi-annual report with steady growth in the first half of the year, and its operation was excellent. It is said that Aowei data has only increased by 2 in the first half of the small home appliance industry.

Under the background of 7%, the company realized operating income of 41.

8 ppm, an increase of 15%, mainly due to the steady growth of multiple categories, and the gross profit margin dropped only slightly.

69 points to 32.

33%, selling expenses decreased by 1.

92%, administrative expenses increased by 34.

92%, R & D expenses increased by 19.

38%; realized a net profit of 400 million yuan, an increase of 9.


Except for the large increase in management expenses and the decline in cash flow, the overall operation was excellent.

The strategy of taking product innovation as a breakthrough has begun to bear fruit. The original innovation of the company’s products. This year, three new soymilk machines, K1S, K mini, and Ksolo, which are not hand-washing, were released. They can be used for coffee, tea and milk., Also launched the world’s first manual washing and breaking machine Y88.

Taking the road of high-quality products, highlighting the original and innovative product strategy to make the company’s products further sense and design sense. This strategy is in line with the current trend of consumer upgrades and has a bright future.

Channel innovation and exploration of new retail paths Based on more than 40,000 sales terminals across the country, the company actively explores new retail business. It has newly opened shopping mall “Jiuyang Home” stores, brand flagship stores, brand experience stores, and brand exclusive 杭州桑拿网 stores.And other types of stores, set up a dedicated team to study new retail, new media, big data and wireless applications, to ensure that the product is visible and tradable in various channels, and promote the company’s market share to steadily increase.

Brand innovation has realized the transformation from “Jiuyang = Soymilk Machine” to “Jiuyang = Quality Life Small Appliances”.

The company has released a new brand consensus-Yuexiang Health. Through the vertical product structure of more than 20 categories and more than 300 models, it delivers a light, stylish, intelligent and convenient brand experience, realizing a brand new upgrade, which will helpThe company protects its industry’s top three brand affiliates.

Earnings forecast and investment benchmarks are based on a 15% increase in revenue in the first 南京桑拿论坛 half of the year. The company expects revenue of $ 9.3 billion and net profit of 7.

1 ppm, budget benefit 0.

93 yuan, 22 times of dynamic assessment, maintain “recommended” rating.

Risk reminder: industry sales decrease, price wars decrease, new product launches fail