Jiuyang shares (002242): two mid- and long-term growth points are gradually clear

Jiuyang shares (002242): two mid- and 上海夜网论坛 long-term growth points are gradually clear

Two mid- and long-term growth points have gradually become clear.Since 2017, Jiuyang has successively explored various aspects such as the “value ascend” strategy, combing the dealer team, exploring new retail models, and the collaborative development of SharkNinja, and will organize the organization in early 2019.Adjusted to BU system.

Reducing quarterly fluctuations, Jiuyang’s revenue growth rate has achieved double-digit growth for six consecutive quarters.

According to our tracking, the company has two medium and long-term growth points that are expected to support the company’s continued rapid growth, which deserves attention.

  The innovative SKY series enhances the competitiveness of the mid-to-high-end market.In 2019, the company’s main SKY series has good differentiated 北京夜网 selling points, but in addition to the soymilk machine K1S, which has only good performance, the performance of steam rice cookers and wall breakers is average, and the ultra-highThe niche positioning should have some relationship.

  Jiuyang launched corresponding mid-range models in 19Q3, cutting into the mainstream mid- to high-end price segment.

  SKY’s mid-range models have been on the market for only 2-3 months, and the total retail share of unmanned wall-breaking machines has been from 1.

2% rose to 9.

1%, no-clean soymilk machine total from 3.

5% rose to 8.

4%, the effect is good. Through the optimization of product structure, it is expected that the revenue growth and profitability of food processing machines will also be steadily improved.

  Synergistic growth with “brother company” SharkNinja At the end of September 2017, the major shareholder of Jiuyang acquired the leading American small household appliance SharkNinja. After running in, the synergistic growth path of Jiuyang and SharkNinja began to take shape.

  Sales synergy: Back to the sharks to enter the Chinese clean appliance market.

Jiuyang is responsible for SharkNinja’s sales operations in China. With a strong R & D team to continuously deliver products, coupled with Jiuyang’s sales operation experience, SharkNinja hopes to occupy a place in the Chinese clean appliance market.

  R & D collaboration: Jiuyang provides R & D support for Ninja kitchen appliances.

In 2018, the Ninja Foodi series designed by Jiuyang was very popular. In 2018, the export of connected transactions reached 1.

90,000 yuan, the export of related party transactions in 2019 is expected to reach 4.

500 million.

Ninja belongs to a single category. Jiuyang provides research and development support to accelerate the expansion of Ninja categories. Exports will become a considerable revenue increase for Jiuyang.

  The investment proposal will realize the two mid- and long-term growth points to the profit forecast, and maintain the EPS forecast for 2019 at 1.

07 yuan, raised EPS forecast for 2020-21 to 1.


45 yuan (previous forecast was 1.)


41 yuan), corresponding to PE is 21/18/16 times, the company’s cash dividend rate has always remained above 80%, the corresponding distribution rate of about 4%, alternating growth can be seen, expected yield is attractive, maintain a “buy” rating.

  Risk reminders: 1. Intensified domestic market competition; 2. Slow localization of new brands.