Shanghai Jahwa (600315) 2019 Third Quarterly Report Review: Herborist launches upgraded products and actively adjusts for recovery

Shanghai Jahwa (600315) 2019 Third Quarterly Report Review: Herborist launches upgraded products and actively adjusts for recovery

[Investment Highlights]Shanghai Jahwa issued the 2019 third quarter report.

At the core of the report, the company achieved operating income of 57.

3.5 billion, a five-year growth of 5.

81%; net profit attributable to shareholders of listed companies5.

40 ppm, an increase of 19 in ten years.

09%, net of non-attributed net profit3.

80 ppm, a ten-year increase2.


Achieved revenue of 18 in the third quarter alone.

1.3 billion, an increase of 3.

28%, net profit attributable to mother 0.

96 trillion, down 29 a year.


Herborist actively adjusted and Liushen maintained a slight increase.

During the reporting period, Herborist promoted the upgraded Tai Chi series, which had better results and was almost flat. It is expected to achieve a positive inflection point.

The growth rate of Liushen has improved, mainly due to the impact of temperature this year on product sales, the competition faced by new shower gels, and the impact of e-commerce promotions on offline channels.

Other brands such as Qichu, Jiaan, Yuze, Pianzaiyu, etc. have achieved rapid growth.

In terms of categories, the unit prices of beauty and skin care, personal care, and home care products all increased slightly in the third quarter.

The gross profit margin increased in the third and third quarters, and the three fee control was higher.

In the first three quarters, the company’s gross profit margin decreased by 1 compared with the same period last year.

16pct, and the improvement in gross profit margin in 成都桑拿网 the third and third quarters was mainly due to the increase in the proportion of high-margin beauty products.

The company’s sales expense ratio increased to zero from January to September.

28pct, mainly due to new product promotion to strengthen online and offline marketing activities.

The management expense ratio and financial expense ratio decrease year by year. Generally speaking, the company’s period expense ratio decreases by 0 every year.

44 points, fee control is good, net interest rate is 9.

42%, an increase of 1 over the same period last year.


[Investment suggestion]The company’s main brand Herborist will continue its high-end route in the future. Through continuous introduction of new products and follow-up marketing, it will focus on renewing its vitality. The market segment brands Yuze, Jia’an, Qichu will also continue to grow rapidly.The operating revenue for 2019/2020/2021 was 79.



1.4 billion, net profit attributable to mothers was 6.



35 trillion, EPS is 0.



24 yuan, corresponding PE is 38/33/28 times, maintaining the “overweight” level.

[Risk reminder]Domestic daily chemical industry competition has intensified the macroeconomic and consumer demand than expected.