Jack Co. (603337) Annual Report Comments: Share continues to increase, multi-party layout is conducive to long-term development
Core point of view: The company released its annual report and achieved revenue 41 in 2018.
52 ppm, an increase of 49 in ten years.
0%; net profit attributable to mother 4.
54 ppm, an increase of 40 in ten years.
A cash dividend of 5 is proposed for every 10 shares.
2 yuan (including tax).
The industry maintained moderate growth, and the company’s expansion was further enhanced.
According to the China Sewing Machinery Association, from January to November 2018, one hundred complete machine companies in the industry gradually completed their main business income of 196.
15 ppm, an increase of 15 in ten years.
The industry continues to maintain a medium-speed growth momentum.
Benefiting from the continuous improvement of the industry boom and the company’s share, the company’s revenue in 2018 reached 49.
0% good growth.
2018 sales expense ratio 5.
30%, administrative expenses rate 5.
68%, a decrease of 0 from the previous year.
50 units, the scale effect is prominent.
The company’s financial expenses in 2018 were -0.
16 trillion, 0 in the same period last year.
Affected by rising costs and product structure adjustments, the gross margin increased.
The company’s industrial sewing machine revenue in 2018 was 35.
3 ‰, an increase of 51 per year.
0%, gross margin 25.
75%, a decrease of 1 from the previous year.
97 quotas, mainly affected by changes in exchange rates and raw material prices; revenue from bedmaking and spreading machines in 20185.
0 million yuan, an increase of 12 in ten years.
3%, gross margin 41.
7%, 4 less than the previous year.
75 singles, mainly due to the increase in sales of new products just need to cut bed.
Foreign revenue in 2018 20.
6 trillion, gross profit 杭州桑拿网 margin 29.
3%, a decrease of 4 from the previous year.
29 years, mainly due to exchange rate changes and product structure impact; domestic revenue in 201820.
8 trillion, gross margin 26.
8%, basically stable. Continuous strategic focus, based on long-term future prospects.
In 2018, the company completed the acquisition of Italian Verbimar, entered the field of denim clothing automation equipment, and accelerated the development of intelligent sewing business.
The company supports suppliers, adjusts the payment policy from acceptance bills to cash payment methods, guides them to expand the expansion of automation equipment, expand production capacity, and is conducive to the long-term stability and efficiency of the supply chain system.
Company R & D in 2018 2.
50,000 yuan, an increase of 52 in ten years.
1%, the proportion of revenue further increased to 4.
Profit forecast and investment advice: EPS is expected to be 1 in 2019-2021.
96 yuan / share, according to the latest PE closing price is 22x / 17x / 14x.
It is expected that the company’s net profit compound growth rate will be 26% in the next 3 years. Based on this, we give the company 26 times PE in 2019 with a reasonable value of 50.
70 yuan / share.
The company’s brand quality product line is complete, its market share continues to increase, and its “Buy” rating is maintained.
Risk warning: Textile industry investment gradually leads to increased industry demand; intensified industry competition leads to a decline in gross profit margin; exchange rate changes; continuous increase in raw material prices; overseas market growth is less than expected.