\u3000\u3 Jointo Energy Investment Co.Ltd.Hebei(000600) 315 Shanghai Jahwa United Co.Ltd(600315) )
Brief comment on the event
3.18 Shanghai Jahwa United Co.Ltd(600315) held the 2022 Strategy Conference of “beauty and ingenuity”. Pan Qiusheng, chairman and CEO, and the management team introduced the business achievements and future plans in 21 years from the aspects of enterprise strategy and brand innovation.
Event analysis
Comprehensively upgrade the business policy:
One center (consumer centered): insight drives R & D 1.0 to advance to 2.0, carries out data cooperation with grass planting platform / KOL / Wuxi Online Offline Communication Information Technology Co.Ltd(300959) business platform, drives R & D with global insight, opens up consumer related data among brands, integrates marketing and improves consumption experience.
Two basic points (brand innovation and channel advancement): 1) brand: the hit model upgrades the heart model, enables brand development with ingenuity research and development + global insight + value building + content innovation + customized marketing, and creates a brand moat. 2) Channel: Wuxi Online Offline Communication Information Technology Co.Ltd(300959) integrate and coordinate, and continue to take five measures: strategic cooperation, fine operation, smart retail, private operation and Model Innovation: a) offline: continue to promote the construction of 3 + 3 new retail system; b) Online: build four platforms (Tequ + social e-commerce + Interest e-commerce + platform e-commerce) and four capabilities (effect marketing / private domain operation / content creation / Data Science), multi platform layout of e-commerce and self broadcasting of stores, reduce dependence on single platform / singles, and accelerate Tequ’s transformation to retail.
Three boosters (culture, system process and digitization): focus on the development of head talents, provide display platform and continuously improve organizational efficiency; Use the “act” model to form a data driven, quantifiable, visual and optimized organization.
How to play the core brand in 2022: 1) baicaoji: continue to focus on the accelerated growth and explosive creation of the new Taiji series; 2) Yuze: strengthen the brand medical research gene, and continue to carry out cutting-edge research and clinical verification with top hospitals in the industry (Ruijin Hospital, etc.); It will be the first time to break through the barrier of “platinum + anti-inflammatory technology” for ordinary skin cleansing molecules in March and March, so as to achieve the goal of “easy to use anti-inflammatory technology” and “easy to use anti-inflammatory technology” for ordinary skin cleansing molecules, which will be the first to break through the barrier of “platinum + anti-inflammatory technology”; 3) Liushen: focus on expanding the penetration rate of consumers in four seasons. Shower gel mainly promotes jingcui series to break through the limitation of use in summer. Toilet water focuses on category expansion and use scene expansion.
Investment advice
Centennial home chemical products / brands / channels / organizations continue to optimize and the reform effect gradually appears. It is estimated that the EPS in 22 ~ 24 years will be 1.23/1.71/2.16 yuan respectively, corresponding to 30 times of pe22 years, maintaining the “buy” rating.
Risk tips
Channel / brand / product / organizational structure optimization is less than expected; Weak terminal retail, etc.
