\u3000\u3000 Shenzhen Jinjia Group Co.Ltd(002191) (002191)
Key investment points
Jiaju electronics is a high-quality integrated enterprise of HNB product R & D, production and sales
Jiaju electronics focuses on the R & D, production and sales of HNB products. Its existing business includes the R & D and production of HNB herbal cigarette bombs, HNB innovative cigarette sets and HNB herbal cigarette bombs automatic production equipment. It has a fully independent intellectual property rights herbal cigarette bombs automatic filling production line, its own brand HNB herbal cigarette bombs and provides ODM / OEM services for overseas customers, Strong R & D strength and rich product reserves.
Supplement the company's low-temperature herbal smoke bomb business and form a strong strategic synergy
This participation in Jiaju electronics can expand the company's low-temperature herbal cigarette bomb business and form a strong strategic synergy with the company's existing new tobacco layout. In terms of production, Jiaju electronics has the R & D and production capacity of cigarette sets, cigarette bombs and cigarette bomb production equipment, so as to enhance the R & D and production strength of the company. In terms of products and brands, Jiaju electronics has its own brand products of Weiyue low-temperature herbal cigarette cartridge. Previously, the company has developed its own brand of atomized tobacco foogo through flavor technology. The layout of new tobacco products has been further improved, and the brand linkage and strong combination have been strengthened. In terms of channels, Jiaju electronics has mature brand operation ability and overseas sales channels, laying the foundation for the company to layout overseas new tobacco brands.
In the past 22 years, the traditional cigarette label business is expected to bottom up, and the new tobacco policy will release dividends
Looking forward to 22 years, the company is expected to increase the market share of cigarette labels through active bidding, and the cigarette label business will be reversed. At the same time, the high-quality cigarette boxes in the large packaging business will continue to develop, the 3C packaging growth will recover, and the wine packaging business will increase the number of high-end customers. In recent years, the company has successively cooperated with Maotai and other high-end wine enterprises, and will further expand its business scale in the future by participating in wine packaging enterprises, On the whole, the traditional business margin is better. The implementation of China's HNB policy for new tobacco business in 22 years is expected to release the growth dividend of the industry, the overseas demand continues to boom, the business volume in 21 years is nearly 200 million yuan, and it is expected to more than double the growth in 22 years.
Profit forecast and valuation
In September, the company launched the equity incentive plan. According to the performance target, the company's compound growth rate in 21-23 years reached 23%, and the development confidence was abundant. We expect that the company's revenue in 21-23 years will be 51.32/66.67/8648 billion yuan, an increase of 22.44% / 29.91% / 29.71%, and the net profit attributable to the parent company will be 1.075/12.86/1593 billion yuan, an increase of 30.56% / 19.62% / 23.85%, The current share price corresponds to PE of 23.24/19.09/15.38 X. The company's new tobacco layout is gradually improved, the valuation can be improved in the future, and the "buy" rating can be maintained.
Risk tips
New tobacco policy risks, sharp fluctuations in raw material prices, epidemic situation affecting product sales, etc.
