[Rent office supplies] Chenguang Stationery: Channel product upgrades, new business maintains rapid growth

by:Yourijiu     2021-08-22
The company's operating income and net profit in 2015 increased by 23.19% and 24.47% year-on-year, respectively, and net profit after non-deduction increased by 24.56% year-on-year. Among them, operating income and net profit in the fourth quarter increased by 25.63% and 46.59% year-on-year, respectively. Profit growth rate There was a significant improvement from the previous three quarters. In 2015, the company's core product writing tool sales revenue achieved 11...The company's operating income and net profit in 2015 increased by 23.19% and 24.47% year-on-year, respectively, and net profit after non-deduction increased by 24.56% year-on-year. Net profit increased by 25.63% and 46.59% year-on-year, respectively, and the profit growth rate increased significantly from the previous three quarters. In 2015, the company's core product writing instrument sales revenue achieved a steady growth of 11.6%. The sales of student stationery and office stationery maintained rapid growth, and the rent of office supplies increased by 21.65% and 39.17% year-on-year respectively. The company announced that it intends to increase 10 shares for every 10 shares and pay 5 yuan in cash. In 2015, the company's gross profit margin increased slightly by 0.89% year-on-year. In terms of products, office supplies rented mainly came from the increase in the gross profit margin of student stationery and office stationery. In the whole year, the company's period expense ratio increased slightly by 0.87 percentage points year-on-year, of which the sales expense ratio and management expense ratio increased by 0.72 and 0.30 percentage points respectively year-on-year. In 2015, the company's net cash flow from operating activities was generally good, with a year-on-year increase of 45.18%. At the end of the year, the company's accounts receivable increased by 79.59% from the beginning of the year, and the inventory balance increased by 16.90% from the beginning of the year. With a relatively high base, the company added 5,115 retail terminals in 2015, and the overall number of retail terminals exceeded 68,000. The key development of campus stores, office stores and university city stores further improved the quality of single stores. Since 15 years, the company has mainly promoted children's art areas and related products for young children, strategically extending coverage from primary and middle school students to preschool children, and sharing the second-child dividend. The pragmatic and efficient terminal promotion strategy provides strong support for the promotion of Chenguang's high value-added products and new categories. New business maintains rapid growth, renting office supplies to create potential growth points in the future. In the 15 years of renting office supplies, the sales revenue of Chenguang Science and Technology has increased by 47.77% year-on-year, and it has been successfully selected for procurement by governments and state-owned enterprises in developed regions such as Beijing, Shanghai and Guangdong. In 2016, Science and Technology will try a new model of franchise and integrate mergers and acquisitions between industries, and actively explore A business model suitable for China's office supplies market. Chenguang Life Museum has added 24 stores in 15 years, sales revenue has nearly doubled, merchandise, office rental store operations, and store image are becoming more and more perfect, which is conducive to Life Museum's 16 years of accelerating the expansion of stores in Jiangsu and Zhejiang regions and shopping mall channels, combined with Chenguang Technology online product development capabilities, divided into sub-groups of white-collar workers and college students born in the 80s-90s, and renting office supplies to promote Chenguang's upgrade from a traditional stationery supplier to a lifestyle supplier. Financial forecasts and investment recommendations We expect the company's 2016-2018 earnings per share to be 1.11 yuan, 1.35 yuan and 1.62 yuan respectively (the original forecast 2016-2017 earnings per share are 1.11 yuan and 1.34 yuan respectively), and the compound growth rate in the next 3 years It is 21%. With reference to the average valuation of listed companies in the entertainment industry, we maintain the company's 2016 PE valuation of 44 times, corresponding to the target price of 48.84 yuan, and maintain the company's buy rating. As a private enterprise that started by relying on the Ru0026D, production and marketing of traditional stationery, Chenguang maintains a pragmatic, stable and open business style. The subsequent use of abundant funds to integrate the upstream and downstream industrial chains is also worth looking forward to.
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