Jihong shares (002803): Based on packaging, Internet innovation is ready to take off

Jihong shares (002803): Based on packaging, Internet innovation is ready to take off

Based on packaging business, enter the creative Internet: existing companies form a packaging-based creative + Internet business model, packaging business is mainly fast-moving consumer goods packaging, major customers include well-known brands such as Yili, Hengan, 18H1 company’s packaging business revenueThe total is 5.

2.3 billion, with a business share of 54.

5%; Internet business includes cross-border e-commerce and advertising marketing. Cross-border e-commerce conducts online B2C sales in Southeast Asia and Taiwan, China. The advertising marketing business acquires Beijing Longyu Star for advertisers in traffic media and applications.Advertising, 18H1 Internet advertising and cross-border e-commerce business revenue were 0.

7.3 billion and 3.

6.3 billion, a total of 4.

3.6 billion accounted for 45.

5%.

The advantages of integrated services have increased, and the share of major customers has continued to increase: The company’s packaging products mainly cover the FMCG industry, involving daily chemicals, food and beverages, etc. Yili and Hengan are the company’s top two customers, especially Yili’s contribution to the total revenue60%, and contributes to maintain a rapid growth rate of revenue, and has its own integrated service capabilities

The demand for environmentally friendly packaging has exploded, and we have decided to increase the number of environmentally friendly packaging: Affected by the increase in demand from the takeaway industry and the plastic ban policy, the demand for environmentally friendly packaging has exploded.An additional 23.2 million shares were issued in August to raise no more than 7.

A multi-regional environmentally friendly packaging project of USD 3.5 billion will be implemented to add the capacity of food-grade paper bags and carton production equipment to the catering chain and food delivery business in the service category.

Existing advertising marketing genes and precision marketing enable e-commerce: In March of 18th, the company and Zhengqi Information jointly acquired Beijing Longyu Star to enter the field of precision marketing, and the proportion of 18H1 revenue reached 7.

7%; the company’s services include mobile mobile games, applications, e-commerce, live broadcast and other industries, the main customers include public opinion, Meituan takeaway and other front-line Internet traffic 杭州桑拿网 provider platforms, rich media promotion resources, and effectively empower e-commerce businessHelp it grow quickly.

The rapid growth of cross-border e-commerce and creative ways of realizing the Internet: The company invested in the establishment of Xiamen Jikein E-commerce Co., Ltd. in August 17 to enter the cross-border e-commerce field; the company’s revenue in 18H1 was 3.

600 million, accounting for 37.

8%, net profit is 0.

400 million accounted for 50.

8%; the company integrates regional selection and precision marketing and personalized services to achieve high profitability. The business model is based on core advantages of precision marketing and data-driven. It currently serves Taiwan and Southeast Asia in the region.Important growth drivers.

Earnings forecast and rating: We expect the company’s net 淡水桑拿网 profit to be 19-20.

8 billion, 3.

70,000 yuan, an increase of 37 in ten years.

6%, 32.

3%; corresponding to 19-20 years PE is 18 times, 13 times, we give the company 18 years 19?
20 times PE estimate, the reasonable value range is 25.

92?
28.

8 yuan, given “excellent than the market” rating.

Risk warning: New internet business expansion is less than expected; risk of fluctuations in orders for major customers in the packaging business.