[Can cucumbers and peaches be eaten together]

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[Can milk and edamame be eaten together]_Fresh milk_ 同 吃

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Chenguang Stationery (603899): Leaders in the stationery industry continue to exert office direct sales + boutique cultural and creative products

Chenguang Stationery (603899): Leaders in the stationery industry continue to exert office direct sales + boutique cultural and creative products

The company is a leading enterprise in the domestic stationery industry.

Chenguang Stationery was established in 1990 and went on the market in 2015. After 30 years of development, it has established a solid leader in the field of domestic writing instruments, student stationery and office stationery. Until the end of 18, it had more than 7 in the country.

50,000 retail terminals.

In recent years, the company has been actively developing new business. In 2C, in 2012, it created a direct-operated large store model of Chenguang Life Center, which targets young consumers. In 2016, Jiumu Sundry Club was established to explore industrial retail.

The 2B end launched the Chenguang Klip office direct sales service platform in 2013. In 2017, it acquired the American office direct leader, Audi, to improve its customer matrix and seize market share.

2014?
CAGR in 2017 was 27.

8%, CAGR of the net profit attributable to the mother is 23.

1%.

2018Q1-3 realized revenue / net profit attributable to mother 61.

24/6.

250 thousand yuan, an increase of 36 in ten years.

3% / 27.

3%.

The stationery industry has grown steadily, and the competitive landscape in the large office sector is still excellent.

The domestic traditional stationery industry has a market size of US $ 150 billion, but the per capita stationery consumption is only 105 yuan, which is less than half of the global average of 240 yuan. Under the domestic consumption upgrade trend, there is still room for double growth in the future.

At present, the domestic stationery industry CR4 is only 5.

3%, the United States CR5 reached 70%, SMEs do not exceed the size and channel advantages, it is expected that the market will accelerate the concentration of head enterprises in the future.

Chenguang Klip, an office direct sales company, continued to make efforts and merged with Audi to expand its market.

In addition to office stationery and equipment, the large office market also includes various categories such as office furniture and consumables, corresponding to 1.

6 trillion market space.

At present, the scale of competition in the domestic large office sector is better. The participants include domestic stationery leading companies, overseas office direct sales companies and e-commerce platforms, which are all in the early stages of development.

The company’s office direct sales business, Chenguang Klip, has expanded rapidly since it was launched in 2013, achieving revenue in 17 years12.

55 ppm, a 143-year increase.

3%, 14?
17-year compound annual growth rate of 101.

3%.

In 16 years, he began to explore the Copley franchise model and established the franchise division. The company’s customers have developed smoothly, the warehouse’s national layout has been gradually improved, the distribution efficiency and customer service experience have been improved, and the company’s transportation expenses have room to fall.

In 2017, the company acquired 100% equity of the Audi office building with zero consideration. Audi focuses on intermediate customers to further improve the customer matrix of Chenguang’s office direct sales business, and is conducive to increasing the gross profit margin of the direct sales business in the future.

Exploration of new retail model, establishment of Chenguang Living Museum and Jiumu Miscellaneous Agency, the brand value continued to increase.

Living Museum and Jiumu Miscellaneous Goods Co., Ltd. are the main channels for fine cultural and creative products, catering to the trend of upgrading consumer quality.

In 18 years, the company began to explore the franchise mode of Jiumu Depot, until 18Q3 has launched 145 living museums, 79 Jiumu Depots (69 self-employed + 10 franchise), it is expected to add 100 Jiumu in 18 yearsSundries.

18Q1-3 Living Hall and Jiumu Depot have achieved income2.

19 trillion, a year-on-year growth of 40%; of which Jiumu Sundries Co., Ltd. is 96 million yuan per second, an annual increase of more than 380% (less than 20 million yuan in the same period last year).

The new model explores and enhances the company’s brand value. The gross profit margin of boutique cultural and creative products sold by the company through living museums and sundry clubs is about 45%, which brings room for gross profit margin to rise.

Optimize and upgrade the traditional stationery business terminal channels, enrich product 杭州桑拿网 categories and promote brand upgrades.

The number of the company’s terminal outlets has steadily increased. It is estimated that there will be a net increase of about 2,000 in 18 years, and increase the proportion of more profitable franchise stores in new stores, and continue to optimize and upgrade the existing channels to improve the quality of single stores.

Rich product categories, increase the promotion and sales of high-quality cultural and creative products, office stationery and children’s art products. 18Q1 high-quality cultural and creative products grow by more than 60% annually, increasing the gross profit margin of traditional businesses.
The company’s traditional stationery business channel has obvious advantages, the office direct sales business expands smoothly, actively explores new retail and boutique cultural and creative, thickens profit margins, has sufficient endogenous growth momentum, and gives a “buy” rating for the first time.

It is estimated that the net profit for 18-20 years will be 8.
05/10.

21/12.

75 ppm, an increase of 27 in ten years.

0% / 26.

7% / 24.

9%, corresponding to PE 39.

4X / 31.

1X / 24.

9X.

Risk reminder: Colop’s business is less than expected, the development of boutique cultural and creative sundries and living museums is less than expected, and the risks of prediction assumptions and actual conditions are different.