Jinjia Co. (002191) Company Review: Industry Rectification Favors Tobacco Industry Chain Service Providers Inc. Quarterly Report Exceeds Expected Growth!

Jinjia Co. (002191) Company Review: Industry Rectification Favors Tobacco Industry Chain Service Providers Inc. Quarterly Report Exceeds Expected Growth!

Event 1: The “March 15th” party released the special survey “Is smoking e-cigarettes really healthy?” And got the following results: 1) Nicotine is an addiction-inducing substance, which increases the probability of non-smokers turning into smokers; 2)E-liquids on the market have irregular labeling, which is likely to mislead consumers, including the wrong unit or content deviation; 3) The smoke generated from the distributed e-liquids contains formaldehyde, propylene glycol, glycerin and other vaporized components.Excessive amounts cause harm to the human body.

Event 2: The company released the 2019 first quarter performance forecast, and realized a net profit attributable to shareholders of the listed company in the report of 2.


770,000 yuan, an annual increase of 20-30%.

In the short term, the chaos in the industry is urgently needed to be regulated by policies. The biology of the industry will be greatly improved in the future, which will benefit the tobacco industry chain service providers!

At the highest level, regulators in various countries are actively exploring regulatory guidelines for new tobacco, and their attitudes vary. Internationally, new tobacco products can be sold in Japan and can be used in public places. The United States bans the sale of electronic cigarettes to young people, but it can be used by adultsConsumer sales.

At present, it is usually only regulated for heating non-burning tobacco products according to tobacco products, e-cigarettes are banned from selling to young people, and the regulatory policy for the entire industry of electronic cigarettes is still being accelerated.

Improving regulatory standards is conducive to clearing up chaos in the industry and is conducive to the healthy development of the industry.

With the gradual improvement 返回码: 500 网站打不开?重查 and perfection of the regulatory agency, the regulatory agency will clarify the relevant entry conditions and production and sales standards. By then, “small, scattered, and chaotic” participation will be gradually eliminated by the market, and the industry entry threshold will be greatly increased.In the process, leading enterprises with qualifications, production specifications and mature technologies will stand out and enjoy the new blue ocean market for tobacco.

The benchmark international, the scale of the new tobacco market is considerable!

Philip Morris International’s subsidiary product IQOS has rapidly increased its global city share to 1 in more than 2 years.

At 6%, about 6.6 million smokers have converted from traditional cigarettes to IQOS consumers. At the same time, the Japanese market shows that the current retention rate of heating and non-combustion equipment has reached 45.

6%, the proportion of users reached 40.

5%, consumers’ recognition of new tobacco products such as heating and non-combustion has greatly improved, and the new tobacco market is considerable, and the future has come!

We believe that the clarification and liberalization of the reorganization of conventional new tobacco policies will inevitably become the world’s largest new tobacco market. At that time, service providers related to the industry chain will usher in scale development and space!

Cigarette label and color box orders completed well. The company’s first-quarter report exceeded expectations. The high-growth company was the leader in the cigarette label industry. The order completion in the first quarter of 2019 was the best.growth trend.

We believe that the company’s performance is expected to continue to develop at a relatively high speed based on its customer advantages, technological advantages, and stable and aggressive management style.

Investment advice and profit forecast: We expect the company to achieve revenue of 39 in 2019-20.


390,000 yuan, net profit 9.


28 ppm, an increase of 25 in ten years.

55% / 22.


Based on the company’s scale and technical advantages, the wine bag development has been given a “Buy” rating.

Risk reminder: Order fluctuation risk, new tobacco promotion is less than expected, policy risk