Jiajiayue (603708) 2018 Annual Report Comments: Performance Meets Expectations Regional Leaders Steady Expansion

Jiajiayue (603708) 2018 Annual Report Comments: Performance Meets Expectations Regional Leaders Steady Expansion

The performance growth rate was in line with expectations in 2018, and the company achieved operating income of 127.

31 ppm, an increase of 12 in ten years.

36%; net profit attributable to mother 4.

3 billion US dollars, an annual increase of 38.

35%; net profit after deduction to mother 3.

82 ppm, an increase of 26 in ten years.

94%, performance was in line with expectations.

The company plans to distribute a cash dividend of 5 per 10 shares.

60 yuan (including tax), 3 shares for every 10 shares, corresponding to the latest closing price (26.

33 yuan), exchange proceeds 2.


The gross profit margin continued to be optimized in 2018, and the company’s comprehensive gross profit margin was 21.

77%, rising by 0 every year.

19 points.

In terms of products, the gross profit margin of fresh products was 15.

79%, rising by 0 every year.

With a score of 45, the gross profit margin of the food chemical industry was 18.

29%, rising by 0 every year.

29 points.

Total company expenses for 2018 17.

84%, rising by 0 every year.

21 points.

The company’s net interest rate after deduction in 2018 was 3.

00%, a year increase of more than 0.

3 points

Stores accelerated, with same-store growth of up to 2.

72% In 2018, the company’s operating income for stores opened for more than two years increased by as much as 2.

72%, of which hypermarkets, general supermarkets same store growth rate reached 2 respectively.


84%, the company’s total number of stores reached 732, that year opened 85, closed 28 net increase of 57 stores (17 hypermarkets, 19 supermarkets, 10 convenience stores, 11 specialty stores).

The back-office construction proceeded as scheduled, and the partnership system continued to deepen the company’s continuous strengthening of logistics and supply chain construction. The new area of the Yantai Logistics Industrial Park project and the new area of Laiwu Fresh Processing Center are still under construction and are expected to be partially used in 2019.

In April 18, it began to increase the number of 56 stores in the western region to further promote the partnership mechanism. The total number of pilot stores of existing company partners was 89, effectively improving operating efficiency.

Risks suggest that the expansion of western Shandong is less than expected, and the zero growth rate of the company continues to decline.

Regional fresh leader, intensive layout + active expansion, maintain “Buy” rating company in 2019, maintain active store plan, expansion in central and western Shandong will accelerate; supply chain logistics, network layout of the central kitchen provides strong support for the company’s expansion.

The company’s net profit is expected to be 4 杭州桑拿网 in 2019/2020/2021.



At 88 ppm, consumption is expected to show an upward trend. Benefiting from tax and fee reductions and expected growth, the company continues to maintain a “Buy” rating based on the company ‘s regional intensive layout advantage.