Chenguang Stationery (603899): Klipp + Miscellaneous Co., Ltd. goes hand in hand in interim report performance

Chenguang Stationery (603899): Klipp + Miscellaneous Co., Ltd. goes hand in hand in interim report performance

Event: Company 19H1 achieved revenue of 48.

390,000 yuan, an increase of 27 in ten years.

8%; net profit attributable to mother is 4.

71 ppm, an increase of 25 in ten years.

8%; net profit after deduction is 4

27 ppm, an increase of 25 in ten years.


Of which 19Q2 achieved income of 24.

830,000 yuan, an increase of 27 in ten years.

6%; net profit attributable to mother is 2.

13 ppm, an increase of 25 in ten years.

0%; net profit after deduction is 1

0.94 million yuan, an increase of 20 in ten years.


Copley and large retail stores saw strong growth.

In terms of channel revenue, 19H1 Klipp / Jiumu / Living Hall / Chenguang Technology / Traditional Stationery business achieved revenue of 15 respectively.





800 million, with income exceeding +56% / + 240% /-5.

2% / + 43% / + 14%, respectively accounting for 31 in revenue.

0% / 3.

4% / 1.

4% / 2.

6% / 61.


1) Chenguang Klip ‘s office direct sales business has developed smoothly. All 5 central warehouses in the country have been delivered and operated, radiating the country to improve the distribution efficiency. Shanghai, Beijing, Guangzhou, Shenzhen, Tianjin and other nine key cities have built their own distribution teams for demonstration purposes.

2) The large retail store business mainly includes Chenguang Life Museum and Jiumu Miscellaneous Agency, and realized revenue in 19H1.

300 million, an increase of 95% in ten years.

The growth of Jiumu Sundry Club is strong, mainly due to the increase in new stores. The company currently adopts the direct management + franchise method. At the end of June 19, the number of Jiumu stores was 171 (114 directly managed + 57 joined), an increase from the same period last year.139.

The number of stores in the living hall dropped to 129.

3) Traditional stationery business grew steadily, and retail terminals grew to 7.

80,000, the terminal single store revenue is expected to achieve annual growth of about 10%.

The profit margin and expense ratio are basically stable, and profitability is reorganized.

19H1 company’s comprehensive gross profit margin 26.

2%, ten years +0.

6 points.In terms of business, writing tools / student stationery / office stationery / office direct sales Klip achieved revenue11.




0 trillion, income +10 for ten years.

5% / + 26.

7% / + 11.

5% / + 56.

0%; gross margin 35.

0% / 33.

2% / 26.

6% / 12.

苏州夜网论坛8%, double +0 respectively.

9 / + 1.

9 / + 1.

twenty one.

3 points.

Since the company developed boutique cultural and creative businesses such as sundry clubs and living museums, its products have been upgraded and upgraded to higher value-added and high-end. The gross profit margin of major stationery products has increased slightly.

The company’s expense ratio was basically stable, and the expenses during the period of 19H1 were 15.

0%, ten years +0.

2pct; sales / management / financial expense ratios are 9 respectively.

2% / 6.

0% /-0.

1%, respectively -0 per year.

4 / + 0.

6 / 0pct.

19H1 company achieved a net profit margin of 9.

8% per year.


The company’s performance in cash flow recovery was excellent, with net operating cash flow in 19H12.

500 million, +50 for ten years.

6%, mainly due to the company’s good management of sales and procurement.

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, currently the competitive advantage in the domestic large office sector.

The company’s office direct sales business, Chenguang Klip, has been developing rapidly since 2013. In 16 years, it began to explore the model of Klip sales. In 17, it acquired Audi Office to further improve the customer matrix of Chenguang office direct sales.

The exploration of new retail models, the establishment of Jiumu Sundry Club and Chenguang Living Museum, 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 joining mode of Jiumu Debris Club. The new model explored to enhance the brand value of the company. The gross profit margin of boutique cultural and creative products sold by the company through the Living Museum and the Debris Club was around 45%, which brought room for gross margin to increase.

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 activities, increases profit margins, has sufficient endogenous growth momentum, and maintains a “buy” rating.Expected 19?
21-year net profit was 10 respectively.



50 ppm, an increase of 25 per year.

6% / 23.

9% / 23.

5%, corresponding to PE 37.

7X / 30.

4X / 24.

6 times.

Risk reminder: Colip’s business is less than expected, and the development of boutique cultural and creative sundries and living museums is less than expected