subject: Jahwa: Optimization Of Product Structure To Enhance Profitability - Jahwa, Cosmetics - Beauty Salon [print this page] major brand products to maintain good growth momentum
Company brand building, distribution network continued to expand, the successful development of new products, consumer demand for such measures, in the first half Cosmetic Sales up 23.3%, of which six God Herborist, MAXAM, Goff, home security and other branded products are good sales growth.
optimize the product mix, gross margin levels are increased significantly
Company to increase high-margin products, marketing efforts, by expanding Herborist sales of high margin products regulations
Mode, while phasing out of low margin products, achieve product mix; the same time, research and development, production processes and other ongoing projects to promote cost reduction, response to upward pressure on raw material price increases and other costs. Half of 2008, the company consolidated gross margin was 50.45%, 47.34% over the same period increased 3.11 percentage points. In recent years, restructuring the company by product, high-margin products innovation, effectively pushing up the integrated gross margin level, and thereby the quality of profitability and revenue rising.
Incentive management fees increased costs Equity incentive plan during the reporting period the company implemented cost-min 4 years related amortization, will increase management costs. Affect the performance of the first half of 2008 the number was 15.93 million yuan (the number of annual profit of 32.87 million yuan in 2008, respectively, in 2009 33.89 million yuan, 15.82 million yuan in 2010, 2011, 6.78 million yuan).
strategies to enhance, fashion transition to open space for development
2008 years to enhance one-year corporate strategy, the company is working from a traditional manufacturing enterprise to enterprise restructuring fashion brand, brand marketing differentiation, product diversity combined with relatively high position will be the company's future direction . Fashion brand company Herborist domestic sales have more than 100% for three consecutive years to maintain a growth rate of the second half of cosmetics according to company plans national brand HERBORIST to land in Europe into the Sephora Champs Elysees in Paris flagship store then its full line of products will be settled more than 220 French Sephora stores, the Chinese cosmetics company will be the first to brand the overall output of the way into overseas markets. At the same time the company has taken the first step brand acquisitions, the acquisition of recoverable Cosmetics Co., Ltd. Sichuan, 51% of the shares into the skin membrane that faster-growing market segments.
investment rating and profit forecasts 08-09
We expect the company's main revenue will grow 19.12%, 19.15%, net profit is expected to grow 42.35 percent, 35.02 percent, the company expects EPS 08-09 were 0.871 yuan and 1.176 yuan. Our country is already the cosmetics and personal care products in the world 8th largest consumer, but per capita spending is the world's per capita level is only 1 / 8, with the economic development, consumption upgrade, plenty of room for future growth. As the Japanese company's leading enterprises, have a brand, technology advantages, strategies to enhance, fashion transition to open space for development of nurses in small and large treasure and other domestic brands have been foreign acquisition, the company stick to the domestic brand position, and taken to the output of national brands in overseas markets the first step. We are optimistic about the company's development prospects, maintain "outperform" rating.
