Pien Tze Huang (600436): 19-year performance meets expectations and waits for 20-year growth acceleration

Pien Tze Huang (600436): 19-year performance meets expectations and waits for 20-year growth acceleration

Event: The company announced its 2019 results flash report: It is expected to achieve operating income57.

45 ppm, an increase of 20 in ten years.

54%; net profit attributable to mother 13.

74 ppm, an increase of 杭州养生会所 20 in ten years.

24%; net profit after deduction to mother 13.

6 ppm, an increase of 21 in ten years.


Performance is in line with expectations.

Opinion: The performance is in line with expectations, and the main business is expected to maintain rapid growth.

In Q4, it achieved revenue of 14 quarters.

30,000 yuan, an increase of 18 in ten years.

9%; net profit attributable to mother 2.

65 ppm, an increase of 18 years.

8%; net profit of non-attributed mothers 2.

30,000 yuan, an increase of 5% in ten years.

The company’s 19Q1 / Q2 / Q3 / Q4 achieved net profit of 4 in each single quarter.




30 ppm is in line with the core product temporary rule, that is, the relative sales season of tablets Q1 / Q3, and the relative sales season of Q2 / Q4.

The layout of the experience 北京桑拿洗浴保健 hall is deepened, waiting for 20 years of growth to accelerate.

The experience museum model has experienced rapid development over the past four years and has matured, and has proven to have a significant increase in product penetration. In the future, it will continue to expand the development of experience museums in northern and blank markets.

The museum serves as an experience hall.

In version 0, the display and promotion of the Pianzai brand is more abundant, and it is expected to become an important growth point for the company in the next stage.

Since the last price increase of Pien Tze Tin Lozenge, the price has remained unchanged for the past 3 years. Through the digestion of channel inventory, we expect the 20-year growth trend to accelerate.

In addition, the continuous development of Pianzai Cosmetics and toothpaste business is a new profit growth point for the company.

Earnings forecast and evaluation: According to the 19-year performance report, the EPS is slightly reduced to 2.

28 yuan (the original 2.

31 yuan), maintaining EPS 2 for 20-21 years.


55 yuan, the current price corresponding to 19-21 years PE is 54/43/35 times.

The advantages of Pianzai’s national “dual-peer” formula, scarce resource attributes, and brand awareness make up the company ‘s natural “moat”, which has a broad space for long-term development, and increases in product prices with increasing purchasing power and rising costs.

Maintain “Buy” rating.

Risk Warning: Economic Downturn Impacts Product Promotion; Progress of “One Core, Two Wings” Progressively Expected