Jonjee Hi-Tech (600872.CH) Condiment Business Grows Steadily with the Initially Set-up National Layout April 18, 2019 383

PSR Recommendation: ACCUMULATE Status: Maintained
Target Price: CNYCNY37.30

Investment Summary
The Result Remains High While the Growth Rate Slows Down in H2
In 2018, JonjeE Hi-Tech recorded a revenue of RMB4,166 million, up by 15.4% yoy; a net
profit attribute to shareholders of listed companies of RMB607 million, up by 34%, which
was sharply slowed down compared with 61% in the H1 of last year. The shipment was
decreased due to the relatively high base in the third quarter of last year and the typhoon in
the third quarter of this year, which resulted in the flat net profit in the third quarter. The
annual EPS was RMB0.76, and the result was slightly (5.6%) worse than our expectation. The
weighted return on equity was 18.07%, up by 2.86 ppts yoy. The dividend per share was
RMB0.23, with a dividend payout rate 30%.

About the author

Profile photo of Zhang Jing

Zhang Jing
Phillip Securities (HK)

Bachelor Degree in Tongji University of Engineering; Master Degree in East China Normal University of finance. Currently covering the automobile and air sectors. She has years of experience in investment research and is good at combining analysis for the companies with industry prospects.

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