Jinjia Co., Ltd. (002191): Cooperation with Wuliangye to join forces with wine bags to usher in the release period of performance!

Jinjia Co., Ltd. (002191): Cooperation with Wuliangye to join forces with wine bags to usher in the release period of performance!

Company Announcement: On April 10, the company signed a strategic agreement with Sichuan Yibin Licai Group (a subsidiary of Wuliangye Packaging Group). Jinjia Intelligent Packaging, a subsidiary of the company, and Yibin Wuliangye Fine Printing will jointly invest 20 million to establish a joint venture subsidiary, Yibin Jiamei.Smart Packaging Co., Ltd. (51% owned by Jinjia Smart Packaging).

The agreement stipulates that after the establishment of the joint venture, both parties will give priority to cooperating with the joint venture or the other party, and promote business cooperation in paper packaging, anti-counterfeiting technology and intelligent manufacturing to increase market share.

Complementary advantages enhance comprehensive competitiveness and pave the way for future customer development: Wuliangye Fine Printing is a 97% -owned subsidiary of Yibin Wuliangye, with an annual production capacity of 5 billion impressions, and has undertaken orders for more than 80% of Wuliangye’s paper packaging, as well as Hongta Tobacco, etc.Customers provide tobacco packaging, and are involved in food packaging (Master Kong) and pharmaceutical packaging (Livzon), diversified business fields, services covering the southwest, and radiating the country.

After this cooperation, the exquisite printing or sharing of Jinjia’s achievements in the field of RFID packaging intelligence will comprehensively enhance the competitiveness 南京桑拿网 of its packaging services. Jinjia will also resume its entry into the Wuliangye wine package supply system, laying a foundation for the development of other liquor brands.
Collaborating with benchmarking wine companies, boutique wine boxes are expected to enter the heavy volume period: This cooperation is another breakthrough for Jinjia in the wine packaging field after cutting into the Moutai wine packaging supply chain system last year, reflecting the strength of Jinjia’s development of benchmarking wine company customers.
Wuliangye’s commercial wine sales reached 19 in 18 years.

16 Initially, according to a rough estimate of 10 yuan per wine box, Wuliangye wine box orders are expected to reach 3 to 4 billion.

According to the cooperation agreement, Jinjia is expected to take orders for some Wuliangye wine packages in the future, which is expected to drive the growth of the company’s boutique wine box business.

The large packaging strategy is advancing steadily and is optimistic about long-term growth: We believe that Jinjia, relying on the R & D and design advantages accumulated by the main business of tobacco labeling, continues to develop high-quality wine enterprise customers in the field of fine wine packaging, and is optimistic about the growth of wine packaging business.

At the same time, the company’s cigarette label business has a margin of safety, and the new tobacco business has a strong forward-looking layout, and continues to be optimistic about the company’s long-term growth!

Earnings forecast and investment rating: We expect to achieve revenue of 33% in 18-20 years.



3.4 billion, an increase of 14.

5% / 16.

8% / 17.

7%; net profit attributable to mother 7.



1.4 billion, an increase of 26.

5% / 24.

4% / 23.


The current corresponding PE is 30.

58X / 24.

59X / 19.

95X, maintain “Buy” rating.

Risk warning: New business development fails to meet expectations, tobacco industry expectations exceed expectations