New Classic (603096): Seasonally growth growth is consistent with previous judgments. Assets and cash flow remain accurate.

New Classic (603096): Seasonally growth growth is consistent with previous judgments. Assets and cash flow remain accurate.

Investment Highlights The first quarter of 2019 is in line with expectations.

Revenue in the first quarter was 22,116.

280,000 yuan, an increase of 5 in ten years.

55%, net profit attributable to mother is 5,582.

430,000 yuan, an annual increase of 1.

65%, net of non-attribution net profit 5,097.

620,000 yuan, an increase of 9 in ten years.


In terms of business, the revenue of general book distribution business was 20,700.

700,000 yuan, an annual increase of 5.

33%, digital book business income 611.

550,000 yuan, an increase of 707 in ten years.

29% of the book retail business income was 850.

730,000 yuan, an increase of 639 in ten years.

01%, general books are still the main component of revenue. Digital books and book retail business have grown rapidly, but the proportion has continued, and there has been no significant change in the sales expense ratio and management expense ratio.

Revenue, deducting non-attributed net profit growth rate improved quarter by quarter.

We mentioned in the Q3 2018 quarterly report “The Starting Point of the New Growth Curve” that 2018 Q3 is the first quarter for the company to emerge from the “shadow” of high growth in 2017.Expenditure on expansion is expected to gradually weaken the transition between quarterly growth rates. In the long run, the company is likely to enter a new round of growth curve from waist training to right-hand volume. The company’s current performance is fully in line with our forecast judgment./ 18Q4 / 19Q1 The company’s revenue growth rate was -1.

31% /-0.

08% / 5.

55%, the growth rate of net profit after deducting non-return to mother is -2.

88% / 2.

06% / 9.


Assets and cash flow remain at expectations.

At the end of the 2019Q1 period, the company’s asset-liability ratio was only 9.

52%, which has maintained a downward trend since 2018, less than 9% after excluding advance payments.

The company has no long-term borrowings, the proportion of current assets in total assets remains above 90%, and the proportion of accounts receivable in assets is 7.

48%, ranking the end of 2018 (6.

94%) increased slightly, prepaid accounts (mainly prepaid royalties) and inventory were basically the same as at the end of 2018, and the company’s asset quality maintained a fairly high level.

The cash received from the sale of goods and services rendered accounted for 88% of operating income, and the net cash flow from operating activities accounted for 68 of net operating income.

26%, healthy cash flow.

Looking forward to the company’s new book performance on the right of 2019.

While continuing to maintain the competitive advantages of introducing copyrights overseas, the company has improved the exploration 北京夜网 and promotion of high-quality domestic copyrights. It now has the works of many domestic writers such as Yu Hua, Mai Jia, Wang Xiaobo, Ge Fei, Zhou Guoping, Di An, etc. By the end of 2018The company’s copyright database classifies about 3,900 types of copyright at the authorized level, increasing by 18 every year.


As of now, the company’s new book “Sea of Life” produced by the company has consistently ranked first in the list of Dangdang’s best-selling books.

Maintain “Buy” rating.

Maintain the previous profit forecast. It is estimated that the company’s net profit attributable to the parent in 19/20/21 will be 2.


09 million yuan, the corresponding growth rate was 17.

7% / 21.

8% / 18.

6%, PE is 29/24/20 times.

Risk reminder: product marketability risk, inventory risk, policy risk, market 成都桑拿网 system risk