Aojiahua (002614) Annual Report Commentary Report: Steady performance and development of the first category massage chairs help move forward

Aojiahua (002614) Annual Report Commentary Report: Steady performance and development of the first category massage chairs help move forward

Event: The company released its 2018 annual report and 2019 quarterly report, and realized revenue of 54 in 2018.

470,000 yuan, an increase of 26 in ten years.

86%, net profit attributable to mother is 4.

390,000 yuan, an increase of 27 in ten years.

22%, the overall performance maintained a steady growth trend.

2019Q1 achieved revenue of 12.

43 ppm, an increase of 20 in ten years.

18%, net profit attributable to mother is 0.

370,000 yuan, an increase of 30 in ten years.


The company’s overall gross profit level in 2018 was 36.

26%, with a net interest rate of 8.

13%, basically unchanged from 2017.

The company’s selling expenses, management expenses and R & D expenses were 9 respectively.

9.6 billion, 3.

6.8 billion, 1.

83 ppm, an increase of 22 in ten years.

49%, 42.

96%, 36.

32%, the increase in management expenses is mainly due to the company’s increased talent introduction and the implementation of the second phase of equity incentives.

The massage chair brand has become the company’s new pillar industry, and online and offline collaborative development has occupied the market. The massage chair category achieved 20 in 2018.

96 ppm, an increase of 62 in ten years.

86%, has jumped to the top category, accounting for about 40% of revenue.

In 2018, the company continued to polish and upgrade on the product side, launched the new version of the master’s hand warming chair AI version, and gradually continued to invest in the marketing side to maintain brand barriers and promote the three major brands of massage chair business (OGAWA, FUJI, COZZIA)A weekly increase of 34.


The core product Royal Hand Warm Master Chair sold 37,000 units worldwide in 2018, an increase of more than 80%.

The company actively deploys online channels and comprehensive sales network with offline store itineraries.

In 2018, the domestic offline channels initially increased by 45 each year.

60%, the growth rate of online channels reached 154 in ten years.

65%, driving a 69% increase in sales throughout the domestic market.

91%, the huge domestic health management needs are far from being met, and the domestic market is still the company’s main nugget.

The growth of overseas ODM business is good, and growth in South Korea and the United States is satisfactory.

In 2018, the company’s global ODM business sales increased by 34%, the South Korean market was close to 30 million US dollars, growing by 162% annually, and the US market was growing by 54%. We can see that even in mature regions, the market potential is still to be tapped.

Relying on excellent ODM manufacturing capabilities and brand output, the company has further growth potential in the global market in the future.

Maintain “Buy” rating In 2019, the company will maintain its flagship product iteration in the high-end market, maintain its core competitiveness, and gradually realize multi-dimensional creation of low-end and mid-range products to meet the needs of different groups of

Actively promote both 4 at the same time.

0 The construction of industrial parks will alleviate pressure on production capacity and 南宁桑拿 protect market demand.

We expect the company’s net profit to be 5 in 19-21.98/8.


9 trillion, corresponding to EPS 1.



94 yuan / share, maintain “Buy” rating.

Risk warning: exchange rate fluctuation risk, overseas market sales fluctuation risk, terminal promotion failure to meet expectations, risk of insufficient production capacity, etc.