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  Zhongxin jingwei customer query wind found that up to now, there are seven listed companies related to a-share e-cigarette, namely jinjia, mei yingsen, wo tai, shun hao, yiwei li neng, dongfeng, yingxue technology.Last year, the seven companies generated 21.8 billion yuan in revenue and nearly 3.6 billion yuan in net profits from the tobacco industry.

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  Inky, for example, has been labelled an "cool water pipes" on the secondary market since it went public.Seven of them were the most profitable, with full-year net profit of 814 million yuan going to shareholders of listed companies, but still down 17.In the 2018 survey, that figure was 30 percent compared with the same period last year.According to the data, inch's main business is research and development of products such as intelligent control components and innovative consumer electronics, whose main source of revenue is the production of precision plastic e-cigarette parts.

  Yingxue explained that due to the large number of sales of precision plastic parts of e-cigarettes in 2017, the company's sales revenue in the reporting period showed that the company's total operating revenue and operating performance in the current period glass pipes both showed a certain decline due to the significant decline in the sales revenue of precision plastic parts of e-cigarettes.

  In fact, the decline in earnings technical performance has been on the verge of decline.After its successful listing on jan 15, 2018, the company's share price briefly crossed the 100-yuan mark, more than four times the 22.5 yuan offering price.However, profits fell in the first quarter since the listing.In the first quarter of 2018, yingxue's net profit was about 171 million yuan, down 8.76 percent from the same period last year.

  But before that, inge had almost doubled!Revenue grew 68.13% in 2016 and 98.2% in 2017, while net profit grew 170.33% and 120.86%, respectively.

  According to the analysis, inge's profit growth rate was significantly higher than best glass pipe brands the revenue growth rate, which was mainly affected by the surge in gross margins.From 2015 to 2017, the gross profit margins of inch technology were 33.40%, 42.15% and 48.96% respectively, showing a trend of year-on-year growth.

  The average gross profit margin for the a-share e-cigarette industry in 2018 was 41, according to calculations by citic jingwei clients.Among them, yingxue technology and jinjia's gross margin is about 43%, slightly higher than the average 2 percentage points.Gross margin is a measure of profitability.Generally speaking, the higher the gross margin, the higher the profitability of the enterprise, the stronger the ability to control costs.

  Since 2014, yingxue has reportedly become a second-tier supplier to fermo international's e-cigarette brand, one of the big four tobacco companies, and its revenue growth has been driven by precision plastic components.But some analysts say the sustainability of high gross margins is a question mark for FEMO International, which relies heavily on profit and interest technology.Judging from last year's drop in gross margins, this seems to be some sort of confirmation.


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