Baby-friendly room (603214) 2019 semi-annual report review: slightly better than expected performance across regions
Revenue grew steadily, with performance slightly surpassing expectations to achieve operating income in the first half11.
79 ppm, an increase of 15 in ten years.
92%; net profit attributable to mother 0.
62 ppm, an increase of 27 in ten years.
31%, net profit after deduction is 0.
51 ppm, an increase of 25 in ten years.
Among them, the sales revenue of directly operated stores was 10.
47 trillion, 88 share.
82%, with revenue growing 17 per year.
23%; E-commerce business sales revenue is 0.
32 trillion, share 2.
68%, revenue increased by 87.
19Q2 company income 6.
34 ppm, an 18-year increase.
36%, net profit attributable to mother 0.
45 ppm, a year-on-year increase of 21%, gross profit margin maintained at a high level, profitability continued to improve, the company’s gross profit margin in 19H1 was 28.
87%, increase by 1 every year.
45 pct; the gross rate of milk powder increased by 3.
The total expense ratio increased slightly, among which, the sales expense ratio was 19.
36%, rising by 1 every year.
59 points; management expense ratio 2.
84%, a decline of 0 every year.
16 pct; financial expense ratio -0.
14%, a decline of 0 per year.
19H1 company net profit is 5.
71%, rising by 0 every year.
As for the cash flow statement, the 19H1 CFO is -500,000 yuan, and each replacement is mainly due to the company’s increase in stocks and payment of taxes.
Extension + endogenous development. In 2019, we plan to open 50-60 new stores in 2018. The company’s comparable store growth rate is as high as 5.
As of 19H1, the company had a total of 251 directly-operated stores, with a net increase of 28 stores and a business area of 14.
90,000 square meters, of which 18 newly opened stores in East China, 8 initiative closed, a net increase of 10; Chongqing Taicheng 51.
72% equity mergers and acquisitions, increasing 18 stores.
The company will use Chongqing as the center to expand its business in the southwest market and lay out new opportunities for regional development.
The company plans to open 50-60 new direct-operated stores in 2019.
The e-commerce + private brand exploration has begun to be effective. In cooperation with Tencent to explore smart retail 19H1, the company’s e-commerce platform achieved zero sales revenue.
32 trillion, accounting for 2 of operating income.
68%, revenue increased by 87.
11%, the company’s target APP sales reached 1 billion.
19H1, the company’s own brand merchandise sales1.
0.9 billion, accounting for 9% of merchandise sales.
82%, an increase of 36 per year.
The risk reminds the company that the same store growth rate reduces the risk; the increase in the number of people across the country decreases.
Regional mother-to-child chain leader, maintaining “overweight” rating The company is the mother-to-child chain leader in East China, and has always had a good brand influence.
Since 2018, the company’s endogenous exhibition store has accelerated the construction of omni-channels and joined hands with Tencent to explore smart retail.
Net profit is expected to be 1 in 2019/2020/2021.
400,000 yuan, maintaining the “overweight” level.