Zhou Dasheng (002867) Quarterly Report Review 2019: Same-store operations have improved significantly and store openings continue to be faster than the industry

This report reads: The company ‘s first quarter of 2019 revenue, high profit growth, faster than expected market growth, same-store data significantly improved, consumer recovery, substitution downgrade, etc. will continue to benefit the company ‘s profit improvement, investment points: investment advice: the companyIn the first quarter of 2019, the revenue and profit maintained a high growth trend. The same-store operation efficiency was greatly improved. The absolute number of store openings was slightly distorted, but it still significantly broke through the industry. After the second quarter, the store opening season gradually accelerated.

Maintain the company’s EPS for 2019-2021.



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Considering the recovery of the terminal and the improvement of efficiency, referring to the industry average, the company is given 20 times the PE in 2019, and the target price is raised to 42 yuan to increase the holding level.

2019Q1 revenue, high profit growth, same store significantly turned positive, store opening continued to be faster than the industry.

The company’s Q1 2019 revenue was 110,000 yuan, a year-on-year increase of 17%, and its net profit was attributable to the mother.

94 ‰, an increase of 21% in ten years, net of non-net profit1.

85 ppm, a year-on-year increase of 23%, slightly exceeding market expectations.

The total number of Q1 company stores was terminated 3457 (self-operated 296, joined 3161), Q1 net opened 82 (self-operated -6, joined 88), the absolute number of stores increased 杭州夜网论坛 with the industry trend (mainly because the poor performance of the Q4 terminal affects franchisees(Expected), but still significant additional industries.

The Q1 same-store growth rate was about 4%, compared with the 5% same-store growth in Q4 2018.

The gross profit margin increased significantly, and the profit continued to increase.

Company Q1 gross profit margin 37.

4%, a significant increase every year 2.

4pct, mainly due to product upgrades and the increase in the proportion of prime gold brand royalties.

Q1 Operating Cash Flow-3.

300 million, mainly due to replenishment at the end of March, is a common phenomenon in the industry.

Net interest rate 17.

7%, increase by 0 every year.

6pct, same-store improvement in 2019, the potential for profit improvement is still great.

Consumption recovers, growth is downgraded, earnings are strengthened, and the industry continues to benefit.

The growth rate of Q2 began to decrease, and the continued recovery of the terminal momentum led to the company’s net profit growth accelerated.

Under the trend of head concentration in the gold and jewelry industry, the company’s long-term competitiveness will also continue to appear.

Risk Warning: Economic growth is slowing down high-end consumption, and exhibiting stores are slower than expected.