北京桑拿论坛 洗浴 Gujia Household (603816) 2019 Interim Report Review: Consolidated Contribution Revenue Growth 19Q2 Gross Margin Increased

Gujia Household (603816) 2019 Interim Report Review: Consolidated Contribution Revenue Growth 19Q2 Gross Margin Increased

Gujia Household (603816) 2019 Interim Report Review: Consolidated Contribution Revenue Growth 19Q2 Gross Margin Increased
Investment Highlights: Company Announces 2019 Semi-Annual Report: Realizing Revenue of 50.10,000 yuan, an increase of 23 in ten years.7%; net profit attributable to mother 5.5.9 billion, an annual increase 杭州桑拿网 of 15.8%; deduct non-attributed net profit 4.32 ppm, an increase of 10 in ten years.0%, as expected.We estimate that after excluding the impact of mergers and acquisitions, the revenue of 19H1 is basically flat every year, and the profit growth is about 8%.Among them, 19Q2 achieved 25 in a single quarter.50,000 yuan, an increase of 16 in ten years.1%, net profit attributable to mother 2.630,000 yuan, an increase of 23% in ten years.Net operating cash flow 6.96 ppm, an increase of 334% per year, and the collection of export receivables accelerated (receivables decreased by 1.20,000 yuan), inventory decreased by 2.47 trillion, a significant improvement in cash flow. Revenue side: the continuous development of multi-category, multi-series, and multi-brand expansion development, and each business segment achieved steady growth.1) Multi-category development: As the company’s traditional main business, the sofa business has a strong customer base and brand attributes, maintaining steady growth. According to the company’s multi-brand development strategy, meet the needs of different consumer groups.19H1 sofa income 28.24 trillion (of which we expect about 19 trillion for leisure sofas, about 6 trillion for functional sofas and about 3 trillion for fabric sofas), soft beds and mattresses7.2.7 billion yuan, supporting products 8.37 trillion, an increase of 31 each year.7%, 38.0% and 8.9%.2) Continue to promote channel construction: In 19H1, the company optimized the store opening process, combined with a unified construction team, integrated resources, and changed the opening cycle. It successfully settled in 82 blank cities and 48 optimized cities in the first half of the year. It is expected that the number of stores will increase by more than 200.The number of stores is about 5,000.3) Optimization of management structure: The company’s management team keeps improving and meets the needs of market development, and its talent reserve and organizational execution are leading.In the second half of 2018, the company gradually changed from the original business unit system to a regional marketing center model, with clear team building ideas and a good team foundation for the company’s long-term strategic development.With the team building and running in 19 years gradually mature, it is expected to gradually bring out the advantages of regional marketing centers.4) Supply chain management optimization: The company continuously optimizes the logistics transportation system and warehousing management system, digitizing the delivery plan, logistics freight calculation, transportation logistics, etc., and gradually delivering the cycle.In terms of warehousing, we have established an off-line container loading model, and also optimized the processes of demand management, requisition mode, and purchase and return processes to ensure that the company can reduce the cost of warehousing and logistics and increase the inventory turnover rate under the development track of multiple categories. 19H1 inventory turnoverSupplement 3.11, promote 0 every year.1. Profit side: affected by consolidation factors and the cost of issuing convertible bonds, profitability has shifted slightly.1) Gross profit margin: 19H1 gross profit margin extended slightly to 0.3 points, divided by product, sofa gross margin increased by 3.6 copies, supporting products temporarily cover 6.1 pct, soft bed and mattress upgrade for 2 years.7pct, custom home improvement beyond promotion 3.5 points.2Q19 gross profit margin benefited from an increase in tax rates and a decrease in raw material prices, with an increase of zero.9pct, an increase of 1 from the previous quarter.8 points.2) The financial expense ratio is increased by 0 in advance.85pct, mainly due to the increase in interest expenses caused by the issuance of convertible bonds and the impact of consolidation factors, resulting in a net increase of 5658 in index expenditure.190,000 yuan; 3) Sales expenses are streamlined, and the sales expense ratio has decreased by 0 every year.58pct. Although export costs and employee compensation have increased, the company has streamlined its advertising costs and optimized its supply chain management, and its storage lease costs have stayed flat, which has kept its expense ratio down. Actively develop categories, the leading level of the software home furnishing industry is remarkable, a series of supply chains continue to be optimized, and the company has the foundation to steadily contribute to the large home furnishing market.The company’s main product sofas benefit from the improvement of industry concentration; gradually promote the gradual expansion of category expansion to create a superior product matrix; the channel expansion is continuously strengthened; the company will continue to promote O2O integration to realize the layout of new retail channels.The initial incentive was granted for the first time, and the convertible bonds successfully raised funds to promote the sustainable development of the company’s business.The expansion of production capacity has been gradual and gradual, and the energy storage large home strategy module.Termination of participation in the Xilinmen Deliverable Bond Asset Management Plan is expected to contribute approximately 5,000 million in investment income (the timing of confirming the statement is not yet clear).According to the consolidation business in 2019, which is still in the integration stage, domestic retail sales are in the adjustment period, and financial pressure is slightly pressured. We lower the company’s EPS for 2019-2021 to 1.90 yuan, 2.18 yuan, 2.51 yuan profit forecast (was 2).06 yuan, 2.54 yuan, 2.96 yuan), the growth rate was 15 杭州桑拿 respectively.4% / 15.0% / 15.1%, currently total (30.(68 yuan) corresponding to 2019, 2021 PE is 16, 14, 12 times, benefiting from the increase in the concentration of leading household industry leaders, the company’s incentive mechanism is in place, and the endogenous growth logic is improving.We are optimistic about the company’s medium- and long-term development prospects, and look forward to the company’s various categories in the home sector to build a beautiful layout to maintain an increase in holdings.