Shangpin home with 300616, medical stock
event:
18Q1 achieved revenue of 1.101 billion yuan, a year-on-year increase of 38.76%; net profit attributable to mothers was -32.98 million yuan, a year-on-year decrease of 29.19%; net profit after deduction was -63.36 million yuan, an increase of 36.15%. The results are in line with expectations.
Comments:
Accelerated growth in revenue, "518 package" drainage effect is significant, C store model is expected to lead the new retail of home life. 18Q1 achieved revenue of 1.101 billion yuan, a year-on-year increase of 38.76%, and the growth rate was significantly faster than the 34.32% growth rate of 17Q4. It is expected that revenue growth is expected to continue to accelerate as franchise stores gradually contribute revenue. The gross profit margin fell and the expense ratio was well controlled. Due to the increase in the proportion of franchise revenue and the increase in the proportion of supporting products with low gross profit margin, the company's comprehensive gross profit margin decreased by 2.08pct to 42.14%. The expense ratio decreased by 1.61pct to 48.28%. In the first quarter, the company launched the “518 Packageâ€, which covers all the custom-made furniture, sofas, mattresses, curtains and other supporting household products. It is the first in the industry to achieve the “big customization†mode of “staying in the bagâ€. The user experience is welcomed by consumers, and the drainage effect is obvious. In early April, the company took the lead in launching a super store C store (super set store) of over 3,000 square meters in Shanghai, and gathered brands and formats such as 12HoursCoffee, Phoenix, Taidi, Youbao, etc., which will be “home, fashion, art, socialâ€. Melt into one. As of 18Q1, the total number of franchise stores has reached 1,615 (including in the renovated store), compared with 58 at the end of 17 years.
The whole cloud investment is progressing smoothly and waiting for the two-wheel drive. The company provides the home improvement company with the four-piece system of the whole decoration sales design system, BIM virtual decoration system, central kitchen supply chain management system and airport desktop central planning and dispatching system for the majority of decoration enterprises. As of 18Q1, the company has installed 260 cloud members. With the arrival of the renovation season, the company's direct sales + full-load cloud business will gradually contribute to revenue and become a new growth point.
Earnings forecast and valuation: The company's "selling Mao + O2O + whole house customization" model has gradually become more prominent. The EPS of 18-20 years is expected to be 5.65 yuan, 8.50 yuan, 12.26 yuan, respectively, corresponding to PE, 34X, 23X, 16X, maintaining a "buy" rating.
Risk warning: the real estate is down, the whole assembly cloud is not as expected, and the channel expansion is not up to expectations.
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