Zhou Dasheng (002867): Q1-Q3 income +7.

6% deduction of non-net profit + 22% 3Q growth rate

Zhou Dasheng (002867): Q1-Q3 income +7.

6% deduction of non-net profit + 22% 3Q growth rate

A brief review of the company’s revenue from the first quarter to the third quarter of 201938.

10 trillion, ten years +7.

59%; net profit attributable to mother 7.

27 ppm, +22 a year.

31%; net profit of non-attributed mothers 6.

89 ‰, +21 for ten years.


Among them, the 3Q single-quarter company achieved revenue of 14.

21 trillion, +0 for ten years.

22%; net profit attributable to mother 2.

52 ppm, +4 for ten years.

32%; net profit after deducting non-attribution is 2.

46 trillion, ten years +6.


The 3Q single season was affected by the high base last year and the decline in the jewellery retail boom this year, and the growth rate was earlier than Q2.

Operational analysis From the perspective of business model, offline self-employment & franchise growth is under pressure, and e-commerce has maintained rapid growth: 19Q1-Q3 company’s self-operated offline revenue8.

79 trillion, +1 a year.

93%, revenue accounted for 23.

07%; self-operated online (e-commerce) income 3.

44 trillion, ten years +40.

82%, income accounted for 9.

02%; franchise income 24.

20 ppm, +4 for ten years.

02%, income accounted for 63.


In addition, supply chain revenue was 4,578.

40,000 yuan, +36 a year.

At 23%, microfinance finance business was fully launched with revenue of 1,857.

530,000 yuan.

From the perspective of store expansion, the company actively seized channels in a weak industry environment, forcing small and medium-sized brands to clear, and the number of Q1-Q3 franchised stores maintained a two-digit growth: 19Q1-Q3 companies opened 618 new stores, a net increase of 412.

Among them, 288 new stores opened in the third quarter, a net increase of 188.

As of September 30, 2019, the company had a total of 3,787 stores, an increase of 12 earlier.

21%, of which 289 were self-operated (down 4 earlier).

3%), 3,498 franchise stores (earlier growth of 13).


The gross profit margin increased, the expense ratio decreased during the period, the inventory turnover days increased, and the net operating cycle lengthened: 2019Q1-Q3 The company’s gross profit margin was 36.76%, ten years +2.

31pct, selling expenses expense 9.

84%, -0 per year.

30pct, overhead cost 2.

35pct, at least -0.

09pct, the net profit at home is 19.

09%, ten years +2.

3 points.

3Q single-quarter company gross margin was 35.

14%, ten years +0.

89pct, selling expenses cost 8.

2% per 杭州夜网 year -0.

46 points, administrative expenses 2.

27%, -0 per year.

24pct, net profit at home is 17.

76%, ten years +0.


From Q1 to Q3 of 2019, the company’s inventory turnover days were 298 days, +39 days compared to the same period last year; accounts receivable turnover days were 5 days, a decrease of 2 days compared to the same period last year; accounts payable turnover days were 56 days, a decrease of 12 compared to the same period last yearday.
Investment Suggestion With the background of the decline of the jewellery retail industry, as a leading enterprise company actively hone its internal skills and seize the market and channels, it is still a very competitive brand enterprise in the industry in the medium and long term.

We maintain the highest profit forecast, and expect the net profit attributable 深圳桑拿网 to mothers to be 9 in 19-21.

88, 11.

61, 13.

3 billion, EPS is 1.

35, 1.

59, 1.

82 yuan, +22 a year.

54%, 17.

59%, 14.

49%, the current market value corresponds to PE of 14x / 12x / 11x, maintaining the level.

Risk reminders: industry prosperity declines, competition intensifies, sales expenses rise, store openings are less than expected, restricted stocks are lifted