Yonghui Supermarket (601933): Channel Expansion Drives Revenue Growth Q2 Gross Profit Margin Exercise: Supermarket
The company disclosed the semi-annual report and realized revenue of 411 in the first half of the year.
7.6 billion / + 19.
71%, net profit attributable to mothers13.
6.9 billion / + 46.
69%, EPS is about 0.
Of which Q2 revenue was 189.
4 billion / + 21.
18%, net profit attributable to mother 2.
4.5 billion / +32.
Investment expansion Channel expansion leads to steady revenue growth, lower fees and rapid increase in net profit: In terms of stores, in the first half of the year, the company’s stores increased by 27% to 791, excluding the 38 Supermarket stores of Baijia Yonghui that were merged in MayThe number of stores increased by 21%.
On the revenue side, the channel extension has been steadily progressing, and the flow of customers in old stores has gradually increased. The growth and growth have promoted the scale. The company’s revenue in the first half of 2019 increased by 19%.
7%, the growth rate is generally stable.
On the net profit side, in the first half of 2018, Yonghui Yunchuang’s restructuring and incentive costs affected net profit, and lowering the fee rate will increase net profit by 47% in the first half of 2019.
Among them, the continuous expansion of the Q2 channel has driven the company’s revenue growth rate to go up month-on-month, and its gross profit margin deviated from downside 1.
1pct accelerated the growth of net profit to 32%.
Channel expansion drives passenger flow and revenue growth: The number of channels and channels of Yonghui Supermarket continued to expand.
From 2014 to 2018, the company’s channel number has grown at a compound annual rate of about 21%, and the contracted area has a compound annual growth rate of about 19%.
In the first half of 2019, the number of company stores increased by 27% each year to 791 (including Baijia Yonghui), and the contracted area increased by 20%.
The expansion of channels promoted the growth of passenger flow. In 2018, the company’s average daily passenger flow reached 2.9 million, and the compound growth rate from 2016 to 2018 was about 19%.
At the beginning of 2019, the company plans to open 150 new stores, about 21% of the company’s number of stores by the end of 2018. The newly opened stores are gradually committed to contributing to the steady growth of performance.
In addition, the company tried the MINI store format, which is expected to distance itself from consumers and further increase the city’s share.
In the first half of the year, the gross profit margin fell slightly, and the growth in scale promoted the increase in gross profit: In terms of categories, the company’s fresh and processed goods, food supplies, and service industry revenue accounted for 44%, 49%, and 7% of revenue in the first half of 2019, respectively.Shares.
The expansion of channels promoted the company’s freshness in the first half of 2019, and the food category achieved revenue growth rates of 18% and 21%, respectively.
In terms of gross profit margin, the gross profit margin of fresh and processed, food supplies, and service industries were 13 respectively.
9%, the gross profit margin of goods sales is significantly lower than the gross profit margin of services.
Therefore, the gross profit of the above three categories in the first half of 2019 accounted for approximately 28%, 42%, and 30%, respectively.
The rapid expansion of channels and the new model try to make Q2’s gross margin slightly lower. Driven by scale growth, fresh food, food, and services have achieved gross profit growth of 9%, 27%, and 28%, respectively, and promote the company’s sustained and stable growth.
The gross profit margin of Q2 has a slight margin, and the change in expenses affects the net profit margin: The gross profit margin of Q2 slightly decreased by 1.
1pct, the gross profit margin dropped by 0 in the first half.
6pct to 21.
According 杭州桑拿 to Yunchuang, the fair competition expenses in the first half of the year decreased by about 2 compared with the same period last year.
08 thousand yuan to 1.
360,000 yuan, stripped of fresh food to obtain investment income.2.6 billion.
In the first half of 2019, the company’s net interest rate increased by 1.
15 points to 3.
32%, the company’s net profit increased rapidly.
In terms of inventory, the company’s inventory in the first half of 2019 decreased by 21% to 64 from the end of last year.
2 trillion, slightly increased the proportion of revenue, mainly from channel expansion and new model exploration.
Compared with comparable companies, the inventory turnover rate of Yonghui Supermarket in the first half of 2019 is still at the average level of comparable companies, and the inventory turnover is 南京夜网 generally good.
The rapid capital turnover of asset securitization is expected to improve the efficiency of capital use: the company intends to use Yonghui Supermarket and its subsidiary’s supply chain account rights and affiliated rights as the basic assets to finance by issuing asset-backed securities.
The proposed fundraising is 20 ppm.
The company intends to issue asset-backed securities. First, it is expected to revitalize the existing assets through asset securitization, accelerate capital turnover and improve the efficiency of capital use; second, raise US $ 2 billion to gradually reduce the company’s short-term debt pressure and help the company expand its channels.
Investment suggestion: Yonghui Supermarket is one of the nation’s leading supermarkets, ranking fourth in the city’s market share, expanding its channel expansion, steadily increasing the scale of revenue, scale effects and supply chain cooperation to improve profitability.
The number of stores is expected to increase by 21% in 2019, driving the company’s revenue to increase steadily.
Our company predicts that the annual revenue from 2019 to 2021 will be 0.
30 and 0.
Return on net assets were 10 respectively.
4% and 12.
At present, the overall PE (2019E) is about 42 times, and the “Buy-A” recommendation is maintained.
Risk warning: channel expansion may be less than expected; new business models may be cultivated or be less than expected; profit growth may be replaced with short-term gross profit margins.