Zhongbai Group (000759): Deducting non-net profit in 2018
Results review The 2018 results are in line with expectations. The 2018 results announced by Zhongbai Group: Operating income 152.
08,000 yuan, previously unchanged; net profit attributable to the parent company4.
310,000 yuan, an increase of 537 in ten years.
06%, corresponding to a profit of 0.
63 yuan, in line with expectations.
After deducting non-profit, the net profit was 29.46 million yuan, which turned into a loss for many years.
By quarter, 18Q1 / Q2 / Q3 / Q4 revenue growth rates were +1 respectively.
2% / + 2.
1% / + 3.
3%, net profit growth was -83% / + 1433% / + 238% / + 40%, Q4 adjustment is related to the replacement of store closures and overall consumption growth.
Development trend 1, revenue ends flat for two years.
In terms of business types, 1) Supermarket business: 10 years of revenue +0.
48%, mainly driven by the growth of new stores and comparable stores. In terms of store efficiency, the revenue of comparable stores in Hubei / Zhongbai Storage Chongqing / Zhongbai Supermarket was +2 respectively.
48% / + 0.
The main companies in the report promoted the upgrading of fresh products, developed new formats such as standard supermarkets and convenience stores, and also improved their online operation capabilities; 2) Department store business: gradually revenue for ten years.
92% comparable store same store-6.
61% of the report, the high-end department store segment focused on reducing losses in single stores, and promoted 深圳桑拿网 the transformation of internal management mechanisms to increase store vitality.
As for the layout of outlets, the total number of outlets at the end of the year was 1,255, a net increase of 125 from the end of 2017, which resulted in 187/62 outlets being added / closed.
In 2019, the company plans to add 215 outlets, of which 15/50/30/120 hypermarkets / Zhongbai Supermarket stores / Zhongbai Haobang stores / convenience stores, respectively.
2. Profitability has improved.
Every time the gross profit margin increases by 0.
7ppt to 22.
5%, in which the gross profit margin of the supermarket / department store format is +0 each.
37 / + 1.
At 82ppt, the profitability of comparable stores in various industries has improved. We expect to benefit mainly from alternatives 南京夜网论坛 such as supply chain optimization and industry optimization.
The sales expense rate is +0 per year.
3ppt to 18.
1%, short-term management expense ratio -0.
2ppt to 3.
1%, the financial expense ratio is zero in ten years.
2ppt to 0.
Net profit margin increased significantly.
4ppt to 2.
8%, the main factor company Zhongbai Warehousing Road Lions Road storehouse demolition compensation increased the current period net profit4.2.7 billion, net profit after deduction was 29.46 million yuan, a net decrease of 4739 compared to the same period last year.
70,000 yuan realized a loss.
3. Pay attention to store adjustment benefits and new retail progress.
In 2019, the company will continue to promote store upgrades, optimize the supply chain and increase store operation efficiency.
At the same time, the company actively strengthened its new retail layout.
By the end of 2018, 495 stores had launched multi-point home services, and gradually realized breakthroughs in online transactions.
200 million US dollars (mainly for third-party platforms such as JD.com and Daojia); the cumulative number of registered WeChat mini-programs in the warehouse supermarket exceeded 1.33 million and the total transaction amount was 1.
Follow-up attention to store adjustments and new retail progress.
Earnings forecast remains unchanged from 2018 / 19e earnings forecast of 0.
23 yuan unchanged.
Estimates and recommendations currently correspond to 19 times 35 times P / E.
Maintain neutrality, and raise target price by 10% to 7 based on fundamental improvement.
15 yuan, corresponding to 19 times 37 times price-earnings ratio, there is room for growth of 8%.
Risk consumption continued to be sluggish; industry competition intensified.