Biyin Lefen (002832) 2019 Semi-annual Report Review: High Performance Continues Short-Term Expects to Benefit FTSE Russell A-Share Index Expansion

Biyin Lefen (002832) 2019 Semi-annual Report Review: High Performance Continues Short-Term Expects to Benefit FTSE Russell A-Share Index Expansion

The event describes the company’s release of the 2019 semi-annual report.

In 19H1, the company realized revenue, attributed to its net profit, and deducted non-net profit were 8, respectively.

45, 1.

74, 1.

65 ppm, before + 25%, + 42%, + 45%. The benefits offered by the certification of emerging companies drive the profit side to show a clear income side; if the impact of income is excluded, the net profit attributable to mothers will increase by over 20%.

Incident comments continued to increase after the reduction of fair incentive fees.

In 19Q2, the company realized revenue and the net profit attributable to the mother was 3 respectively.

74, 0.

44 ppm, previously + 22%, + 17%, the profit side performed slightly lower than the income side.

We analyze the scale. The company realizes employee shareholding through repurchase of stocks. As the fair value of the transfer day is higher than the repurchase cost, a one-time accrual of 13.33 million yuan for the distribution of incentive costs. If this part of the cost is 合肥夜网 restored, the net profit attributable to the mother will increase every yearNearly 50%, continued to maintain a high growth trend; decreased, Q2 is generally the off-season of clothing sales, sales unit price and scale expanded and more stores expanded to reserve growth momentum in the second half of the year, leading to an increase in the level of expense ratio.

The extension of expansion expanded the improvement of same-stores, promoted the rapid growth of income end, and improved gross profit margin.

19H1 revenue increased 25% year-on-year, of which 19Q1 / 19Q2 increased by 27% / 22% respectively.

In our judgment, the direct sales end maintained rapid growth driven by the extension of expansion and same-store improvement. The increase in the percentage of direct sales also boosted the gross profit margin3.

7pct 夜来香体验网 to 67.


As of 19/06/30, the company’s number of stores reached 798, of which 385/413 were directly operated and franchised, a net increase of 20/14, maintaining the trend of fast opening.

In 19H1, the company’s sales / management (including R & D) / financial expense ratios were 30.

74% / 12.

31% /-0.

27%, +1 from the same period of the previous year.

5 / + 2.

3 / + 0.


The increase in the sales expense ratio is expected to be mainly due to the company’s rapid expansion of stores and an increase in the proportion of direct sales. The increase in management expense ratio is mainly due to the impact of equity incentive expenses.

In terms of operating capacity, the increase in stocking caused by new brands, new categories and store expansion continued to affect inventory turnover, and the total inventory turnover in 19H1 was zero.

45 times, a decrease of 0 from the same period last year.

17 times, channel repayment temporarily dragged down the account receivables turnover rate by 4.

6 to 7.

45 times, but still in a better level of health compared to peers.

We continue to be optimistic about the company’s performance under the precise card expansion and fine operation.

In the short term, FTSE Russell confirms that A’s equity will be re-expanded by 3 times, which will be added more than Leinveen, which is conducive to monthly long-term funding.

In addition, the State Council’s “Opinions on Further Stimulating the Potential of Cultural and Tourism Consumption” is also expected to help the development of the Venice brand.

We expect the company to achieve net profit attributable to mothers for 2019-2021.

11, 5.

32 and 6.

69ppm, an annual increase of 41%, 29% and 26%. The current price is 19 times 19PE, which is at the bottom of historical expectations. Maintain the “Buy” rating.

Risk Warning: 1.

Terminal retail deterioration; 2. Expansion of stores was less than expected; 3. Backlog of channel inventory; 4. Expansion of new brands and category expansion were less than expected.