北京夜生活论坛

Yonghui Supermarket (601933): Focusing on the main business of the supermarket and showing significant results

Event company released semi-annual report: 2019H1 company realized revenue of 411.

76 ppm, an increase of 19 in ten years.

71%; net profit attributable to mother 13.

69 ppm, an increase of 46 in ten years.

69%.

　　Single Q2 company achieved revenue of 189.

4 ppm, an increase of 21 in ten years.

18%, net profit attributable to mothers2.

450,000 yuan, an annual increase of 32.

The 25% brief evaluation performance is consistent with the express report, which is in line with expectations 天津夜网 that the company’s revenue in 2019H1 will increase by 19%.

71% to 411.

7.6 billion, net profit attributable to mothers increased by 46.

69% to 13.

69 ppm; single Q2 revenue also increased by 21.

18% to 189.

400 million, net profit attributable to mother increased by 32.

25% to 2.

4.5 billion.

The company’s performance is basically consistent with the express report and meets expectations.

　　Focusing on the main business of the supermarket, the store network continues to expand. In 2019H1, the company added 84 new stores (excluding MINI stores), of which 21/25 were newly opened in Q1 / Q2 respectively. In May, it consolidated the Parkview Yonghui 38 Bravo stores, H1.The total number of stores at the end was 791, covering 24 provinces (municipalities directly under the central government), and 249 stores 苏州桑拿网 have gradually been opened. The store has abundant resources. It is expected that H2 will help maintain a high booth speed.

　　The MINI business model has been opened up, Q2 expansion and acceleration H1 MINI stores opened 398, Q2 opened 305 stores, Q2 expansion speed increased significantly.

At present, MINI stores have covered 50 cities in 19 provinces, with an average store area of 488 square meters, and H1 achieved revenue of 5.

5 billion.

　　Same store growth rate of 3%, H2 same store is expected to maintain a high growth driven by food CPI 19H1 company same store growth rate of 3.

1%, mainly driven by the increase in customer unit prices.

Since July-August, the continuous growth rate of food CPI has remained at a high level, which is expected to drive the company’s H2 same store to maintain a high growth rate.

　　Increased the construction of its own brand, and the product structure has been continuously optimized. H1 has sold 44 of its own brands, with 1022 SKUs of its own brands.

Own brand C end section 7.

8.6 billion, accounting for 2%.

1%, of which one hundred five.

4.4 billion, fresh 2.

4.2 billion; B-end budget 7.

1.4 billion, of which one hundred four.

50 billion, fresh 2.

6.4 billion.

　　Continuous layout of home-to-home business, JD.com cooperation, self-built system, two-pronged approach. In 2019, H1’s supermarket home-to-home business has covered 22 provinces, autonomous regions, and 109 cities. A total of 518 stores received home services and home warehouses.

3 trillion, with an average monthly growth rate of 7.
.
1%.
H1’s online sales accounted for 3.

4%, a significant increase of 111% each year.

The company’s senior management deepened its cooperation with JD. H1 JD.com connected the company’s 407 supermarket stores with an increase of 112; gradually, the company further supported the C-terminal application of the home business and the construction and optimization of the online platform.Development landing and promotion.

At present, the community group purchase has been promoted and applied in 300 general stores, with more than 70,000 users and more than 100,000 effective orders.

　　The gross profit margin has been affected by the consolidation and profitability, and the fee control effect is good. The H1 company’s gross profit margin decreased by 0.

6 pct to 21.

8%, which is expected to be mainly affected by the merger of Baijia Yonghui and the newly opened stores; the rate of increase during H1 will decrease by 1.
.

9 pct to 18.

2%, of which sales / management / financial expense ratios are -0.

72 pct / -1.

38 pct / + 0.

24 pct to 15.

19% / 2.

66% / 0.

37%, the company’s period expense ratio fell mainly due to the reduction of equity incentive expenses2.

0.8 billion to 1.

36 billion.

Reduced expense ratio. Overlapping color fresh food.

3 billion, driving H1 companies to increase their net profit margin by 1.

2 pct to 3.

3%, the profitability improved significantly.

　　Cash flow increased significantly, inventory turnover days increased slightly H1’s net operating cash flow increased by 52.

87% to 20 ppm, with single Q2 exceeding -2 by 18Q2.

100 million turned to 3.

800 million, a significant improvement.

H1’s inventory turnover days increase by 5 each year.

8 days to 40.

Within 7 days, it is expected to be mainly affected by the increase in the scale of inventory with the expansion of sales; H1 accounts payable turnover days exceeded the increase by 3.

In one day, the upstream bargaining power was further improved.

　　Investment suggestion: The company focuses on the main business and has significant benefits. The MINI format Q2 has accelerated its expansion. In the second half of the year, due to the low base in the previous period, its performance is highly flexible and can be expected.

　　It is expected that the company’s net profit attributable to its parent from 2019 to 2020 will be 24.

3, 33.

300 million, corresponding to PE 40X, 29X, raised to the “buy” level.

　　Risk factors: Declining consumption boom; intensified competition in the industry; less-than-expected development of new businesses

Cobos (603486) 2019 Interim Report Review: Domestic Demand Pressures Leader and Shoulder
Event: Cobos released its 2019 Interim Report, and the company achieved operating income of 24 in 2019H1.3 ‰, at least -3.8%, realizing net profit attributable to mother 1.3 trillion, -36 a year.6%.Among them, the company achieved revenue in 2019Q211.8 ‰, at least -10.2%, net profit attributable to mother is 61.4 million yuan, -46 for many years.9%, single-quarter revenue and profit exceeded expectations, sweeping machine OEM orders continued to decrease, the domestic independent brand sweeping machine revenue growth accelerated, resulting in sweeping machine business growth slower than market expectations. In addition, the company launched an extended stock incentive plan for 2019 (supplementary). Comments: Revenue analysis: Decreasing demand for domestic sweepers is the primary role of the company’s revenue under pressure. 1) The internal sales revenue of sweeper brands has stalled, and export sales have maintained rapid growth. 19H1 robot independent brand revenue increased by +11.2%, of which 19Q2 independent brand revenue is estimated at least during the period, mainly due to the decline in domestic independent brand revenue in 19Q2.According to the monitoring data of Zhongyikang, the retail sales of the domestic sweeper industry in H1 2019 decreased by 9%.2%, especially 19Q2, was significantly above.Although Cobos’ retail sales share exceeded 8pc to 48%, the domestic sales revenue of sweeping machines is still under pressure. Cobos is a domestic sweeper enterprise that pioneered overseas markets with its own team. In 19H1, it continued to expand its sales team. Against the background of the continuous outbreak of overseas demand, the company ‘s independent brand ‘s overseas revenue grew rapidly, with a growth rate of 40%about. 2) The contraction of OEM orders for sweeping machines is stronger than market expectations.In 2018, the company’s cleaning machine foundry revenue was about 4 trillion, but it can penetrate the European and American markets through the Cobos brand and compete directly. The company chose to strategically abandon some of the foundry orders.Starting from 2018H2, the company’s robot foundry business began to shrink, and the revenue of the sweeper foundry business increased from 18H1 to 2.About 5 million dropped significantly to about 4,000 million in 19H1, and the contraction was stronger than the market expected. 3) Due to the impact of tariffs on vacuum cleaner foundry, 19H1 revenue decreased by 14%.The US government’s plan to impose tariffs on US $ 200 billion of Chinese goods includes vacuum cleaners. On January 1, 2019, a 10% tariff was implemented.In order to minimize the impact of tariffs, the 2018H2 industry began to show obvious export orders for vacuum cleaners, which partially overdrawn orders in the first half of 2019, so the company’s 19H1 vacuum cleaner OEM / ODM export revenue decreased by 14%. 4) Revenue of vacuum cleaner’s own brand increased to zero.9.6 billion.19H1 increased its product development and promotion in the “TINECO” brand vacuum cleaner business. 19H1 revenue increased by 119% to 0 compared with the same period last year.9.6 billion. Taken together, the company’s revenue growth in the past two quarters was +3.1%, -10.2%, the growth rate expanded earlier than 18 years, mainly affected by three factors: 1) private brand robot revenue growth channels; 2) robot OEM orders significantly reduced; 2) vacuum cleaner OEM orders due to early “robbing exports””Overdraft, interference. Profitability: R & D, channel expenses, and profitability are under pressure. The company’s overall gross profit margin for 2019H1 will still increase by 0.7pct, of which 19Q2 gross margin increased slightly by 0.2pct.As the overseas market increased the distribution ratio, and the gross profit margin of the distribution channel relatively decreased, the company’s gross profit margin in Q2 2019 narrowed and remained basically the same. Cobos continues to add research and development and sales talent, with costs increasing even more.The concentration of the sweeper industry is constantly increasing. It is related to the expansion of Cobos. Cobos can increase its R & D investment to maintain guidance on the product side and build high competition barriers.At the same time, actively explore new markets and new channels. Some Coboss have aggressively entered mainstream offline retail channels such as Bestbuy and Costco in the United States to seize first-mover advantages at the channel end. In the absence of sufficient capacity in other aspects, a reasonable choice to increase investment in products and channels, but it will inevitably lead to an increase in the short-term sales and R & D expense ratio.Close to 4pct. Growth, short-term pressure on profitability.As the company invested a lot of resources to strengthen its R & D and sales capabilities, but the short-term revenue growth rate dropped, so the operating profit margin was under pressure.In addition, 2018H1 generated exchange gains of 678 million, while 2019H1 generated exchange losses of 810,000 yuan, so the net profit margin for 2019H1 decreased by 3.6 points to 5.2%, short-term profitability pressure. Assets and profit quality: Inventories and accounts receivables continued to increase. The normal operating performance of the company in 2019H1 was 481.8 billion. The net cash flow from operating activities was successfully positive, and it increased significantly compared with the same period last year. The steady increase of the company’s accounts receivable is estimated to be related to the extension of the account period of domestic e-commerce platforms.Since the overseas market was developed through the internal sales team, 19H1 inventories still had 1.1 billion U.S. dollars. It is expected that the income from the transfer of overseas markets will grow rapidly and the inventories may rise. The above changes can have normal operating results. Business prospects: Deeply plowing domestic and foreign markets, betting on transition products companies to use alternative space in the financial report to discuss and analyze the company’s core competitiveness, business status, and future development status in detail. Looking forward, the company’s business focus is divided into threeAspects: 1) Increase domestic low-end product lines and find increments in difficult situations: The rapid decline in domestic market demand in the first half of 2019 was unexpected, and it must be found in difficult situations before it is put into product launch.The low-end random product line is within the company’s ability and a lucrative market segment. The company 成都桑拿网 is expected to become a new brand and re-enter the low-end random product market to survive the low tide of the industry. 2) Accelerate the development of overseas markets with the United States as the core: The United States is the initial popularity of sweepers and one of the countries with the largest market potential, but as the home base of iRobot, its market share is always firmly in the hands of iRobot.The reason is that offline channels are still the mainstream channels in the US market, and entering these mainstream channels is not easy.In 2018, Cobos became the only Chinese brand that entered the mainstream retail channels in the United States on a large scale. About 40% of the growth rate of overseas independent brands in the first half of 2019 was due to the accelerated development of overseas channels. 3) Betting on cutting-edge products to lead the market back to growth: DG70 equipped with AIVI technology is Coves’ first attempt in the field of machine vision. In the annual report, we saw the company introduce the development of a new generation of sensor modules for the first time.Trying to improve the robot’s in-depth understanding of space and environmental information, the company is expected to realize a new generation of sensor modules in 2020, which will upgrade the product experience of sweepers. If consumers can recognize alternative products, the domestic market is expected to return to growth. Profit forecast, forecast and rating predict that the company’s revenue growth rate in 2019 will be more than 10%, among which the growth rate of the sweeper’s independent brand business is 10?20%.The company’s 2019 annual stock incentive plan’s performance evaluation target for independent brands of sweepers is to increase by 10% per year in 2019 and 20% per year in 2020-2022. Due to the continuous increase in expenses and the supplementation of revenue growth, the company’s short-term profitability is under pressure. The company’s 2019 stock incentive plan’s assessment target for net profit growth is an annual increase of 15% from 2020-2022. Because the company’s 19Q2 performance exceeded expectations, we cut 2019?The 21-year net profit forecast is 4.8/5.9/7.200 million (was 5).8/7.2/8.800 million), due to the increase in equity, the corresponding EPS is adjusted to 0.85/1.05/1.At 29 yuan, the current PE is expected to be 30/24/20 times. Although the domestic market needs short-term difficulties, the service robot circuit is still full of opportunities to maintain the “overweight” level. Risk Warning: The global demand for sweepers is lower than expected; and a large amount of investment is increased.