Collis (603808): Direct business maintained stable and solid multi-brand layout
19Q1-Q3 revenue / net profit attributable to mothers is increasing by 8 per year.
6% / 2.
19Q1-Q3 company income 18.
800 million, an increase of 8 in ten years.
6%, net profit attributable to mother 2.
800 million, an increase of 2 in ten years.
6%, gross margin 66.
1%, a decline of 3 per year.
2pct, net interest rate 16.
9%, down by 1 every year.
6 points, net cash from operating activities.
10,000 yuan, an 合肥夜网increase of 19 in ten years.
Revenue in the third quarter 19 6.
200 million, downgraded five years ago.
5%, net profit attributable to mother 0.
800 million, down 20 every year.
5%, gross margin 64.
1%, a decline of 6 per year.
1pct, net interest rate 14.
9%, a decline of 5 per year.
9pct, net cash from operating activities 0.
800 million, downgraded to 0 ten years ago.
EdHardy’s revenue has dragged down overall revenue growth.
19Q1-Q3ED brand revenue 3.
100 million, downgraded 17 a year.
2%. At the end of the period, there was a net increase of 6 to 173 stores, of which 9 were reduced by franchising, and 15 were added by direct sales. Based on the increase and decrease of the number of stores, we believe that the sales of franchised stores may be slightly worse than directly operated.
We judge that the direct-operated stores are docked with the company’s inventory in real time, and can be adjusted in time according to the market. In addition, the early delivery model is adopted. If the sales situation changes, it is difficult to coordinate as a whole.
In terms of the company’s overall ending inventory, the annual increase is 13%, which is higher than the current income growth rate. We judge or the impact caused by the return and exchange of the franchise business. We believe that this factor will be gradually eliminated and revenue may resume growth.
Major brands maintained stable same-store growth.
19Q1-Q3 main brand Ellassay earned 7.
4 trillion, an increase of 4 in half a year.
2%, the earlier 19H1 improved over 7% growth rate.
At the end of the period, the brand has a total of 307 stores, which is reduced by 2 each year. Of which, the direct-operated stores increase by 8 every other time. Since the beginning of this period, the net increase of stores for the first time has been increased several times, and the number of franchised stores has decreased by 10.
We believe that the direct business of the brand maintains a steady growth, and the same store may maintain a positive growth when the number of stores decreases.
Laurel grew steadily and IRO performed well.19Q1-Q3 Laurel brand revenue was 7,991 million, and its value-added for many years4.
5%, continuing the upward growth trend from the beginning to the present (19Q1: -13.
6%, 19H1: 3
8%), with 47 stores at the end of the period, and a net increase of 12 in a year. In the future, brands will continue to expand the core business district channels of first- and second-tier cities and gradually increase their market share.
IRO income 5.
0 million yuan, an increase of 20% a year, maintaining stable growth.
Baiqiu E-commerce achieved revenue 2.
3.7 billion, an increase of 57% a year.
Based on the disclosure of Baiqiu’s net interest rate in the semi-annual report, we estimate that 19Q1-Q3 subsidiaries will achieve a net profit of 40.39 million yuan.
Baiqiu has established an industry leading position in the field of light luxury and luxury brand services, and has further accelerated the pace in overseas markets. In the future, it will form an overall e-commerce business in China, the Philippines, Malaysia, India, Singapore, Thailand, Vietnam and other countriesservice system.
Franchise business adjusted, gross profit margin dropped slightly.
In the first three quarters of 19, the company’s gross profit margin was downgraded for ten years.
2pct, mainly due to the adjustment of franchise business, and the gross profit margin decreased year by year4.
Looking at the expense ratio, the sales expense ratio is 31%, which increases by 0 every year.
8pct, management expense ratio 13.
4%, a decline of 0 per year.
1pct, financial expense ratio is 0.
5%, rising by 0 every year.
6pct, mainly due to the increase in exchange loss losses and the decrease in deposit interest income.
Profit forecast and estimation.
2019/8, the company and the founder of the self-portrait brand set up a joint venture to operate the brand’s business in mainland China. As a result, the company already has seven fashion brands, covering different market segment needs, in channels, brand promotion, supply chain systemThe synergy effect in construction and other aspects is obvious.
Taking into account the pressure of ED brand sales, we slightly reduce the net profit attributable to mothers to 4 in 2019 and 2020.
0西安耍耍网 3, 4.
60 ppm, given the company’s 2019 estimated PE range of 13-14X, corresponding to a reasonable value range of 15.
94 yuan, maintaining the “primary market” rating.
The terminal retail environment is weak and the cultivation of new brands has fallen short of expectations.