Baby-friendly room (603214)： The performance of the excellent selection ability in line with expectations continues to manifest
Baby-friendly room (603214): The performance of the excellent selection ability in line with expectations continues to manifest
The company’s revenue from 1-3Q2019 increased by 14 per year.
52%, net profit attributable to mothers increases by 32 each year.
95% of operating income in the first three quarters of 201917.
41 ppm, an increase of 14 in ten years.
52%; net profit attributable to mother is 0.
87 trillion, converted to a fully diluted EPS of 0.
86 yuan, an annual increase of 32.
95%; net profit deducted from non-return to mother 0.
73 ppm, an increase of 33 in ten years.
75%, performance is in line with expectations.
In terms of single quarter breakdown, operating income in the third quarter of 20195.
62 ppm, an increase of 11 in ten years.
68%; net profit attributable to mother is 0.
25 ppm, an increase of 49 in ten years.
46%; net profit deducted from non-return to mother 0.
2.2 billion, an annual increase of 56.
Comprehensive gross profit margin increased by 2.
22 averages, the cost rate increased by 1.
The average of 45 companies in the first three quarters of 2019 was 29.
55%, up 2 every year.
Expenses for the company during the first three quarters of 201922.
98%, rising by 1 every year.
Of the 45 singles, the sales / management / financial expense ratios are 19 respectively.
99% / 3.
26%, change by 1 each year.
55 / -0.
The increase in the sales and management expense ratio was mainly due to the increase in store development-related expenses and amortization of the company’s equity incentive expenses, employee performance, and new office-related expenses.
Orderly expansion of stores, excellent selection ability continued to reflect the company’s net opening of 15 stores in the third quarter, the total number of stores reached 266, and another 33 stores, are expected to open during the year, at this stage new stores and reserve stores are still based in East ChinaDistrict-based.
Since the company entered the Southwest market, combining market characteristics and company advantages, it has been steadily advancing the adjustment of existing stores and preparations for subsequent openings.
The company’s two main categories of milk powder and supplies continued to increase gross profit margins, making important contributions to the overall performance growth, and the ability to select excellent products was continuously reflected.
Maintain profit forecast and maintain “overweight” rating. The company’s cross-region operation is progressing smoothly, the store is progressing in an orderly manner, and the core category’s gross profit margin continues to increase. We maintain a fully 佛山桑拿网 diluted EPS of 1 for the company in 19-21.
83/2.25 yuan forecast, maintain “overweight” rating.
Risk warning: Cross-region operation is not up to expectations, and the development speed of new stores is not up to expectations.