Baby-friendly Room (603214) 2018 Annual Report Review: Store Expansion Accelerates Endogenous + Outreach to Continue to Improve Performance
The report reads that the company achieved revenue 21 in 2018.
35 ppm, an increase of 18 years.
12%; net profit attributable to mother 1.
200,000 yuan, an annual increase of 28.
Key points of investment: Revenue has grown steadily, and milk powder sales remain the main source of income. Operating income in 2018 was 21.
35 ppm, an increase of 18 years.
21%, net profit attributable to mother 1.
20 billion US dollars increased by 28.
In the fourth quarter, single-quarter revenue was 6.
15 ppm, an increase of 19 in ten years.
16%, net profit 深圳spa会所 attributable to mother 0.
54 ppm, an increase of 18 years.
In terms of different models, offline stores are still the main source of sales revenue, and the growth rate of e-commerce revenue has accelerated.
Store sales in 2018 were 18.
870,000 yuan, an increase of 14 in ten years.
97%, e-commerce revenue was 4,534.
790,000 yuan, an annual increase of 138.
97%, mainly due to the low base in the past, this year’s mobile phone application has significantly increased e-commerce revenue; other business revenue1.
21 ppm, a 10-year increase2.
In terms of products, milk powder is still the largest contributor to revenue.
Milk powder revenue in 20189.
84 ppm, an increase of 29 in ten years.
77%, with an income share of 46.
08%; income from supplies is 5.
30 ppm, an increase of 9 in ten years.
42%, revenue accounted for 24.
The gross profit margin has increased, the expense ratio has increased slightly and the company’s brand power has been strengthened, and 北京夜网 the scale advantage has gradually emerged.
The company’s consolidated gross profit margin for 2018 was 28.
77%, an annual increase of 0.
36 pct, of which the core product milk powder gross margin is 20.
36%, an annual increase of 1.
24 pct, mainly due to the increase in the company ‘s milk powder sales in the high gross profit margin of ultra-high-end milk powder increased, cotton spinning gross profit margin of 43.
78%, an annual increase of 4.In 2009 pct, the company’s own products with high gross profit are mainly cotton spinning. In the future, the proportion of its own products will increase, and the company’s gross profit margin will increase further.
The expense ratio rose slightly during the period, and increased by zero in ten years.
56 pct, mainly due to the increase in sales expense ratio of newly opened stores.
The store expanded steadily, and endogenous + extension helped to continue to improve future performance. In 2018, the company opened 45 new stores, closed 11 stores, and opened 34 net stores. The number of stores at the end of the period increased by 223.
0%, the total operating area of the store is 13.
50,000 square meters, an increase of 21 a year.
The structure of newly opened stores has been optimized, the proportion of mall stores has gradually increased, and the proportion of street stores has decreased. The newly opened stores are located in the Yangtze River Delta and Fujian.
The store opening will accelerate in 2019, with plans to open 50-60 new direct-operated stores, mainly to accelerate the expansion of the South China region.
At the same time, the company actively expanded out of the country through outbound mergers and acquisitions. On November 30, 2018, it announced its intention to invest in Chongqing Taicheng. On March 26, 2019, it transferred and increased capital. The company will then use this as a base to expand into the southwest region.
Earnings forecasts and estimates predict that the company will achieve revenue in 2019-2021.
82 ppm, an increase of 16 in ten years.
50%, net profit attributable to mothers is 1.
30 ppm, an increase of 25 in ten years.
26%, the current sustainable corresponding PE for 2019-2021 is 28.
71. The company is currently a scarce and high-quality listing target in the mother and infant retail industry. Considering the certainty of the company’s performance growth and the industry’s huge space, it is given an “overweight” rating.
Risks suggest less-than-expected store expansion