Anzheng Fashion (603839) Interim Review: Main Stability and Gift Information Consolidation to Drive Faster Growth

Anzheng Fashion (603839) Interim Review: Main Stability and Gift Information Consolidation to Drive Faster Growth

The company announced in its 2019 Interim Report that operating income and net profit attributable to mothers increased by 49.

49% and 18.

34%, of which the single quarter in the second quarter increased by 58.

20% and 28.

56%.

The rapid growth of performance was attributed to the stability of the main business and the consolidation of the gift information. In the first half of the year, the gift information achieved operating income.

650,000 yuan, net profit is 0.

4.3 billion.

Excluding Lishang information, the company’s main business in the first half of the year’s operating income and net profit attributable to mothers increased respectively.

06% and -0.

37%.

The first and second quarters increased by 0, respectively.

51% and -2.

98%, 1.

66% and 3.

04%.

From the perspective of brands, the performance of the main brand is better, and other brands are still in the first half of the incubation period. The operating income of Fuzi, Yin Mo, Anzheng, Mosak, and Fina Chen increased respectively.

82%, -10.

80%, -10.

98%, -24.

19%, -32.

68%.

Among them the first quarter and the second quarter increased respectively, 8.

25%, -10.

11%, 3.

78%, -37.

69%, -35.

57% and 11.

39%, -11.

59%, -32.

60%, -8.

43%, 28.

38%.

Among them, the main brand of Fangzi performed better, except for the rapid growth in online sales (the company’s clothing online sales in the first half of the year).

62 ppm, an increase of 40 in ten years.

91%), also related to the weakening of the short-term repetitive effects of the reform of the company’s marketing system, and the long-term positive effects gradually appear.

In the first half of the year, the number of channels of the company’s brands decreased, and the gross profit margin remained stable. In the first half of the year, Yin Mo, Anzheng, Mosak, and Finachen had 689 stores, 97, 42, 29, 78 There were 3, 6, 4, 2, and 20 decrease from the end of 2018, respectively.

The gross profit margins of the brands remained stable at 67, respectively.63%, 77.

86%, 78.

73%, 57.

87%, 75.

59%, an increase of 0 over the same period last year.

56%, 0.

50%, 3.

47%, 8.

81%, 0.

63%.

The EPS for 2019-2021 is expected 深圳丝袜会所 to be 0.

91 yuan / share, 1.

04 yuan / share, 1.

19 yuan / share decreased in the second half of the year, the number of new stores increased, including the consolidation of gifts and information, optimistic about the company’s performance to maintain rapid growth, reference to comparable company valuations, and taking into account the company’s online business revenue accounted for a relatively high, reaching 46.

96%, actively exploring the development of new retail, can give a certain estimated premium, maintain the company’s 2019 price-earnings ratio of 15 times, a reasonable estimate of 13.

65 yuan / share, maintain “Buy” rating.

Risk reminder risks of multi-brand operation; risks offset by inventory balance;