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Backgammon (002251): Founder’s retail sales deducted non-attributed net profit gradually increased14.

Backgammon (002251): Founder’s retail sales deducted non-attributed net profit gradually increased14.

72% Store Gross Margin and Digital Transformation Steady Progress

Backgammon (002251): Founder’s retail sales deducted non-attributed net profit gradually increased14.

72% Store Gross Margin and Digital Transformation Steady Progress

Both revenue and net profit increased, and gross profit margin increased.

In 2019H1, the company realized revenue of 10.1 billion yuan, a year-on-year increase of 3.

16%, achieving net profit attributable to mother 2.

47 北京桑拿ppm, an increase of ten years.

20%, net of non-attributed net profit2.

33 ppm, an increase of 14 years.

72%, net cash flow from operating activities 8.

8.3 billion, an increase of 10 in ten years.

11%.

Gross profit margin reached 24.

63%, ten years +1.

75pct, mainly due to self-operated sub-leasing of department stores, with an expense ratio of 21 during the period.

19%, ten years +1.

69pct, mainly due to the increase in sales expense ratio1.

Due to 25pct, the increase in the expense ratio during the period is mainly due to the infiltration of the growth market, the increase of experience formats in the stores, and the digital occupation of the company.

The net interest rate is 2.

53%, ten years +0.

25 points.

With over 380 stores, operating results improved.

End of 19H1, the company opened a total of 381 stores (including 329 supermarket stores and 52 department stores) in Hunan, Guangxi, Jiangxi, Sichuan and Chongqing, with an area of about 4.49 million square meters. In the first half of the year, 42 new supermarket stores (34 of which The home is located in Hunan Province, 1 department store (located in Ganzhou, Jiangxi), and 2 closed stores (1 in Hunan, 1 in Guangxi, total building area 2).

50 thousand flats).

Looking at the same store data, supermarket sales revenue is increasing by 1 every year.

73%, department store sales revenue fell 1 year-on-year.

41%, by region, Hunan ‘s same-store sales revenue has increased by 1 every year.

59%, same-store sales revenue in other provinces fell 0 year-on-year.

77%.

Digital transformation has begun to bear fruit, increasing costs for the supply chain and warehousing.

As of 19H1, the company has 13 million digital members, 71% of which are members’ sales. The monthly repurchase of members has increased by more than 30%. More than 200 digital operation stores have been opened, and online GMV has reached nearly 700 million yuan.

On the supply chain front, actively promoting the supply chain reform of “focusing on fresh produce as the core”, through direct harvesting of fresh produce bases, reducing intermediate conversions, and will gradually increase the gross profit margin of commodities.

In terms of warehousing and logistics, the company has four provincial-level central parks in Hunan, Guangxi, Jiangxi, and Sichuan, with a total of 29 warehouses at room temperature, freshness, freezing, refrigeration, bonded, etc., with a total storage area of 34.

430,000 square meters, of which 28.

64 thousand flats.

Profit forecast and estimation.

The company’s EPS for 2019-2021 is expected to be 0.

29/0.

3南京夜网论坛 0/0.36 yuan / share, corresponding PE is 25/24 / 21X, giving the company a “recommended” rating.

risk warning.

The new retail cooperation with Tencent was less than expected; the development of new stores was less than expected; the incubation period of the new area was less than expected; the launch and effect of the supply chain were less than expected;