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Yunnan Baiyao (000538) Quarterly Comment: Stable Development Looks Forward to Ten Years

Yunnan Baiyao (000538) Quarterly Comment: Stable Development Looks Forward to Ten Years

The core view of the first quarter results in line with expectations.

The company announced a quarterly report and achieved operating income of 69 in the first quarter of 1919.

7.3 billion, an increase of 10 in ten years.

04%, the net profit attributable to shareholders of the listed company is 8.

46 ppm, a ten-year increase4.

97%, deducting non-net profit is 7.

55 ppm, a ten-year increase of 8.

54%, performance in line with expectations, and maintained steady growth in the first quarter.

In terms of expenses, the company’s 杭州桑拿 selling expenses were 11.

90%, about 2 less than the same period last year.

56 units, administrative expenses1.

66%, R & D expenses 0.

41%, basically maintained at a relatively stable level.

Each sector is expected to develop steadily.

Under the influence of the “toothpaste incident” last year and the destocking of channels, the company’s various segments have maintained relatively stable development in the first quarter. It is expected that the growth rate of the commercial sector will remain at about 15%, and the growth of the healthy sector is good.The Chinese medicine resources sector still maintains a rapid growth rate of about 20%. Due to the impact of channel destocking, the pharmaceutical sector is expected to change to a certain extent, and is expected to expand by about 20%.

In terms of gross profit margin, Q1’s comprehensive gross profit margin was 28.

30%, about 2 less than the same period last year.

The 16 tiers are expected to be mainly related to the relative increase in the proportion of commercial business.

Motivation and rationalization, optimistic about the company’s long-term development.

At present, the company’s incentive reform has entered the final stage of integration. The company absorbed and merged Yunnan Baiyao Holdings, which further increased the control of Yunnan Province’s SASAC and Xinhua Capital, which is conducive to the company’s major events and decision-making.Smooth; reorganization, in order to further motivate the leadership and core employees of Baiyao, the company is expected to repurchase the company’s shareholding system from the secondary market to implement the employee stock ownership plan, change the gradual implementation of the company’s incentive plan, and be optimistic about the company’s long-term development financial forecast and investment recommendationsThe company’s pharmaceutical business is relatively under pressure, which may affect its 19-year performance. We slightly adjust our profit forecast. It is estimated that the EPS for 2019-2011 will be 3 respectively.

58/4.

10/4.

50 yuan (previous forecast was 3 for 19-20 years).

02/4.

48 yuan), according to a comparable company, the company is given a 24x valuation in 2019, with a corresponding target price of 85.

92 yuan, maintain BUY rating.

Risk prompts that reform progress is not up to expectations; the company’s pharmaceutical business sales are not up to expectations

Seven wolves (002029) 2019 third quarterly report comments: Q3 income growth rate changes costs and non-main factors dragged down profit substitution

Seven wolves (002029) 2019 third quarterly report comments: Q3 income growth rate changes costs and non-main factors dragged down profit substitution

Q3’s revenue growth was extreme, and the increase in net profit narrowed. The company achieved revenue in the first three quarters of 201924.

7.8 billion, with an annual increase of 5.

32%, net profit attributable to mother 1.

9.8 billion, with an annual downgrade of 7.

75%, net of non-attributed net profit1.

1.7 billion, with an annual increase of 6.

18%, EPS0.

26 yuan.

The decrease in the return to the mother’s net profit under the background of income growth was mainly due to the increase in expense ratio, increase in asset impairment losses (net increase of 35.37 million yuan), government subsidies (net decrease of 28.57 million yuan) and investment income (net decrease of 14.92 million yuan).
Looking at the quarterly order, 19Q1?

The annual growth rate of Q3 income was 3 respectively.

13%, 12.

37%, 3.

32%, net profit attributable to mothers increased by +9.

45%, -37.

72%, -6.

61%. The increase in net profit margin since the second quarter was mainly due to the increase in asset impairment losses, government subsidies and reduction in investment income.

Revenue split in the first three quarters: In terms of business segment, it is estimated that the revenue growth mainly comes from the seven-wolf brand menswear business, and the needle spinning business is still shifting, but the margin is slightly larger than the first half.

Judging from the breakthrough of the brand menswear business, it is estimated that there is not much online growth, mainly driven by offline growth. It is estimated that offline business growth has double-digit growth, of which extended store openings and same-store sales can contribute.

The increase in gross profit margin exceeds the expense ratio, the turnover rate, and the increase in net cash flow.

26PCT to 44.

35%, mainly due to changes in business structure. The proportion of high-margin brand menswear business has increased, and some of its distribution business has returned to direct sales. In addition, the company has benefited from the lowered profitability.

19Q1?Q3 single quarter gross profit margins were 36.

65% (+2.

42PCT), 47.

78% (+3.

20PCT), 49.

99% (+9.

23PCT).

Expense rate: During the period, the expense rate is maximized to increase 4.

59PCT to 29.

71%, including sales, management, research and development, and financial expense ratios of 20 respectively.

92% (+4.

42PCT), 8.

32% (+0.

69PCT), 1.

46% (-0.
41PCT), -0.

98% (-0.
11PCT).

The increase in sales expense ratio was mainly due to the increase in advertising costs, platform service fees, and terminal management costs.

19Q1?Expense rates increased by 3 during Q3.

79, 3.

95, 5.

19PCT.

Other financial indicators: 1) At the end of September 19, the inventory increased earlier by 16.

68% to 11.

26 ppm, a decrease of 5 from the same period last year.

18%, inventory turnover profit1.

32, compared with 1 in the same period last year.

40 slightly retina.

2) Accounts receivable increased by 16.

63% to 4.

88 ppm, an increase of 4 over the same period last year.

94%.

Accounts receivable turnover high pressure5.

47, compared with 6 in the same period last year.

24 small amplitudes.

3) Asset impairment loss + credit impairment loss increased by 22.

10% to 1.

95 trillion, a net increase of 35.37 million yuan, mainly due to the increase in inventory price losses (including 杭州桑拿网 inventory loss losses1.

8.1 billion).

4) Investment income + gains from changes in fair value increased by 14.

15% to 90.57 million yuan, a net reduction of 14.92 million yuan.

5) Other income is downgraded by 79 per year.

22% to 7.49 million yuan, a net decrease of 28.57 million yuan.

6) Net cash flow from operating activities increased by at least 13.

71% to 1.

55 ppm, mainly due to the increase in advertising costs, service consulting fees, shopping mall management fees, and expenses.

Among them, the sales of goods gained a ten-year cash appreciation4.

20% to 25.

USD 4.2 billion, equivalent to an increase in income; purchases of goods, and cash payments for labor services fell 2.

51%.

Under the background of the short-term retail weakness, the cost end is under pressure, and the funds are still higher than we previously thought: 1) The offline business of the company’s brand men’s clothing has contributed to the main revenue growth. In 19, some of the distribution was affected by direct sales, and the income side is expected to continue to grow;Pressure on the short-term revenue growth of the Shanghai business and the knitting business has weighed on the overall.

2) In the first three quarters of the year, the company’s expenses were still under pressure, and asset impairment accrued. The company’s operating difficulties have increased under the background of weak industrial retail. It is still necessary to pay attention to changes in the retail environment and expenses.

3) The company has abundant cash, and it has monetary funds23 at the end of September 19.
6.6 billion yuan + trading financial assets 21.

6.1 billion.

Taking into account the growing stock pressure of online and knitting business, the retail environment is still weak, and expenses and asset impairment losses are still under pressure. In 19 years, non-main factors (government subsidies and investment income, etc.) affected profits. We lowered 19?
The 21-year EPS is 0.
43, 0.

46, 0.

49 yuan, corresponding to 19 times PE14 times, PB0.

7 times, maintaining the “overweight” level.

Risk warning: weak terminal consumption, higher-than-expected expenditures, and e-commerce and knitting business growth are below expectations.