Yuyuan shares (600655) semi-annual report comment: 19H1 revenue increased by 34 in ten years.62% continue to launch long-term incentive plans

Yuyuan shares (600655) semi-annual report comment: 19H1 revenue increased by 34 in ten years.62% continue to launch long-term incentive plans
Event company 2019H1 achieved revenue of 196.53 ppm, an increase of 34 in ten years.62% (an increase of 98 from the previous decade’s adjustment.72%); net profit attributable to mother 10.2.1 billion, an increase of 9 in ten years.31% (a year-on-year increase of 174 over the previous decade.73%). Comments ① Revenue: The company’s 2019H1 revenue is 196.5.3 billion, a year-on-year increase of 34.62%, mainly due to the increase in operating income of the jewellery and fashion business and the delivery of property development projects.①Industry: The company’s revenue mainly comes from the two major operating segments of jewelry fashion and property development and sales.Jewellery Fashion Revenue 100.96 ppm, an increase of 15 in ten years.深圳桑拿按摩网91%, accounting for 51.32%; property development and sales revenue 82.4.0 billion, accounting for 41.42%, an increase of 71 per year.78%.②By region: the company’s domestic revenue is 192.1.1 billion, accounting for 97.75%, an annual increase of 33.43%; foreign income 4.4.1 billion, accounting for 2.25%, an annual increase of 119.60%. ② The company’s gross profit margin for 2019H1 is 24.10% each year, an increase of 3 after the same period last year.02pct is mainly due to the high growth rate of property development and sales revenue of companies with higher gross profit margins. The percentage of total revenue from property development and sales revenues has increased, driving up the company’s overall gross profit margin.Jewellery fashion gross margin is 7.79%, a year up 0.95pct; 佛山桑拿 gross profit margin of property development and sales business is 26.95%, increase by 2 every year.75 points. ③ The company’s expenses during the 2019 H1 period are 10.66%, an increase of 0.91 points.Sales expense ratio: The company’s 2019H1 sales expense is 6.830,000 yuan, an increase of 27 in ten years.66%, selling expenses 3.47%, a decrease of 0 per year.19 points.Management expense ratio: The company’s 2019H1 management expense is 10.7.3 billion, an increase of 53 in ten years.56%, administrative expenses 5.46%, rising by 0 every year.67pct is mainly due to the report that the management company’s management expenses increased due to the expansion of business scale including mergers and acquisitions compared with the same period of last year.Financial expense ratio: The company’s 2019H1 financial expenses are 3.3.8 billion, an increase of 79 every year.08%; financial expenses1.72%, increasing by 0 every year.43pct, mainly due to the increase in the reported budget financing costs compared to the same period last year. ④ Net profit to mother: Net profit to mother 10.2.1 billion, an annual increase of 9 in the same period last year.31%, mainly due to the increase in the company’s operating income and increase in gross profit margin. ⑤Key operating indicators: The number of newly opened gold jewelry stores exceeded the same period of last year: The company expanded its jewelry and fashion chain network with direct retail and wholesale as its main business model.As of the end of H1 2019, the number of gold and jewelry chain outlets reached 2,417.Gold purchase, production and sales: The company’s 2019H1 gold purchases / production / sales were 29,692, respectively.00 pounds / 32,616.25 pounds / 35,417.At 84 pounds, platinum purchases / production / sales were 137.13 GBP / 87.£ 8/213.54 pounds. Profit forecasting and estimation The company develops industrial transformation around the concept of “happiness, fashion” and the dual operation mode of “industrial operation + industrial investment”.Jewellery and fashion business grows steadily and develops a safe margin; property development and sales business expands into new growth points and forms synergy with the business travel and cultural sector; high-speed growth in the resort business or a new engine for future performanceIt is estimated that the net profit for 2019-2021 will be 33.35/40.12/40.1.1 billion, the current market value corresponds to 10/8 / 8xPE, maintaining the buying level. Risk reminder: Macroeconomic growth is not up to expectations, the jewelry industry is recovering less than expected, and synergies are less than expected