Yonghui Supermarket (601933) Semi-annual Report Review 2019: Optimizing Expense Rates for Maintaining Same-store Growth
The first half performance was basically in line with expectations.
In the first half of 2019, the company achieved total operating income of 411.
76 ‰, an increase of 19 per year.
71%; realized attributable net profit13.
69 million, up 46 each year.
69%; attributable non-net profit 11.
63 ppm, an increase of 40 per year.
The speed of the exhibition shop continued, and the same store performance was dazzling.
In 2019H1, the company has opened a total of 791 stores and added 84 supermarket stores (including the original Top 100 stores in Guangdong area, excluding Yonghui mini stores, Yonghui Life, super samples), and 45 more than the same period last yearStore speed has basically continued.
2019H1 same-store growth in ten years 3.
1%, on the basis of further increase in store base, compared with the same period last year 3.
3% maintained dazzling performance.
At the same time, the company tested the mini format in the first half of the year. The mini store covered a total of 19 cities and 50 cities, and opened 398 stores, with an average area of 488 square meters and a total revenue of 5.
Yunchao partially excludes the revenue of Parker’s Consolidated and Mini Stores, which grows by 23 per year.
Consolidate the omni-channel platform, and continue to optimize the home and private brands.
In 2019H1, the home business has covered 518 stores, from 109 cities in 22 provinces and autonomous regions, achieving 13.
3 trillion, with an average monthly growth rate of 7.
1%, online sales accounted for 3%.
4%, a year-on-year increase of 111%; Jingdong Dajia connects the company’s supermarket stores with 407, an increase of 112.
In the first half of the year, 44 self-owned brands were sold, with 1022 SKUs and 7 at the C end.
8.6 深圳桑拿网 billion, accounting for 2%.
1%, B-terminal carbonic acid 7.
2019H1 big technology also continues to exert its strength, Yonghui Phaeton 2.
0 is fully landing and application.
The second phase of IHR was implemented at the end of July; the financial sharing system was tested in Guizhou and Sichuan at the end of July; the project to the asset system was tested and implemented at the end of August; the FOT pilot promotion of the logistics OTB project in October;.
Gross profit margin decreased by 0.
57pct, the cost rate dropped by 2.
2019H1 company’s comprehensive gross profit margin 21.
84%, -0 per year.
57 points; by industry, the gross profit margin of the retail industry fell 1.
01pct to 16.
39%, the service industry increased by 1.
04pct to 89.
89%; in terms of categories, 四川逍遥网 fresh and processed gross margins fell by 1.
09pct to 13.
92%, food supplies fell 0.
98 points to 18.
The decrease in gross profit margin was mainly related to excluding Yunchuang’s business with higher gross profit.
The company’s period expense ratio is 18.
22% a year -1.
86pct, sales / management / financial expense ratios are 15 respectively.
19% / 2.
66% / 0.
37%, -0 per year.
72pct / -1.
38pct / + 0.
24pct, in which the gradual decline in management expense ratio was mainly due to the decrease in equity incentive expenses.
Supermarket leaders nationwide expanded steadily, maintaining the “overweight” rating.
We believe that the company, as a national supermarket leader, has a long-term advantage in terms of brand and scale, and its high-growth logic remains unchanged during the country’s expansion process.
The company’s revenue is expected to be 874 in 2019-2021.
35 / 1,287.
37 trillion, with a growth rate of 24.
07% / 23.
02% / 19.
61%; net profit attributable to mothers is 23 respectively.
28 trillion, a growth rate of 57.
8% / 16.
8% / 33.
0%; EPS is 0.
Risk warning: Weak consumer environment, slower-than-expected growth of exhibition stores and same-stores, and less-than-expected mini store development.