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丽人丽妆(605136):疫情拖累业绩 新兴渠道自有品牌增长良好

Beauty makeup (605136): the epidemic drags down the performance of emerging channels with good growth of their own brands.

國金證券 ·  Aug 26, 2022 00:00  · Researches

Brief comment on performance

The company announced that the revenue of 1H22 was 1.557 billion yuan, down 16.08%, the net profit was 6.108 million yuan, the net profit was 97.03%, and the net interest rate was 0.39% (- 11PCT).

1Q22/2Q22 achieved a revenue of 715gamma of 842 million yuan and-5.34% torque of 23.46% of Q2 decline, a net profit of 13 million yuan / a net loss of 7 million yuan, and a net profit of 71% of Q2. The main reason is that the company is headquartered in Shanghai, logistics, supply chain and other daily operations are greatly affected by the epidemic.

Business analysis

Tmall for the basic plate, Douyin contribution increment, category from cosmetics to food / daily use / a care extension. 1H22 Tmall domestic / Tmall International / other platforms (mainly Douyin) have revenue of 1.37 billion yuan,-17.23%, 34.4%, 10.5%, 30.59%, 25.48%, 27.75%,-7.29/-13.79/+13.62PCT, respectively. As of 22.6.30, the company has operated 34 Douyin stores with steady growth in revenue and significant improvement in gross profit. Distribution / consignment 31 / 1, 1H22 net decrease of 1 / net increase of 2, new brand store Le buckle / Chengye doctor / taste file A total of 61 Tmall stores are operated, of which 4615 are distributed / sold on consignment, with a net decrease of 1 / an increase of 2, and a new cooperation of Tiduo / Adidas washing / expensive Alange / elf/ Lu. As of June 30, 2022, the company has reached cooperative relations with 60 + brands such as Sulwhasoo, Yayang, Hou, Schwarzenegger, Furifang, Orenasu, Fuludeya and other 60 + brands.

E-commerce retail business model-based, independent incubation of brands to achieve rapid growth. 1H22 e-commerce retail / brand marketing operations / other businesses (mainly for own brands) have revenue of RMB 1.42 million,-17.1% Universe 52.2% Universe 123%, gross profit 31.04% Universe 50.16% Universe 4.82%,-3.5/-33.2/+11.8PCT. Over the past 21 years, we have successively launched independent brands such as Meitang, sensitive muscle plant skin care brand Yurong Chu, rural revitalization food brand taste file, and children's skin care brand Aibeimeng.

The gross profit margin falls, the expense rate drops, the turnover slows. 1H22 gross margin 30.17% (- 6.18PCT), sales / management fee 22.52% Universe 3.99%,-2.05/-0.66PCT. Inventory turnover 197 days (56 days slower) and accounts receivable 13.5 days (1.5 days slower).

Investment suggestion

1H22 is greatly affected by the epidemic, Tmall's traffic tends to be saturated, and the company is actively expanding new channels such as Douyin & Food Care and other new categories. It has lowered its profit forecast for 22-24 by 45%, 34%, and 30%. It is estimated that EPS 0.64 shock in 22-24, which is 20 times PE in 22 years, maintains a "buy" rating.

Risk hint

Loss of inventory impairment, loss of major customers of international brands, less than expected marketing launch, and so on.

The translation is provided by third-party software.


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