share_log

美凯龙(601828):23Q1收入26.2亿 持续筹备市场扩张

Macron (601828): 23Q1 revenue of 2.62 billion yuan continues to prepare for market expansion

海通證券 ·  May 2, 2023 00:00  · Researches

Incident: The company released a quarterly report. 23Q1 achieved operating income of 26.02 billion yuan, a decrease of 22.5% over the previous year; the net profit of Gumo was 150 million yuan, a decrease of 79.1% from the previous year, and the net interest rate of Gummo was 5.6%, a decrease of 15.1pct over the previous year, mainly due to the slow progress of amortization and related services during the income period during the rent-free epidemic; net profit after deducting non-return to the mother was 220 million yuan, a decrease of 54.5% over the previous year, and the net interest rate of non-return to the mother was 8.3%, a decrease of 5.8 pct over the previous year, a decrease of 5.8 pct from the previous year, turning negative from the previous year.

The company's comprehensive gross margin in 23Q1 was 59.8%, a decrease of 1.7 pct over the previous year and an increase of 6.7 pct over the previous month. The fee rate for the period was 41.3%, an increase of 5.3 pct over the previous year. Among them, the sales/management/R&D/finance expense ratio was 9.8%/11.2%/0.2%/20.1%, respectively, with a year-on-year change of +1.6pct/+0.7pct/-0.2pct/+3.2pct.

In the first quarter of '23, the company had opened its own shopping malls and obtained revenue of 1.64 billion yuan during the reporting period, a decrease of 24.4% over the previous year. The gross margin was 71.9%, a decrease of 4.2 pct over the previous year. Looking at the revenue of self-operated shopping malls by operating format, own/leasing/joint ventures achieved revenue of 13.6/2.1/067 billion yuan respectively, a year-on-year change of -23.8%/-30.4%/-12.9%; gross margin was 80.9%/21.2%/48.6%, respectively, a decrease of 3.8pct/4.2pct/3.8pct over the previous year.

As of 23Q1, the company operated 91 self-operated shopping malls. Compared with the end of '22, the company did not open new self-operated shopping malls, closed 2 self-operated shopping malls, transferred 1 mall from self-operated to managed, managed 285 shopping malls, and operated 8 home furnishing shopping malls through strategic cooperation; in addition, the company authorized 55 home building materials projects through franchising, including 472 home building materials stores/industrial streets. As of 23Q1, the company's 19 self-operated shopping malls have a planned construction area of about 2.97 million square meters; among the shopping malls being prepared, 309 contract projects have obtained land use licenses/land plots.

Profit forecast and rating: We expect the company's net profit for 23-24 to be 2,255/2.53 billion yuan respectively, an increase of 200.9%/12.4%. The closing price on April 28 corresponds to PE 10 and 9 times, respectively. As a leading furniture store, the company focuses on its main business. The core self-operation indicators are improving, and a certain valuation premium is given. For reference, the comparable company gave a PE valuation of 12-13 times in 23 years, corresponding to a reasonable value range of 6.21-6.73 yuan, giving it a “superior to the market” rating.

Risk warning: Competition in the industry has intensified, home improvement orders have fallen short of expectations, and the pace of store development has fallen short of expectations.

The translation is provided by third-party software.


The above content is for informational or educational purposes only and does not constitute any investment advice related to Futu. Although we strive to ensure the truthfulness, accuracy, and originality of all such content, we cannot guarantee it.
    Write a comment