The performance increased by 7.04%, in line with expectations. The company's 15Q1 achieved revenue of 1.941 billion, down 4.39% from the same period last year; the net profit returned to the mother was 72 million yuan, up 7.04% from the same period last year; the net profit after deducting non-return to the mother was 59 million yuan, down 12.66% from the same period last year; the weighted average ROE was 2.99%.
Revenue declined slightly, and the excellent performance of the subscription fund led to an upward performance. Due to weak consumption, store adjustment and other factors, 15Q1 achieved revenue of 1.941 billion, down 4.39% from the same period last year. The company's subscription fund performed well during the reporting period, with a profit or loss of 16.4322 million on 15Q1 fair value changes, an increase of 21.7006 million over the same period last year.
Reasonable cost control and improved profitability. The company adopts the adjustment of stores and commodity categories to reasonably control costs and boost the gross profit margin. During the reporting period, the company's gross profit margin was 19.57%, an increase of 0.43% over the same period last year. The expense rate during the period was 14.30%, an increase of 0.92 percentage points over the same period last year.
Make efforts both offline and online, and distribute the financial benefits. Offline, the company continues to promote store adjustment, the first to close loss-making stores, the second to transform and upgrade stores, the company currently has a total of 25 department stores (16 in Guangzhou). Online, the company launched "Guangbaibao" and mobile payment application together with BABA, and made great efforts to create "Guangbaihui" online platform. In terms of financial layout, it relies on shareholders' resources to develop supply chain finance and consumer finance to carry out small loans and personal consumption finance business.
The top-level design is expected to be introduced, and the national reform is expected to ferment again. The time for the introduction of the top-level plan for the reform of state-owned enterprises is approaching, and the local authorities actively respond to the call of the central government to accelerate the process of reform of state-owned enterprises. The reform of state-owned enterprises in Guangzhou has been in the forefront of the country, and the Guangzhou State-owned assets Supervision and Administration Commission has clearly proposed to speed up the transformation and upgrading of traditional industries and the withdrawal of inferior industries, while the company, as the only listing platform under the group, has a strong expectation of asset injection. or will follow the example of Zhejiang products to achieve the overall listing.
Maintain the earnings forecast and maintain the-A rating. We estimate that the EPS for 15-17 years will be 0.73,0.78,0.84 yuan, and the corresponding stock price PE will be 22 times, 20 times and 19 times respectively.
Risk hint: the reform process of state-owned enterprises is not as expected.