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明牌珠宝(002574)年报点评:业绩符合预期 各项业务下滑较大

Mingpai Jewelry (002574) Annual report comments: the performance is in line with the expected decline in business.

光大證券 ·  Mar 21, 2017 00:00  · Researches

The company released its 2016 annual report, showing a 28.69% drop in net profit compared with the same period last year.

On the evening of March 20, the company announced its annual report: the annual operating income was 3.35 billion yuan, down 36.06% from the same period last year; the net profit from home was 43.71 million yuan, equivalent to EPS0.08 yuan, down 28.69% from the same period last year; and the net profit from non-return was 9943.33 yuan, down 99.84% from the same period last year.

From the point of view of the company's revenue products, gold jewelry / platinum jewelry / mosaic jewelry / silver (ornaments) / other products respectively achieved revenue of 29.01 / 1.86 / 1.91 / 0.25 / 46 million yuan, year-on-year change-38.59% /-21.33% / 3.54% /-15.62% /-27.76%. In a single quarter, 4Q2016 achieved an operating income of 602 million yuan, a decrease of 23.47% over the same period last year, and a net profit of-7.7046 million yuan.

The comprehensive gross profit margin changes by 2.64 percentage points, and the expense rate changes by 3.42 percentage points.

During the reporting period, the company's comprehensive gross profit margin was 10.26%, a significant increase of 2.64 percentage points compared with the same period last year. The gross profit margin of the company is 7.36% / 13.8% / 32.55% / 56.16% / 59.97% respectively, representing a year-on-year change of 1.4 / 9.04 /-0.5 / 33.94 /-0.16 percentage points.

During the reporting period, the company's expense rate was 9.61%, an increase of 3.42% over the same period last year, of which the sales / management / financial expense rate was 5.5% / 1.65% / 2.46% respectively, with a year-on-year change of 1.85 / 0.55 / 1.03%.

Stop Dingzeng's acquisition of Suzhou good house, the main gold jewelry industry seeks differentiation

The company announced that due to changes in the securities market environment and policies, as well as differences between Suzhou good House's 2016 performance and committed performance, it terminated the major asset restructuring by increasing the acquisition of 75% of Suzhou good House.

During the reporting period, the company sought brand differentiation by partnering with high-profile IP resources to develop products that cater to popular hot spots and young consumer groups, while increasing investment in proprietary channels to expand influence. The company's main business accounts for a large proportion of gold jewelry sales, based on the strengthening of real estate regulation and inflationary pressure throughout the year, we are optimistic about the performance of the gold jewelry industry for the whole year.

Adjust profit forecast and target price for the next 6 months, downgrade to neutral rating

We adjusted our forecast for the company's EPS for 2017-2019 to 0.11 / 0.13 / 0.16 yuan (previously 0.12 / 0.16 / 0.16 yuan), adjusted the target price for the company for the next six months to 11.3 yuan, taking into account the large decline in the company's business and high valuation, downgrade to neutral rating.

Risk hint: macroeconomic growth is lower than expected, consumer demand growth is lower than expected.

The translation is provided by third-party software.


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