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明牌珠宝(002574)中报点评:业绩超预期 毛利率提升与业绩补偿收入贡献业绩

Mingpai Jewelry (002574) report comments: higher-than-expected gross profit margin improvement and performance compensation income contribution performance

光大證券 ·  Aug 20, 2017 17:00  · Researches

The company released its mid-2017 report, showing a year-on-year increase in net profit of 33.80%.

On the evening of August 18, the company announced its mid-2017 report that 1H2017 achieved a revenue of 1.875 billion yuan, a decrease of 4.51% over the same period last year; a net profit of 55.83 million yuan, an increase of 33.80% over the same period last year, equivalent to fully diluted EPS0.11 yuan; and a net profit of 45.03 million yuan, an increase of 94.63% over the same period last year. The company's results exceeded the range of guidance provided by the quarterly report and exceeded our previous expectations. The company's forecast range for net profit growth in the first three quarters of 2017 is 45.86% Mel 75.03%.

The company's main business sub-products, gold / platinum / mosaic / silver (ornaments) products / other revenue of 16.04 / 0.97 / 1.30 / 0.08 / 36 million, respectively, year-on-year changes-6.68% /-4.92% Span 38.6% /-44.46% / 6.63%.

In a single quarter, 2Q2017 achieved revenue of 761 million yuan, up 11.1% from the same period last year, while 1Q2017 revenue decreased by 12.87%; net profit from home was 34.71 million yuan, up 154.86% from the same period last year, while 1Q2017's net profit was down 24.85% from the same period last year.

The comprehensive gross profit margin increased by 1.55 percentage points, and the expense rate increased by 0.35 percentage points during the period.

1H2017's comprehensive gross profit margin was 10.93%, an increase of 1.55% over the same period last year, of which gold / platinum / mosaic / silver (ornaments) products / other business gross profit margins were 8.18% / 16.92% respectively 28.70% / 46.68% / 45.51%, year-on-year changes were 1.13 / 7.69 /-3.34 / 17.99 /-12.55 percentage points respectively.

The period expense rate of 1H2017 was 8.14%, an increase of 0.35% over the same period last year, of which the sales / management / financial expense rate was 5.47% / 1.34% / 1.32%, respectively, representing a change of 1.14% /-0.17% /-0.61% over the same period last year.

Work with well-known IP to create new products to improve gross profit margin, receive performance compensation to increase performance

During the reporting period, the company continued to deepen its cooperation with well-known IP TV dramas and launched products with younger and personalized characteristics. New products focus on non-prime products and men's products, effectively expand the target customer base and improve the level of gross profit margin. In addition, due to the performance of Suzhou good House 2016, which is 25% owned by the company, the company received 45.9745 million yuan in performance compensation on May 16, 2017.

Adjust profit forecast and maintain neutral rating

Taking into account the thickening of Suzhou good House performance compensation for 2017 performance, we adjusted our forecast for the company's fully diluted EPS in 2017-19 to 0.15 / 0.12 EPS 0.14 yuan (previously 0.10 / 0.12 pound 0.14 yuan). However, due to the lack of significant improvement in revenue-side growth and high valuations, we will not adjust our earnings forecasts for 2018 and 2019 and maintain our neutral rating.

Risk Tips:

The growth rate of household consumption fell short of expectations, and the market recognition of new products fell short of expectations.

The translation is provided by third-party software.


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