The company's 1H2018 revenue increased by 6.65% compared with the same period last year, and its net profit increased by 17.66% compared with the same period last year.
On the evening of August 17, the company released its 2018 semi-annual report: 1H2018 achieved operating income of 4.524 billion yuan, an increase of 6.65% over the same period last year; realized net profit of 218 million yuan, equivalent to 0.30 yuan of fully diluted EPS, an increase of 17.66% over the same period last year; and realized deduction of 207 million yuan of non-return net profit, an increase of 13.60% over the same period last year.
In a single quarter, the company's 2Q2018 achieved operating income of 2.067 billion yuan, an increase of 3.83% over the same period last year, and a net profit of 94.83 million yuan, an increase of 10.71% over the same period last year.
The comprehensive gross profit margin increased by 0.32 percentage points, and the expense rate decreased by 0.03 percentage points during the period.
During the reporting period, the company's revenue in terms of business format, department store / automobile / food respectively achieved business income of 10.84pm 31.72 / 116 million yuan, year-on-year changes of-1.79% / 10.04% /-6.21%.
1H2018's comprehensive gross profit margin was 14.89%, up 0.32% from the same period last year. Among them, the gross profit margin of department store / automobile / food business is 17.11% / 9.46% / 44.96% respectively, which is-0.74 / 0.75 /-0.23 percentage points respectively compared with the same period last year.
The expense rate of 1H2018 during the period was 8.69%, down 0.03% from the same period last year, of which the sales / management / financial expense rate was 3.96% / 4.42% / 0.32% respectively, with a year-on-year change of 0.12% / 0.18%.
The department store and food business are relatively depressed, while the automobile business continues to grow.
During the reporting period, the performance of the company's department store / food business was relatively low, the revenue and gross profit margin of the two businesses decreased compared with the same period last year, the company's revenue growth was mainly contributed by the automotive business line, and the company added Audi brand sales during the reporting period. to make a certain contribution to the revenue and gross profit margin of the automobile business itself and the company as a whole.
Maintain profit forecast and maintain "overweight" rating
We maintain the forecast of the company's overall diluted net profit of 0.54 / 0.60 / 0.63 yuan for 2018-2020, and maintain the "overweight" rating.
Risk Tips:
The sales of automobile business are lower than expected, and the sales of middle and high-end department stores are lower than expected.
