1H2018's operating income increased by 4.11% over the same period last year, and its net profit increased by 15.72% compared with the same period last year.
On the evening of August 22, the company announced its 2018 semi-annual report: the company's 1H2018 realized operating income of 1.276 billion yuan, an increase of 4.11% over the same period last year; realized return net profit of 39.87 million yuan, equivalent to 0.14 yuan of fully diluted EPS, an increase of 15.72% over the same period last year; and realized non-return net profit of 42.26 million yuan, an increase of 14.36% over the same period last year.
In a single quarter, the company's 2Q2018 achieved operating income of 597 million yuan, an increase of 2.93% over the same period last year, and a net profit of 22.8 million yuan, an increase of 23.57% over the same period last year.
The comprehensive gross profit margin increased by 0.03 percentage points, and the expense rate decreased by 0.58 percentage points compared with the same period last year.
1H2018's comprehensive gross profit margin was 19.53%, up 0.03% from the same period last year.
The expense rate of 1H2018 during the period was 14.16%, a decrease of 0.58% over the same period last year, of which the sales / management / financial expense rate was 1.83% / 12.44% /-0.11% respectively, with year-on-year changes of-0.09% /-0.43% /-0.07% respectively.
Improve the management quality to cope with the pressure of competition
During the reporting period, there were many competitors in the new and old business circles in Shenyang, and the overall situation of high operating pressure did not improve significantly. In the face of severe competition, the company has improved its business quality by upgrading furnishings, orderly sales promotion and maintaining high-quality members, with a total of 361000 members by the end of the reporting period. On the online side, ZTE Cloud purchase APP and Wechat official account platform introduced Panorama Mall and other new functions to achieve online and offline coordination and attract passenger flow, with an online transaction volume of 353000 yuan during the reporting period.
Slightly raise the profit forecast and maintain the "overweight" rating
The company still has influence in the regional market, especially in the Taiyuan Street area of the established business district, and the company's ability to increase efficiency and control fees has generally improved in the first half of the year. We slightly raised the forecast for the company's fully diluted EPS from 2018 to 2020 to 0.33 / 0.35 / 0.37 yuan (previously 0.32 / 0.34 / 0.36 yuan) to maintain the "overweight" rating.
Risk Tips:
Consumer demand falls short of expectations, and major shareholders reduce their holdings.