From January to September, the company achieved an operating income of 5.547 billion yuan, an increase of 24.86% over the same period last year. The company's net profit was 40.14 million yuan higher than that of the same period last year, deducting 5.04 million yuan from non-net profit and-141 million yuan over the same period last year. Since the 17Q4, the company's revenue has continued to grow positively, and the profit side has continued to be positive, reversing losses compared with the same period last year.
In the past 18 years, the revenue side of the company has improved, and the performance of direct marketing and joining has been good. The total income in the first half of the year increased by 35.96%, direct operation: the proportion of joining income was about 2:1, up 32.35% and 43.58% respectively over the same period last year, and the growth rate was higher than that of direct operation. At the same time, the company opened a new store with a business area of about 120000 square meters in the first half of 18 years.
From a quarterly point of view, 18Q1~Q3 income is + 30.12%, 43.97%, 4.05%, 4.05%, respectively, and the income side of Q3 is slowing down due to the weak retail environment. The net profit from home is 5041, 271, and 12.97 million yuan, respectively.
The expense rate fell by more than the gross profit margin, the inventory and cash flow improved, and the gross profit margin of accounts receivable greatly increased and decreased. From January to September 18, gross profit margin decreased by 2.34PCT to 45.75% compared with the same period last year, of which Q1~Q3 single-quarter gross profit margin decreased by 5.71/1.53/0.19PCT.
The expense rate decreased significantly. During the period from January to September, the expense rate fell 4.78PCT to 42.40% year-on-year, more than the gross profit margin. Among them, the sales / management / R & D / financial expense rates were 37.12% (year-on-4.52PCT), 2.10%, 2.02% and 1.17% (+ 0.05PCT), respectively.
Among other financial indicators, inventory is relatively benign, down 3.13% from the beginning of the year, and inventory turnover has continued to accelerate since the beginning of 18 years; accounts receivable increased by 167.38% to 1.174 billion yuan compared with the beginning of the year, mainly due to an increase in credit sales; the net cash flow of operating activities was 208 million yuan, which has been turning positive year on year since the beginning of 18 years, and the cash flow situation has improved.
It is expected to reverse losses for the whole year, and the adjustment effect is effective to promote performance improvement, but the company needs to pay attention to the impact of retail environment. The company expects to return to its mother in 18 years with a net profit of 0-50 million yuan, compared with last year-305 million yuan. We believe that: 1) over the past 18 years, the early adjustment of the company's business has begun to show effect, the growth rate of the revenue side has rebounded, the profit side has achieved a turnround, and the operating capacity has improved. 2) Q3's income growth has slowed down under the weak terminal retail environment, and the downturn in industry consumption is expected to interfere with the improvement of the company's performance. On the whole, the EPS was raised to 0.01,0.06,0.11 yuan in 1819 and 20 years, maintaining the "neutral" rating.
Risk hint: consumption is weak and the progress of business adjustment in various channels is not as expected.