In 2018, the company's revenue increased by 9.64% over the same period last year, and its net profit increased by 2.70% compared with the same period last year.
The company announced its 2018 annual report: in 2018, the operating income was 4.133 billion yuan, an increase of 9.64% over the same period last year; the net profit returned to the mother was 112 million yuan, equivalent to 0.20 yuan in fully diluted EPS, an increase of 2.70% over the same period last year; and the net profit from non-return was 94 million yuan, an increase of 1.90% over the same period last year. The performance is in line with the company's previous release of the performance of KuaiBao.
In a single quarter, 4Q2018 achieved an operating income of 991 million yuan, an increase of 9.41% over the same period last year, a net profit of 31.67 million yuan, an increase of 130.20%, and a non-return net profit of 28.68 million yuan, an increase of 126.86% over the same period last year.
The comprehensive gross profit margin increased by 0.37 percentage points, and the expense rate increased by 0.52 percentage points during the period.
The company's comprehensive gross profit margin in 2018 was 24.03%, up 0.37 percentage points from the same period last year.
In 2018, the company's expense rate during the period was 20.22%, an increase of 0.52% over the same period last year, of which the sales / management / financial expense rate was 18.27%, 2.98% and 0.46%, respectively, compared with the same period last year. The increase in sales expenses is mainly due to the increase in rental expenses brought about by the opening of new stores and the increase in the salary of sales staff.
The income side continues to pick up, and the third phase of the employee stock ownership plan is launched.
During the reporting period, the company opened 33 net stores, a large increase over the net increase of 11 last year, and orderly exhibition stores provided a certain increase for the company's revenue. In terms of the same store, the small format store has a better performance, with a growth rate of 4.5%, but the supermarket (including innovative stores) has the same store-2.89%, which still needs to be improved through subsequent adjustment.
The company launched the third phase of the employee stock ownership plan, the participants are 18 years of outstanding striver employees, the number of participants does not exceed 105. the total amount of funds raised in the plan is capped at 7.5 million yuan, and the stock is purchased in the secondary market with a lock-up period of 36 months.
Raise profit forecast and maintain "neutral" rating
Taking into account the revenue-side growth brought about by the company's store expansion, we raised our forecast for the company's fully diluted EPS for 19-20 to 0.21 / 0.22 yuan (previously 0.18 / 0.20 yuan), and added a forecast of 0.24 yuan for 21 years. The company's current price-to-earnings ratio is still high, maintaining a "neutral" rating.
Risk Tip: cooperation with BABA new business type did not meet expectations, CPI growth did not meet expectations.