Lianhua supermarket (00980.HK): revenue + 3.1% benefit from network expansion and store transformation and upgrading

中金公司 · Sep 2, 2019 00:00 · Researches

1H19 业绩符合我们预期

联华超市公布1H19 业绩：收入134.9 亿元，同比+3.1%；归母净利润0.44 亿元，同比+11.7%，对应EPS 0.04 元，符合我们预期。

发展趋势

1、网点拓展带动营收增长。上半年营收同比+3.1%，主要受益于网点数量增长，其中，同店销售下降0.4%。分业态看：1）大型综合超市：营收同比+0.2%，同店下降0.78%，报告期内公司着重发展业态3.0 模式的迭代和定型，加快多元场景打造和品牌换新；2）超级市场：营收同比+9.1%，同店增长1.2%，报告期内积极推进网点拓展和门店转型升级，带动同店销售提升；3）便利店：营收同比+0.4%，同店下降1.8%，仍面临经营亏损。展店方面，上半年净开店30 家至3401 家，其中大型综合超市、超级市场分别净开3家、67 家，在不断巩固区域优势地位的同时，关闭经营不善的网店；便利店网点净减少40 家，仍面临经营调整压力。

2、净利润受一次性因素提振。毛利率同比下降0.9ppt 至13.5%，主因营销活动增加及商品结构调整，其中大型综合超市毛利率同比下降1.08ppt。费用端来看，销售费用率同比下降0.7ppt 至19.2%；管理费用率同比上升0.1ppt 至3.1%；其他经营开支同比减少3542 万元，主因关闭网点损失拨备同比减少。最终净利润0.44 亿元，同比增长11.7%。若剔除首次应用香港第16 号租赁准则影响，则上半年归母净利润1.21 亿元，同比大幅增加0.81 亿元（或同比增长超过200%），主因其他收入及其他利得大幅增加1.74亿元，其中，子公司杭州联华仓库拆迁获得一次性收益1.35 亿元。

3、后续关注网点拓展与经营效率提升。现阶段，公司经营重点围绕以下方面布局：网点拓展方面，加快新网点开设和现有门店转型升级，超市业态重点围绕社区市场和生鲜品类进行模式探索，并开展线上引流和数字化建设；品类及供应链方面，重点提升生鲜及进口品类占比，打造自有品牌供应链。此外，持续优化运营流程，提升经营效率。后续关注网点建设及门店运营效率提升进展。

盈利预测与估值

维持盈利预测。当前股价对应2019/2020 年0.07/0.06 倍P/S，维持跑赢行业评级，但基于利润端企稳态势，上调目标价5%至1.9港币，对应2019/2020 年0.07/0.07 倍P/S，有12%增长空间。

风险

行业竞争不断加剧；门店转型效果不及预期。

1H19 performance is in line with our expectations

Lianhua supermarket announced 1H19 results: revenue 13.49 billion yuan, year-on-year + 3.1%; return to the mother net profit of 44 million yuan, year-on-year + 11.7%, corresponding to EPS 0.04 yuan, in line with our expectations.

Trend of development

1. The expansion of network leads to the growth of revenue. Revenue in the first half of the year was + 3.1% compared with the same period last year, mainly due to the growth in the number of outlets, of which same-store sales fell 0.4%. Look at the sub-format: 1) large comprehensive supermarkets: revenue year-on-year + 0.2%, same-store down 0.78%. During the reporting period, the company focused on the iteration and stereotyping of format 3.0 model. speed up the creation of multiple scenarios and brand renewal; 2) supermarkets: revenue year-on-year + 9.1%, same-store growth of 1.2%, actively promote the expansion of outlets and the transformation and upgrading of stores during the reporting period, driving the improvement of same-store sales. 3) convenience stores: revenue is + 0.4% year-on-year, while that of the same store is down 1.8%. They are still facing operating losses. In terms of exhibition stores, 30 to 3401 stores were opened net in the first half of the year, of which 3 and 67 were opened in large comprehensive supermarkets and supermarkets respectively. While continuously consolidating the dominant position in the region, poorly operated online stores were closed, while the number of convenience store outlets decreased by 40 net. Still facing the pressure of business adjustment.

2. Net profit is boosted by one-off factors. Gross profit margin fell 0.9ppt to 13.5% year-on-year, mainly due to increased marketing activities and commodity structure adjustment, of which the gross profit margin of large general supermarkets fell 1.08ppt compared with the same period last year. From the expense point of view, the rate of sales expenses decreased to 19.2% compared with the same period last year; the rate of management expenses increased by 0.1ppt to 3.1% compared with the same period last year; and other operating expenses decreased by 35.42 million yuan over the same period last year, mainly due to the reduction of provisions for loss of outlets. The final net profit was 44 million yuan, up 11.7% from the same period last year. If the impact of the first application of Hong Kong No. 16 rental criteria is excluded, the net profit of returning home in the first half of the year is 121 million yuan, a substantial increase of 81 million yuan over the same period last year (or an increase of more than 200% over the same period last year), mainly due to a substantial increase of 174 million yuan in other income and other profits, of which the subsidiary Hangzhou Lianhua warehouse demolition received an one-time income of 135 million yuan.

3. Follow up to pay attention to the expansion of the network and the improvement of operation efficiency. At this stage, the company's business focus is laid out around the following aspects: in terms of network expansion, speed up the opening of new outlets and the transformation and upgrading of existing stores, and supermarkets focus on exploring the model around the community market and fresh products categories, and carry out online drainage and digital construction; category and supply chain, focus on improving the proportion of fresh and imported products to build their own brand supply chain. In addition, continuously optimize the operation process and improve the operation efficiency. Follow up to pay attention to the progress of the construction of outlets and the improvement of store operation efficiency.

Profit forecast and valuation

Maintain profit forecasts. The current share price maintains an outperform industry rating of 0.07 / 0.06 Pamp S in 2019, but raises the target price by 5% to HK $1.9 based on the stability of profits, and has 12% room for growth of 0.07 / 0.07 in 2020.

Risk

The competition in the industry is increasing; the effect of store transformation is not as good as expected.

The translation is provided by third-party software.

The above content is for informational or educational purposes only and does not constitute any investment advice related to Futu. Although we strive to ensure the truthfulness, accuracy, and originality of all such content, we cannot guarantee it.

联华超市(00980.HK)：营收同比+3.1% 受益于网点拓展及门店转型升级

Lianhua supermarket (00980.HK): revenue + 3.1% benefit from network expansion and store transformation and upgrading

Risk Disclaimer

Statement