In 2019, operating income increased by 2.12% over the same period last year, while net profit from home decreased by 28.90% compared with the same period last year.
In 2019, the operating income reached 10.909 billion yuan, an increase of 2.12% over the same period last year; the net profit returned to the mother was 160 million yuan, equivalent to 0.20 yuan in fully diluted EPS, a decrease of 28.90% over the same period last year; and the net profit was deducted from 106 million yuan, a decrease of 49.20% over the same period last year, and the performance was lower than expected. It is mainly due to the intensification of competition in the regional market and the total investment loss of 46.1461 million yuan during the reporting period.
In a single quarter, 4Q2019 realized operating income of 2.525 billion yuan, down 9.78% from the same period last year; realized net profit of-900000 yuan, compared with 52.91 million yuan in the same period last year; and realized non-return net profit of-3.68 million yuan, compared with 49.03 million yuan in the same period last year.
The comprehensive gross profit margin increased by 0.28 percentage points, and the expense rate increased by 0.87 percentage points during the period.
In 2019, the company's comprehensive gross profit margin was 19.77%, up 0.28 percentage points from the same period last year.
In 2019, the company's expense rate during the period was 14.90%, an increase of 0.87% over the same period last year, of which the sales / management / financial expense rate was 4.67%, 9.95% and 0.28% respectively, with a year-on-year change of 0.32% and 0.31% respectively.
New explorations have been made in the fields of department stores and supermarkets, and the management level has ushered in an adjustment period.
During the reporting period, the company added 1 department store, 27 supermarket stores and 2 electrical stores, with a total of 253 stores in various formats. Among them, the company's first county-level shopping center, "Baidagu Town Shopping Center", opened in November 2019, which is the latest achievement of the company's department store trial channel sinking. The company's supermarket business started to join the model, as of the end of the reporting period, a total of 10 stores, only to the franchisee to charge franchisee fees. The company's exploration of the new model in the field of department stores and supermarkets remains to be seen, but it is expected to face a period of adjustment in terms of the overall operation of the company.
Downgrade profit forecast and maintain "overweight" rating
Taking into account the negative impact of the epidemic on the company's department store business and the drag on the performance of the participating companies, we downgrade the company's EPS forecast for 2020-2021 to 0.17 / 0.19 yuan (previously 0.30 / 0.31 yuan), and increase the forecast for 2022 to 0.21 yuan, maintaining the "overweight" rating.
Risk hint
The business area is more concentrated, and the training period of the new store is longer than expected.