The company released a semi-annual report that 23Q2 realized income of 186 million, an increase of 1.30% (23Q1 increased 1.57%), net profit of 20 million, a decrease of 26.37% (23Q1), a deduction of 9 million of non-home net profit, a decrease of 60.5% (23Q1 increased by 41.1%), a net interest rate of 10.7%, and a decrease of 4.03pct.
23H1 realized income of 392 million, same increase of 1.4%, return net profit of 56 million, same decrease of 24.9%, deduction of non-return net profit of 35 million, same decrease of 35.3%, return net interest rate of 14.3%, same minus 5.02pct.
23H1 gross profit margin 39.6%, year-on-year-2.5pct. The sales / management / R & D / financial expense rates are 14.1%, 5.0%, 2.5%, 1.0%, and + 1.0/+1.2/+0.28/-0.6pct, respectively.
The company's operating income is stable, and the total profit has declined. ① is mainly affected by the advance of the Spring Festival this year compared with last year, the sales period of winter clothing with high gross profit margin is relatively shortened in the first half of the year, and its sales share decreases relatively; in order to comply with the change of market demand, the proportion of sales of products with low gross profit margin increases, and the change of product sales structure leads to a decrease in gross profit margin compared with the same period last year. In the middle of ③ 2022, three intelligent manufacturing and logistics distribution workshops in the first phase of the company's modern manufacturing service base project were put into operation, and the company appropriately expanded its talent team based on the consideration of future development, resulting in an increase in depreciation expenses and salary expenses compared with the same period last year.
As of the end of 23H1, the net increase in cash and cash equivalents was 70 million, with a decrease of 68.6%, which was mainly due to the cash management of idle funds by 23H1 and the purchase and redemption of wealth management products; other payables were 90 million, with an increase of 831%, mainly due to the 83.448 million yuan cash dividend allocated by the general meeting of shareholders at the end of the current period.
Adhere to the orientation of middle and high-end clothing, and expand the product line of Chinese aesthetics.
The company mainly sells products for RUMERE Rongmei brand clothing and clothing, positioning its own products as middle and high-end clothing. First of all, the company's clothing collects high-end raw materials around the world, including cashmere, natural silk and worsted composite fabrics, which are widely used in the company's product design and production. Brand operators who use the same grade of high-end materials in the clothing industry are mainly located in high-end and high-price market segments, such as Ordos, Shanghai silk and other brand operators. Secondly, the company has a high-quality design and planning team, and has rich experience in high-end clothing design and technology in the industry, so that products take into account the inertia of brand style and the latest fashion in design. layout and other details are more in line with the figure and posture of domestic consumers; in addition, the company extensively cooperates with domestic high-quality processing factories to lead the industry in product workmanship and quality inspection.
The company makes full use of the information release characteristics of the Internet platform to continuously update the product line to provide customers with a wide range of quality products and services. In the past year, the company has launched Xiangyunsha and Song Jinxin Chinese aesthetics series products as the material of intangible cultural heritage, which have achieved good sales.
The operating index of the studio is growing, and the company has gradually set up a high-level live broadcast operation team to sell products through the Taobao live broadcast account "Rongmei high-end women's clothing". In the weekly "Rong Mei Lecture Hall" regular live sales, the number of subscribers to its live broadcast account has exceeded 6.57 million. Private domain traffic has been improved, and in the case of increasing competition in live broadcasting year by year, the GMV of "Rongmei High-end Women's Wear" in the company's live studio has increased by 11.96% over the same period last year, and key business indicators such as the number of merchandise visits, the number of visitors and the number of new visitors have all increased compared with the same period last year.
The company continues to improve operational flexibility, modern manufacturing service base project intelligent manufacturing and logistics distribution workshop put into use, further enhanced the company's shipping capacity and automation level, the same period this year shipments increased by 18% over the same period last year; moderate talent reserve is conducive for the company to quickly respond to the rapidly changing business environment and actively seize opportunities Dynamic inventory management system, customized clothing version design software on-line use, and in line with the continuous iterative upgrading of the company's own business, further improve the company's digital management level.
Self-built intelligent logistics base to respond quickly to terminal demand
In terms of raw material management, the company has a raw material warehouse, which stores and manages fabrics, accessories, yarns and so on through an independently developed intelligent raw material management system. At the same time, the company has built an intelligent warehousing and distribution base that can meet more than 12 million pieces of clothing accessories goods, and handed over the garment storage link to Best Logistics for operation. The company realized the real-time data docking between the online order system and the Best Logistics WMS system and SF Express OMS system, responded to the new order at the first time, sorted the goods, and finally sent it to the end consumers in time through SF Express.
Adjust profit forecast and maintain "buy" rating
Considering the increase in the proportion of the company's low gross profit margin products and the cost of the new logistics base still in the expansion period, we adjust our profit forecast and estimate that the company's EPS for 23-25 will be 0.8 shock 0.9 shock 1.0 yuan per share (the original value is 0.9,1.1,1.3 yuan per share), and the corresponding PE will be 22,19,17x respectively.
Risk tips: failure to accurately grasp the trend changes; high concentration of sales channels; intellectual property disputes; outsourcing production management; inventory price decline; new buyers, the number of purchases and unit price growth is not as expected.