Youa shares (002277): Q1 revenue increased by 42.9. follow-up attention to the progress of business upgrading, cost reduction and efficiency improvement.

中金公司 · Apr 30, 2021 00:00

　　2021 年一季度业绩符合我们预期

　　友阿股份公布2021 年一季度业绩：实现营业总收入6.74 亿元，同比增长42.9%；归母净利润1.12 亿元，同比增长190.2%，对应每股盈利0.08 元，符合我们预期。

　　1Q21 利润较1Q20 同比大幅增长，主因2020 年同期疫情影响，经营业绩低基数所致，与1Q19 相比减少32.1%，主因有息负债增加及新租赁准则影响下财务费用相较1Q19 增加了0.41 亿元。

　　发展趋势

　　1、1Q21 收入增速实现42.9%，经营态势逐步恢复。随着疫情缓和，线下客流逐渐恢复，公司积极采取多元化营销方案，门店销售回升明显，叠加同期疫情期间阶段性闭店所致的收入低基数因素，公司1Q21 营收实现同比高增长，经营业绩持续恢复。

　　2、扣非净利率修复至16.7%，盈利能力有所改善。公司1Q21 综合毛利率同比提升9.8ppt 至52.6%。费用端来看，期间费用率同比下降13.9ppt 至45.8%，主因公司营收回升而租金、员工薪酬、折旧摊销等刚性费用得以摊薄，其中销售费用率同比下降8.1ppt至15.6%，管理及研发费用率同比下降5.8ppt 至18.8%，财务费用率同比下降0.1ppt 至11.4%。综合影响下，净利率同比提升8.5ppt至16.7%，扣非净利率同比提升8.8ppt 至16.7%。经营性现金流净额明显改善，同比实现转正，由去年同期的-1.68 亿元增长至1.09亿元。

　　3、后续关注公司业务升级创新及降本增效进展。①创新求变：线下门店方面，百货和奥莱业态将通过品牌升级、品类优化不断创新经营模式，并计划引入新业态及新元素如游戏、电竞等增加门店社交属性，吸引增量客流；线上业务方面，公司不断完善“友阿购”线上平台，并持续推进线下门店的数字化建设，着力全渠道融合，实现更广触达；②降本增效：公司计划加强坪效管理及成本费用管控，实行全面预算并建立相应的考核机制；③组织建设：公司强化人才梯队建设，调整改革绩效考核体系以实现人才的充分激励，助力公司运营提效。

　　盈利预测与估值

　　维持盈利预测不变。当前股价对应2021 年/2022 年16 倍/15 倍P/E，维持跑赢行业评级，维持目标价4.13 元，对应2021 年/2022 年20倍/18 倍P/E，有20%上涨空间。

　　风险

　　行业竞争加剧，消费持续低迷，疫情反复。

The results for the first quarter of 2021 are in line with our expectations.

YouA AG announced its results for the first quarter of 2021: total operating income was 674 million yuan, an increase of 42.9% over the same period last year, and its net profit was 112 million yuan, an increase of 190.2% over the same period last year, corresponding to 0.08 yuan per share, which is in line with our expectations.

The profit of 1Q21 increased significantly compared with the same period of 1Q20, mainly due to the impact of the epidemic in the same period of 2020 and the low base of operating performance, which decreased by 32.1% compared with 1Q19, and mainly due to the increase in interest-bearing liabilities and the financial expenses under the influence of the new leasing standards. Compared with 1Q19, the financial expenses increased by 41 million yuan.

Development trend

1. The growth rate of 1Q21 revenue has reached 42.9%, and the business situation has gradually recovered. With the easing of the epidemic and the gradual recovery of offline passenger flow, the company actively adopted diversified marketing programs, and store sales rebounded significantly, superimposed by the low base of income caused by periodic shop closure during the same period of the epidemic, the company's 1Q21 revenue achieved high year-on-year growth, and business performance continued to recover.

2. The deduction of non-net interest rate has been revised to 16.7%, and the profitability has been improved. The company's 1Q21 consolidated gross margin increased 9.8ppt to 52.6% compared with the same period last year. From the expense point of view, the expense rate during the period decreased by 13.9ppt to 45.8% compared with the same period last year, mainly because the company's revenue rebounded and rigid expenses such as rent, employee compensation, depreciation and amortization were diluted, of which the sales expense rate decreased by 8.1ppt to 15.6%, the management and R & D expense rate decreased by 5.8ppt to 18.8%, and the financial expense rate decreased by 0.1ppt to 11.4% compared with the same period last year. Under the combined influence, the net interest rate increased by 8.5ppt to 16.7% year-on-year, and the non-net interest rate increased by 8.8ppt to 16.7% year-on-year. The net operating cash flow improved significantly, becoming a regular employee compared with the same period last year, increasing to 109 million yuan from-168 million yuan in the same period last year.

3. Follow up to pay attention to the progress of the company's business upgrading, innovation, cost reduction and efficiency. 1 Innovation and change: in terms of offline stores, department stores and Olai will continue to innovate their business models through brand upgrading and category optimization, and plan to introduce new business type and new elements such as games and e-sports to increase store social attributes and attract incremental passenger flow; in terms of online business, the company continues to improve the online platform of "you A Shopping", and continues to promote the digital construction of offline stores, focusing on all-channel integration to achieve wider access. 2 reduce cost and increase efficiency: the company plans to strengthen turf efficiency management and cost control, implement a comprehensive budget and establish a corresponding assessment mechanism; 3 organizational construction: the company strengthens the echelon construction of talents, adjusts and reforms the performance appraisal system to realize the full motivation of talents, and helps the operation of the company to improve efficiency.

Profit forecast and valuation

Keep the profit forecast unchanged. The current stock price corresponds to 2021 / 2022 16 times / 15 times Pmax E, maintains the outperform industry rating, maintains the target price of 4.13 yuan, and corresponds to 2021 / 2022 20 times / 18 times Pmax E, with 20% room for increase.

Risk

Competition in the industry intensified, consumption remained in the doldrums, and the epidemic situation was repeated.

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友阿股份(002277)：Q1营收同增42.9后续关注业务升级及降本增效进展

Youa shares (002277): Q1 revenue increased by 42.9. follow-up attention to the progress of business upgrading, cost reduction and efficiency improvement.

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