Po Laiya (603605): Multi-brand, multi-channel operation drives continued high growth

Po Laiya (603605): Multi-brand, multi-channel operation drives continued high growth

Event: The 无锡夜网company achieved revenue of 23 in 2011.

600 million, +32 per year.

4%, net profit attributable to mother 2.

900 million, +43 per year.

0%, net profit after deduction is +50.


The reason for the company’s profit growth is that the profitability of online sales is higher than offline, and the increase in online revenue in 2018 has increased the company’s profits as a whole.

The gross profit margin increased, and the expense ratio decreased during the period: the gross profit margin increased by 2.

3pp to 64.

0%, the period expense ratio (including research and development expenses) decreased by 1.

02pp to 46.


The financial expense ratio decreased by 1.

46pp to -0.

5%; sales expense ratio increased by 1.

87pp to 37.

5%, due to the increase in publicity and promotion costs and increase in advertising investment; the “management + R & D” expense ratio decreased by 1.

42pp to 9.

4%, strict cost control, rationalization of costs and significant benefits.

Brands: Multi-brand assets with “differentiation and youth”.

The company’s products cover skin care products, make-up, cleansing and care, aromatherapy and other fields, covering brands such as Perla, Youzilai, Hanya, Youya, Cat Rose, Yuefuti.

(1) Brands: The revenue of the Polia brand in 2018 was 20.

900 million, accounting for 88.

8% +32 per year.

4%; Youzilai brand revenue 1.

300 million, accounting for 5.

6%, +41 per year.


(2) Rejuvenation: The company is moving closer to rejuvenation in new product development and brand marketing. In 2018, it launched the “Rechargeable Ampoule”, with newly signed spokespersons Li Yifeng, Luo Yunxi, and Liu Yinglun.

(3) Multi-category: The company advances from skincare to makeup and expands the category to enhance the flash point. In 2018, the company’s main brand, Polaya, launched new products such as the printed color Baha insbaha makeup series and bubble SPA masks. The future makeup category will be created.First class explosion.

Channel: Daily chemical, single-brand stores and e-commerce troika go hand in hand.

(1) Strong development of e-commerce platforms: The online share continues to increase, and social e-commerce is the point of increase in the future.

E-commerce channels achieved revenue in 201810.

3 billion, accounting for 43.

6% + 60% per year.

In 2019, the company is expected to account for over 50% of its online presence.

(2) Single-brand stores: channel revenue of single-brand stores in 20181.

100 million, launched nearly 300 SKU new products, covering skin care, makeup, health and other categories.It is estimated that there will be more than 2,000 single-brand stores in 2019, which will be the new growth point of the company’s future revenue.

(3) The channel of franchise stores is the company’s most important sales channel at present, and the revenue of the channel of franchise stores in 2018.

0深圳丝袜会所 billion, accounting for 42.

5%, +7 per year.


Profit forecast and rating.

The company is a leading domestic beauty cosmetic company. The management efficiency has been steadily improved and the performance has grown rapidly. It is expected that the net profit attributable to mothers for 2019-2021 will be 3 respectively.

800 million, 5.

100 million and 6.

800 million, EPS is 1.

89 yuan, 2.

51 yuan and 3.

40 yuan, corresponding to PE is 34/25/19 times.

Considering that the company has core competitiveness such as R & D strength, multi-brand matrix, and omnichannel, it maintains a “Buy” rating.

Risk warning: industry competition or intensification; channel structure risk; new project incubation risk.

Qilian Mountain (600720): Gan Qing’s economic upswing concerns about underestimating leading investment opportunities

Qilian Mountain (600720): Gan Qing’s economic upswing concerns about underestimating leading investment opportunities
The 3Q19 results were slightly ahead of the previous notice. The company announced the 3Q19 results: operating income23.09 million yuan, an increase of 17 in ten years.4%; net profit attributable to mother 5.500 million, a huge increase of 65 in ten years.8%, an improvement of 12 from the previous month.3%, a slight increase over the expected performance pre-increase, we think it may be affected by prices exceeding market expectations.Opinion: Strong demand and record high gross margin.1) Off-season is not off, Ganqing 3Q19 cement demand is strong: 7?In August, the output of Gansu and Qinghai cement increased by 17% and 8% at the same time, indicating strong downstream demand, driving the 3Q19 company’s cement sales to continue to grow; 2) Gross profit margin hit a new high since the fourth quarter of 2009: From the perspective of the Ganqing cement industry,The average price of 3Q19 cement improved month-on-month, and the company’s gross profit margin in 3Q19 improved 1ppt to 39.1%, an improvement of 3 per year.At 8 ppt, the gross profit margin in a single quarter has reached a new high since the fourth quarter of 2009; 3) The expense ratio continued to decline sequentially, and the company’s 3Q19 management expense ratio and financial expense ratio decreased by 1 respectively from the previous month.7ppt and 0.2ppt.4) The company’s other income and non-operating income multiples increased significantly by approximately 45 million yuan and 29.88 million yuan in 3Q19, respectively, mainly benefiting from the financial subsidy received during the current period for the resettlement of employees in “zombie 深圳桑拿网 enterprises”.Earned income, “three supply and one industry” transfer of fee subsidy funds, etc. The operating cash flow improved tangibly, and the company realized net cash.The company’s 3Q19 operating cash flow increased significantly in two years.9.3 billion to 9.8.8 billion yuan.At the end of the third quarter, benefiting from the company’s 2Q sequential increase in book capital, non-current debt due within one year decreased from 2Q, and the company’s net cash on hand has reached approximately 6.200000000. Development Trend The average price in 3Q19 increased without a decrease from the previous month, and there was still room for improvement in the fourth quarter.In the third quarter of 1919, the price of high-standard cement in Qinghai, which we tracked, rose instead of falling, improving by RMB 13 and RMB 12 成都桑拿网 respectively.Since October, Gansu’s cement shipments have been above 90%, and the Pingliang area is close to full production and sales, which is significantly better than the same period last year. Qinghai cement demand is stable.Under the support of better demand, the current Gansu and Qinghai cement prices are gradually raised by 25 yuan and 40 yuan earlier in the 3Q off-season lows.If the subsequent price trend is similar to the same period last year (high and stable), we expect the 4Q19 Ganqing regional cement supply to still improve month-on-month, and the average price of 4Q19 will gradually reach a significant increase, pushing the company’s 4Q19 performance beyond expectations. Earnings Forecasts and Estimates We have raised our 2019e / 20e EPS 17 due to the upward revision of the average cement price assumption and the 2020 sales volume assumption.7% / 38.8% to 1.56/1.65 yuan, corresponding to 6.6x / 6.2x2019e / 20e P / E.Maintain Outperform rating and raise target price by 30% to 13.18 yuan, corresponding to 8.5x / 8.0 2019e / 20e P / E and 29% upside. The risk infrastructure projects were lower than expected, and regional addition and replacement capacity exceeded expectations.

Everbright Garbo (600622) 2018 Annual Report Comments: Great increase in performance, CARRY releases REITS core target for the first time

Everbright Garbo (600622) 2018 Annual Report Comments: Great increase in performance, CARRY releases REITS core target for the first time

Event: On April 9, the company released its 2018 annual report, announcing the realization of operating income of 47.

60,000 yuan, an increase of 54 in ten years.

3%; net profit attributable to mother 8.

8 billion, an annual increase of 61.

6%; budget benefit 0.

76 yuan, an annual increase of 61.


Comments: The 18-year performance growth has increased by 62%, due to the sharp increase in settlement and the real estate investment income contribution to the company’s operating income in 2018 of 47.

600 million, +54 in ten years.

3%; net profit attributable to mother 8.

800 million, previously +61.

6%; budget benefit 0.

76 yuan, +61 a year.

7%; gross margin and net profit attributable to mothers are 57.

0% and 18.

5%, double +12 respectively.

8pct and +0.

8 points; three expense ratios total.

3%, +4 per year.

0pct, where the financial expense ratio is 5.

2%, +4 per year.

4pct, stemming from the upward capital cost of the industry under the new asset management regulations; investment income3.

100 million US dollars, previously + 353%, due to the increase in investment income from the real estate investment business in this period; the return on net assets was 15.

3%, +4 per year.

9 points.

In addition, the company intends to provide a cash dividend of zero.

21 yuan, which is increased by 0 at any capital reserve.


In 2018, the real estate fund business revenue increased by + 34%, and the excess management fee income was realized for the first time. In 2018, the company’s real estate asset management business realized revenue7.

1 ‰, +34 a year.

3%; including management and consulting service fee income 5.

600 million, ten years +12.


At the end of 2018, Everbright Anshi Platform had 37 projects under management, and the scale of funds under management reached 471.

1 ‰, at least -5.

2%; The reason for the slight downgrade of the management scale is still the short-term impact of the new rules on asset management, but the decline has continued to decline in the scale of the 重庆耍耍网 private equity fund industry.

It is obvious that the company’s statement for the first time this year reflected the excess management fee income (accounting) of 85.17 million yuan, showing the company’s excellent real estate management capabilities, and subsequently accounting or steadily realized, the return is considerable.

In addition, the policy is accelerating the implementation of real estate investment trust funds. In the New Year’s speech of the Shanghai Stock Exchange in January of 19, the government proposed to promote the trial of public real estate investment trust funds and accelerate the development of housing lease real estate investment trust funds. In March, the Shanghai Stock Exchange encouraged institutions to report public real estate investment trust funds.In the same month, Wang Bufang, a real estate investment 合肥夜网 trust fund of the Development Research Center of the State Council, said that the first batch of pilot products for public offering of REITs will be launched in the near future.We believe that the company, as the only REITs platform owned by Everbright, is expected to benefit from policy dividends, and the rapid growth of real estate fund business in the future is expected.

18 years of real estate settlement income increased by at least 57%, unsettled soil storage 40 universal, distributed in Jiading and Kunshan in 2018 the company’s sales area5.

70,000 square meters, +24 per year.

5%; sales amount 24.

4 trillion, +0 a year.

6%; settlement area of 14.

0 million square meters, at least -30.

2%; settlement income 38.

4 trillion, +57 a year.

0%; new land acquisition area 6.

10,000 square meters, no new construction area, newly completed area is 5.

90,000 square meters (one year-88%); the company’s leased property has a construction area of 12.

80,000 square meters, +7 per year.

7%; rental income 5,727.

30,000 yuan, ten years +5.


At the end of 2018, the company received advance accounts28.

6 trillion, one year -28.

6%, mainly due to the acceleration of settlement; there are a total of 5 unsettled projects, 4 of which are located in Jiading and 1 of which are located in Huaqiao, Kunshan. The unsettled area is 40 yuan in total and the value of the goods is about 8.5 billion yuan.

Investment suggestion: The performance has increased greatly, and the initial issuance has been upgraded to the “strong push” of its core standard. The company is currently the only real estate fund platform of the Everbright Department, and vigorously promotes the introduction of REITS in the