Yuyuan Stock (600655) Financial Report Review: M & A and Reorganization Accelerate Multi-industry Cooperative Development

Yuyuan Stock (600655) Financial Report Review: M & A and Reorganization Accelerate Multi-industry Cooperative Development
Investment Highlights: Event: Shanghai Yuyuan Tourism Mall Co., Ltd. released the “2018 Annual Report” and achieved revenue of 337 in 2018.77 ppm, a ten-year increase of 7.20%; operating profit 46.32 ppm, a ten-year increase of 7.79%; net profit attributable to shareholders of listed companies 30.21 ppm, a ten-year increase4.67%.Among them, Q4 achieved operating income of 139.35 ppm, a 291-year increase.73%; operating profit in the fourth quarter was 29.73 trillion, a decrease of 10 a year.04%; Q4 achieved net profit attributable to shareholders of listed companies17.310,000 yuan, an annual increase of 674.34%.The company’s performance was in line with expectations. Revenue from the main business of gold jewelry increased in ten years.66%, all types of businesses accelerated the acquisition of market competitiveness. The revenue of gold jewelry’s main business maintained a growth rate, which was higher than the performance of the jewelry industry above the zero limit of society.26 points.As of the end of 2018, the company’s gold jewelry offline stores reached 2,090.The jewellery industry has two brands, Lao Temple Gold and Yayi Jewelry. The company enhances and differentiates its brands, strengthens product differentiation, re-establishes brand and market positioning, and expands market coverage. Mergers, acquisitions, mergers, and mergers across all formats performed well.In 2018, the company made mergers and acquisitions in jewelry, catering, and tourism businesses, and successively acquired Belgium’s IGI, Songhelou, and Japan’s Hoshino Hotel.After the merger and reorganization, the company’s main business growth has been significantly driven.Among them, the main business of gold has completed the acquisition of 80% equity in IGI, which is of great significance to the company’s main jewellery market.Reconstruction, IGI is located in Belgium’s main global diamond trading venue, and has a unique advantage in global diamond consulting.At the same time, IGI has an important position in the Indian diamond cutting market, and the company strengthens its ability to control the source of the diamond cutting market.M & A and restructuring drove the company’s resort / catering / leasing revenue growth, and its 2018 revenue increased by 41 in ten years.3% / 15.41% / 11.96%. The company firmly develops the “1 + 1 + 1” model, and the happy fashion brand starts again. The company has many established brands.Scale, the company upgrades through product iterations and brand optimization.The products continue to develop product lines based on market demand. Among them, gold jewelry and pharmaceutical industry are based on the popular Wuyun culture and the market’s healthy health needs to produce new nourishing health products.At the same time, the company acquired the Fosun system and coordinated development of multiple formats.During the reporting period, the company completed the acquisition of 20 companies in the Fosun system. The entry of commercial real estate provided a physical platform for the company’s happy fashion strategy.Further 四川耍耍网 accelerate the process of “industrial operation + industrial investment”. Profit forecast and investment grade: We maintain the company’s performance expectations. It is expected that the company’s Yuyuan shares will achieve revenue of 42/430/525 billion yuan in 19/20/21, a growth rate of 24.4% / 2.38% / 22.0%, while achieving a net profit of 35.61/38.0/44.2.2 billion, a 10-year growth rate of 4.06% / 6.70% / 16.36%, earnings per share are 0.92/0.98/1.14, the corresponding PE is 10.68/10.01/8.6.Cover for the first time, giving a “recommended” rating. Risk warning: market competition is intensifying, and business collaboration is less than expected.