Peacebird (603877) 2019 Third 无锡桑拿网 Quarterly Report Review-Revenue Accelerates, Profits Improve, Adjustments Take Results

The company achieved revenue of 50 in the first three quarters of 2019.

30,000 yuan (+2.

36%), deducting non-net profit of 85 million yuan (-27.

(00%), of which the improvement in the third quarter of 2019 was significant, and the revenue / deduction of non-net profit increased by 9 respectively.

55% / 41.

90%, the company’s adjustments in products, channels, and supply chain ends gradually realized, maintaining the “overweight” level.

In the first three quarters of 2019, revenue / net profit / deducted non-net profit both increased by 2.

36% / down 26.

78% / down 27%, showing significant improvement in the third and third quarters.

The company achieved revenue of 50 in the first three quarters of 2019.

30,000 yuan (+2.

36%), net profit 2.

07 billion (-26.

78%), deducting non-net profit of 85 million yuan (-27.

(00%), of which the improvement in the third quarter of 2019 was significant, and the revenue / deduction of non-net profit increased by 9 respectively.

55% / 41.

90%.

From the perspective of profitability, the gross profit margin of 2019Q3 decreased slightly by 0.

96PCT to 51.

04%, lowered, the company has a good control on expenses, both management expenses and sales expense ratio have improved. On the whole, the net interest rate has decreased.

59PCT to 4.

02%.

The main brand and children’s clothing improved, and Rakucho grew steadily.

By brand, 2019Q3, (1) PB men’s clothing realized income 5.

64ppm, the same increase + 7% (2019Q1 / Q2 were -12% / + 4% respectively), the gross profit margin growth trend narrowed, each time slightly decreased 0.

13PCT.

(2) PB women’s clothing realized income 7.

490,000 yuan, an increase of + 8% (Q1 / Q2 in 2019 were -3% /-2%, respectively), and the increase in direct discount rates led to a decrease in gross profit margin by 3.

03PCTs.

(3) Rakucho realized income 2.

61 ppm, the same increase + 10% (2019Q1 / Q2 is 12% / + 13% respectively), direct sales and online layout is progressing smoothly, gross profit margin decreased by 2.

39PCTs.

(4) The children’s clothing business reversed the downward trend and realized revenue2.

27 ppm, the same increase + 25% (Q1 / Q2 in 2019 were -3% /-4%, respectively). The improvement in discount rate caused the gross profit margin to increase by 10.

45PCTs.

Significant improvement in online, direct offline & franchise have improved.

(1) Online income in Q3 20193.

91 ppm, the same increase of 31%, compared with Q1 / Q2 in 2019 significantly increased (+ 0% / 18%), the gross profit margin decreased slightly by 0.84PCT.

(2) Offline income 14.

69 ppm, an increase of 6%, and gross margin decreased by the effect of discount3.

06PCTs.

It reported that there were 11 to 4,438 stores nationwide.

Among them, from the perspective of direct franchise franchise, ① offline direct sales revenue + 9%, the efficiency of old stores has improved slightly.

② The offline franchise adjustment works, with revenue + 3%, and stores are still adjusting.

Against the background of declining economic growth, active adjustment is expected to bring operating results.

The company’s continuous product power and continuous improvement of TOC’s ability to operate and manage commodities are more conducive to smoothly passing the industry’s downturn.

(1) At present, the overall inventory is maintained at a relatively healthy 杭州桑拿网 level, the inventory in 2019Q3 is basically stable, the turnover days are reduced by 7 days to 236 days, and the age structure of the warehouse is also reasonable.

(2) In addition, the company is still actively adjusting its channel structure. In the long run, it is trying to maintain a certain number of open stores.

risk warning.

1.

The transition effect of casual clothing is gradually expected.

2.

Children’s clothing / e-commerce sales were lower than expected.

Profit forecast and estimation.

The company’s operating performance in the third quarter improved markedly, and adjustments at the product, channel, and supply chain ends were gradually fulfilled, maintaining the EPS forecast for 2019/2020/2021 to 1.

05/1.

23/1.

42 yuan, maintaining the “overweight” level.