Cuiwei (603123) 2018 Annual Report Comments: Results Meet Expectations Attempt to Benefit from Optional Consumer Recovery

Cuiwei (603123) 2018 Annual Report Comments: Results Meet Expectations Attempt to Benefit from Optional Consumer Recovery
The company achieved revenue of 50 in 2018.07 billion, net profit attributable to mothers increased by 20 per year.91% On April 20, the company announced its 2018 annual report and achieved operating income of 50 in 2018.07 trillion, a decrease of one year.43%.Realize net profit attributable to mother 1.7.5 billion, which translates into a fully diluted EPS of 0.33 yuan, an increase of 20 per year.91%, net profit of 南宁桑拿 non-attributed mothers1.460,000 yuan, an increase of 12 in ten years.93%.In terms of single quarter breakdown, the increase in operating income in the fourth quarter of 2018 decreased2.88%, a decrease of less than 3 in 3Q2018.33%.Net profit attributable to mothers increased by 18 in the fourth quarter of 2018.16%, an increase greater than 8 in 3Q2018.08%.Performance is in line with expectations.The first significant increase in the company’s net profit attributable to mothers in 2018 is that the period expense ratio decreased by 0 from the previous year.50 units. Gross profit margin increased by 0 in 2018.07 averages, during which the rate of expenses fell to 0.The company’s consolidated gross profit margin for the 50 years 2018 was 20.15%, an increase of 0 from the previous year.07 averages.Expenses for the company period in 南京夜网论坛 2018 were 15.60%, a decrease of 0 from the previous year.50 units, of which the selling / administrative expense ratio is 12 respectively.11% / 3.43%, a decrease of 0 from the previous year.24/0.29 units.The decrease in sales expense ratio was mainly due to the decrease in depreciation expenses and advertising expenses. The decrease in management expense ratio was mainly due to the decrease in labor costs. The main stores have a geographical advantage. The 7 operating stores owned by the company with a high proportion of its own properties are basically located in Beijing’s core business district or core community zone.The company owns about 19 buildings.40,000 square meters, the proportion of own-owned properties is 48.2%. The four main stores of Cuiwei Store, Block A of Contemporary Mall, Zhongguancun Store of Contemporary Mall, Ganjiakou Department Store and Dacheng Road Store are self-owned properties. More proportion of own-owned properties gives the company a better cost advantage and ability to resist risks. Increased earnings forecast and maintained the “overweight” rating company closed in 2017. After its Qinghe store, expenses have declined significantly. Since 2019, the recovery of optional consumption has significantly increased, and the company’s department store business is expected to benefit. We raised our company’s 2019-2020年 年EPS的预测,分别为0。38/0.43 yuan (previously 0.36/0.39 yuan), the new forecast for the company’s EPS in 2021 is 0.46 yuan, the company’s current PE (2019E) and PB (2019E) are significantly lower than the average level in the past three years, maintaining the “overweight” level. Risk reminder: The business area is extensively concentrated, and the recovery of high-end consumption has not met expectations.