Updated : Apr 30, 2020 in 新闻

Hollykock (603898) Quarterly Review: Fast-growing home improvement channel revenue, long-term focus on retail management reform

Hollykock (603898) Quarterly Review: Fast-growing home improvement channel revenue, long-term focus on retail management reform

The company achieved revenue of 15 in 19Q1-Q3.

5.7 billion, an annual increase of 2.

53%, net profit attributable to mother 2.

6.1 billion, down 14 each year.

83%, deducting non-net profit 2.

3.2 billion, down 3 every year.

68%; of which revenue was 6 in 19Q3.

1.9 billion, an annual increase of 0.

58%, net profit attributable to mother 1.

1.2 billion, down 10 every year.

46%, deducting non-net profit 1.

3.0 billion, down 9 every year.

05%.

The deduction of non-net profit higher than the net profit of returning mothers was mainly due to a decrease in government subsidies of 44.96 million from the same period last 杭州夜生活网 year.

In terms of different products, the growth rates of 19Q1-Q3 overall wardrobes, cabinets, wooden doors, and finished products were -4.

16%, 251.

65%, 3071.

46%, 16.

73%, the wooden door, door and window business contributed revenue increase, and the overall wardrobe revenue growth rate has improved.

  Affected by the door and window business, the gross margin increased.

19Q1-Q3 gross profit margin 39.

35%, a decrease from the same period last year.

02pct, of which 19Q3 gross margin is 39.

29%, a decrease of 2 over the same period last year.

67 points.

Looking at the overall wardrobe, cabinets, wooden doors, and finished products by product, the gross profit margins for the first three quarters of doors and windows were 43.

03%, 33.

04%, 10.

62%, 23.

07%, -10.

63%, except for doors and windows, increased by 0 compared with the same period last year.

42 and 7.

78pct, 112.

57pct, the decline in gross profit margin was mainly due to the company’s door and window business is in the trial production stage.

  Expenses remained stable during the third quarter.

The cost rate during the period 19Q1-Q3 was 20.

83%, of which the sales expense ratio, management expense ratio, research and development expense ratio, and financial expense ratio are 13 respectively.

02%, 4.41%, 3.

29%, 0.

11%, the same change from last year -1.

75pct, 0.

68 pieces, 0 pieces

83pct, 0.

4pct.

The expense ratio during the period of 19Q3 was 18.

87%, of which the sales expense ratio, management expense ratio, research and development expense ratio, and financial expense ratio are 11 respectively.

29%, 3.

96%, 3.

25%, 0.

47%, the same change from last year -2.

95pct, 0.

9pct, 0.

95pct, 0.

85 points.

  The company’s sales expense ratio improved, other expense ratios improved slightly, and overall expenses remained stable.

Store optimization was strengthened, new stores maintained rapid growth, and the closure of poorly profitable stores was strengthened.

In the first three quarters of the company, the company opened 248 new dealer stores and closed 195 stores, ending a total of 1798 stores at the end of the third quarter; the company opened one new store, closed six stores, and terminated a total of 16 at the end of the third quarter;Channel companies had 1,814 stores at the end of the third quarter, an increase of 48 from 1,766 earlier.

Promote retail management reform, from single-category operations to multi-category integration transformation.

The company promotes the establishment of different market operation models, and deeply explores the improvement of efficiency indicators such as human efficiency, floor efficiency, and conversion rate.

The company has initially completed the big home 1.

The polishing of the 0 model has optimized the store construction plan of large home-type stores, reorganized the product price system, and introduced the store management and incentive system of multi-category operators.

Diversification of customer acquisition channels, revenue from home improvement channels doubled.

1) Home improvement channels: The company reached a strategic cooperation with Qijia.com in April. The home improvement channels accounted for more than 5% of the total revenue, and it has settled in more than 600 cities. The growth rate has gradually increased month-on-month; 2) E-commerce: 618 electricityIn the festival, the company’s turnover in Tmall and Jingdong ranked fourth in the custom industry, and the number of customer retention files reached a record high; 3) New media: The number of fans of Douyin broke 5 million, and the number of fast-moving fans was close to 1.5 million; 4) PackingCheck-in: In the first half of the year, the company raised a total of 54 real estate development funds.

Maintain the profit forecast. The company is expected to have a net profit of 3 for the period of 19-21.

9.1 billion / 4.

46 billion / 4.

9.9 billion, with growth rates of 2.

3% / 14% / 12%, corresponding to PE of 11.

5X / 10.

0X / 9.

0X, maintain the “overweight” level.

  Risk warning: less-than-expected 南宁桑拿 delivery, increased competition in the industry, etc.