Biyin Lefen (002832) 2019 Third Quarterly Report Review: Q3 Performance Continues to Brighten, Endogenous and Outstanding, Demonstrates High-Quality Track Potential


Biyin Lefen (002832) 2019 Third Quarterly Report Review: Q3 Performance Continues to Brighten, Endogenous and Outstanding, Demonstrates High-Quality Track Potential

Q3 performance increased by 64.

41% reached the forecast limit, better than the market expects the company to achieve revenue / performance in the first three quarters13.


1.1 billion, an increase of 25.



Q3 achieved revenue / performance 4.


400 million, an increase of 24.


At 4%, the performance growth rate reached the upper limit of the Air Force’s forecast, better than market expectations.

After excluding high-tech tax cuts, the company’s Q3 performance growth rate still reached 45.

5%, profitability continued to improve.

The endogenous motivation continues to be strong. The opening of stores to expand channels is progressing in an orderly manner. It is expected that the number of same stores will remain two. As the company enters the main stage of channel expansion in the second half of the year, the Q3 exhibition store is expected to advance steadily.At the same time, along with the store renovation plan of “adjusting the location and expanding the area”, and focusing on the creation of boutiques and large-scale experience stores, it is expected that the company’s same stores will still achieve about 15% growth. Strong endogenous + stable extension will jointly promote revenue for ten consecutive years.High-speed growth during the quarter.

Profitability continued to improve, cash quality continued to improve The company’s gross profit margin increased in the first three quarters4.

8 points to 68.

0%, with Q3 increasing by 6.

7 points.

, Continued a good upward trend, is expected to benefit from the improvement of discount rate and direct sales ratio increase; sales expense ratio increased by 1.

37 points. It is expected that the operating expenses of the stores will increase and the management expense ratio will increase by 1.

95pct, mainly related to the impact of equity incentive costs; inventory turnover days increased by 122 multiple times.

5 days to 414.

4 days, mainly due to the rapid expansion of business in recent years and the impact of increased stocking of the new brand Venice business, and the company is actively expanding the layout of the Olle store to strengthen inventory digestion; the number of days of accounts receivable turnover increased by 3.

In 3 days, the company’s operating net cash flow / operating income is expected to increase4.

At 03pct, operating cash flow increased by 55% in the third quarter, and cash quality continued to improve.

In the high-quality segmented track, there is still ample room for expansion. The company 杭州桑拿网 actively builds a “professional sports + fashion leisure + vacation travel” series of product matrices, accurately grasps the trend of demand upgrade, the channel layout is constantly improved, and member service capabilities are improved to effectively enhance customer stickiness;In the medium and long term, there is still room to open a store. The Venetian brand, which is priced relatively close to the people, has positioned the vibrant domestic parent-child travel market with a unique leisure and vacation style. The future development space is worth looking forward to.

The performance maintained stable and high growth, and internal and external training strengthened the brand’s advantage, maintaining a “buy” rating company’s card position in the high-end sports and leisure high-quality track, internal and external training 苏州夜网论坛 to drive steady and rapid development, we maintain 19-19 EPS of 2.



53 yuan, corresponding to PE20 / 16/13 times, maintain “Buy” rating.

Risks suggest that the macroeconomic boom continues to decline, the new series is not growing as expected, and inventory is overstocked.