Haolaike (603898): Diversified Channel Layout, Q1 Performance Rebound

Haolaike (603898): Diversified Channel Layout, Q1 Performance Rebound

Event: The company achieved revenue 21 in 2018.

33 ppm, an increase of 14 years.

46%; net profit attributable to mother 3.

8.2 billion, an annual increase of 9.

84%; net profit after deduction to mother 3.

08 million yuan, a decrease of 4 a year.

33%.

Revenue in the fourth quarter alone was 6.

15 ppm, an increase of 0 in ten years.

48%; net profit attributable to mother 0.

76 trillion, a decrease of 39 a year.

34%; net profit after deduction is 0.

67 ppm, a reduction of 40 per year.

46%.

Revenue in the first quarter of 20193.

62 ppm, a five-year increase of 5.

22%; net profit attributable to mother 0.

$ 3.8 billion, an annual increase of 8.

17%; net profit after deduction is 0.

30 ppm, an increase of 6 per year.

11%.

  Opinion: The wardrobe has grown steadily and Q1 performance has picked up.

(I) View by quarters: the company’s 18Q1 / 18Q2 / 18Q3 / 18Q4 / 19Q1 achieved revenue 3 respectively.

45/5.

58/6.

15/6.

15/3.

62 trillion, an increase of 30 each year.

89% / 22.

68% / 15.

38% / 0.

48% / 5.

22%; net profit attributable to mother is 0.

36/1.

46/1.

25/0.

76/0.

380,000 yuan, a short-term change of +38.41% / + 76.

07% / + 9.

16% / -39.

34% / + 8.

17%.

The growth rate of revenue in 2018 was obvious quarter by quarter, and growth resumed in Q1 of 2019.

Beginning in the second half of 2018, the company increased subsidies to dealers, increasing revenue faster than profits.

The 18Q4 profit growth is preliminary: 1.

1. Resource support (subsidy) for distributors was confirmed in the fourth quarter (2000w +)合肥夜网, resulting in higher marketing expenses for the quarter;

Accelerated depreciation stalls and asset impairment losses arising from the termination of equity incentives are recognized in the fourth quarter; 3.

The upfront expenditures for cabinet wood doors are high.

With the rebound of passenger traffic, the company’s Q1 achieved steady growth.

(B) by city: the company’s A / B / C city stores accounted for 15% / 38% / 47%, revenue accounted for 23% / 43% / 34%, and increased by 15 at the same time.

92% / 12.

23% / 15.

40%.

The company optimized its dealers from 16-17, so the growth rate of category A cities is faster than other cities.

  Profit forecast and estimation: It is expected that the company will achieve EPS of 1 in 19-21.

30, 1.

47, 1.

64 yuan, corresponding PE is 15X, 14X, 12X.

Maintain “Buy” 天津夜网 rating.

  Risk warning: cabinets, wooden doors are not developing smoothly, and real estate sales are less than expected