Semir Apparel (002563) Company Dynamic Comment: Consolidated Income Increases Main Business Performance Increases
Consolidate income and increase Q4 performance: The company released a performance report for 2018 and achieved revenue of 157 in 2018.
160,000 yuan, an increase of 30 in ten years.
68%; realize net profit attributable to shareholders of listed companies.
93 ppm, an increase of 48 in ten years.
The company’s annual revenue increased rapidly in the reporting year, mainly due to the smooth expansion and expansion of stores in all major sectors.
In the first half of the year, the company had a net increase 四川耍耍网 of 441 offline stores, and in the second half of the year, the pace of opening stores has slowed down again, resulting in a significant increase in revenue.
Among them, 2018Q4 achieved revenue of 59.
5 ten percent, an increase of 49 per year.
4%; realize net profit attributable to shareholders of listed companies.
21 ppm, an increase of 234 in ten years.
Excluding the impact of consolidation and one-time impairment provision, the main business income and performance growth remained steady growth: (1) From the perspective of revenue, it is necessary to exclude the income growth brought about by the 2018Q4 consolidation of the Kidiliz Group.
According to the Air Force announcement, Kidiliz Group achieved revenue in 20174.
In view of the improvement in operating conditions since its merger 厦门夜网 with the company, it is estimated that its fourth quarter 2018 operating income is greater than 1/4 of 2017 revenue, which corresponds to the company’s main business revenue growth rate in 2018 or not less than the first three quarter growth rates.
(2) From the profit side, it is necessary to exclude the impact of Kidiliz’s consolidation and the impact of asset impairment.
The lowest, first consolidated net profit before tax and negative goodwill generated by Kidiliz.
According to the Air Force’s announcement, Kidiliz Group’s 2017 net profit before tax excludes 0.
2.4 billion Euros. Due to the short integration time, it is expected to continue in 2018, which will have a negative effect on net profit. In addition, the company acquired Kidiliz Group for a discount and formed a certain negative goodwill.Decline, 2018Q4 still has to recognize a non-operating income.
In addition, some asset impairment losses accrued in 2018Q4 were added back.
Mainly for long-term equity investment, investment real estate, fixed assets, goodwill and other four one-time asset impairment charges, a total of about 3.
6.8 billion yuan.
Based on the above factors, the company’s main business profit is estimated to be more than 23 trillion. Based on the 25% tax rate, the main business net profit growth rate is expected to be more than 50%.
Investment suggestion: The company is a double leader in leisure and children’s clothing. The casual wear is steadily recovering. The position of children’s wear leader is solid and the market share has been increasing year by year. The synergy effect under the multi-brand model will promote continuous development.
63 yuan / 0.
73 yuan / 0.
RMB 84, corresponding to PE of 16X / 14X / 12X, maintain “recommended” investment rating.
Risk Warning: The recovery of casual clothing is less than expected, store expansion is less than expected, inventory risk, economic growth, and the birth rate of newborns is less than expected.