Collis (603808) Annual Report 2018 Review: Mature Brands and Direct Channels Perform Better than Main Brand Stores
Report Highlights The event describes the company’s release of the 2018 annual report.
In 2018, the company’s revenue and net profit attributable to its mother were 24.
36 and 3.
6.5 billion, + 18.
7% / + 20.
7%, of which, in 18Q4, revenue and net profit attributable to mothers were 7.
00 and 0.
9.7 billion, +3 per year.
31%, the revenue side continued to decrease, Q4 distribution channels continued to subdivide and the growth rate of Baiqiu under the background of high bases was the main factor caused by the drag on revenue, and the direct sales side remained relatively stable; Q4 new extension stores accelerated the expense increaseLarge, resulting in a slight decrease in net profit in a single quarter.
The company plans to take the total share 四川耍耍网 capital3.
3.2 billion shares are the base number, and a cash dividend of 5 is distributed for every 10 shares.
25 yuan, the dividend rate is 48%, the dividend rate has increased significantly.
Event reviews The direct sales performed better, and the store adjustment was nearing completion.
In 18 years, the company achieved revenue of 24.
36 trillion, ten years +18.
1) Revenue by brand, Colix, Laurel, ED, and IRO are 10 respectively.
98 and 5.
67 trillion, each year +4.
3% / + 14.
1% / + 14.
2% / + 43.
At the end of the period, the growth rate overlapped with the same period last year. At the end of the period, the number of company stores reached 592 and the net opening was 59. Among them, the main brand and other brands opened -10 and 69 respectively, and the main brand opened 3 stores in 18Q4. The store was adjusted.Towards the 成都桑拿网 end.
2) By channel, the company’s direct sales and franchise revenue are 12 respectively.
29 ppm, +18 a year.
1% / + 13.
0%, 18Q4, direct management / joining more than +12% /-16% respectively, refined operation guarantees stable growth of direct management, and franchise reorganization growth rate replacement is the main factor dragging down the acceleration of revenue growth.
In 18 years, the company’s sales / management (including R & D) / financial expense ratios were 29.
98% / 13.
09% / 0.
02%, respectively +1.
10 / -1.
27 / + 1.
22 points.Increase in sales expense ratio The development of the company’s expanded marketing network, increased terminal sales staff incentives and direct sales promotion; the decline in management expense ratio benefited from the emergence of multi-brand synergy and the reduction of distribution incentive expenses.
Interest rate expenses were 25 from the same period last year.
8% dropped to 21.
3%, driving the growth of the profit side and the income side.
Net cash flow from operating activities of the company.
10 billion US dollars, down ten years ago.
9%, mainly due to the increase in cash expenses brought by the increase in stocking and staff expenses; inventory turnover and accounts receivable turnover rate also declined to some extent.
Weak market background The direct sales end maintained steady growth, demonstrating that the company’s refined management capabilities are remarkable. The main brand has been ranked in the top ten in the comprehensive high-end women’s clothing market for eight consecutive years, and it has won the first place in 18 years.In the future, with the development of the People-Friendly Line and the increase in the number of channels, the main brand still has room for improvement; the multi-brands acquired externally are excellent, and it is expected to become an important driving force for future growth with the company’s refined operation and blessing.
The company is expected to achieve a net profit of 4, respectively, from 2019 to 2020.
31 and 5.
04 ‰, at least + 18% and + 17%, respectively, and the current price of 19PE is only 13X. Maintain “Buy” rating.
Risk Warning: 1.
The terminal retail was sluggish; 2. The merger and acquisition was lower than expected; 3. The store opening was lower than expected.