Good Mrs. (603848): Q1’s stable and diversified channel layout advances

Good Mrs. (603848): Q1’s stable and diversified channel layout advances

Event: The company announced the first quarter report of 2019 and realized operating income in the first quarter2.

64 ppm, an increase of 0 in ten years.

27%; net profit attributable to mother is 5070.

0.7 million yuan, an increase of 6 in ten years.

37%; deducting non-profit increased by 5 in ten years.


Comments: 1. Stable revenue in the first quarter, channel and category development are expected to help it gradually increase its income steadily earlier in the Spring Festival this year, as well as the impact of the overall weak consumer environment in the first quarter. Q1’s revenue has been basically stable, including a significant improvement over the past three months.
Initially, we continue to be optimistic about the company’s development on the channel and category side: expansion, continuous refinement of offline channels, and promotion of channel sinking, strategic integration of the good wife brand and the Colleen brand, and use of the existing channels of the wife to accelerate the promotion of Colleen Smart LockLayout; gradually, strengthen the e-commerce and engineering channels. It is expected that the e-commerce channels will continue to increase in 19 years. The engineering channels are expected to gradually 成都桑拿网 increase in volume. Colleeni’s smart door locks increase sales in offline and online channels.

In Q1, bills receivable and accounts receivable amounted to 73.35 million yuan, an increase of 170% from the end of the year.

Net cash flows from operating activities decrease by 38 each year.


2. The profit optimization of smart products increased the gross profit margin, and the sales expense ratio increased. The overall gross profit margin of Q1 was 46.

09%, an increase of 6 a year.

57 points.

We believe that the expected increase in gross profit margin is that through the expansion of the company’s smart clothes dryer business scale, the gross profit margin of smart home products has steadily increased, and the gross profit margin of smart home products has increased in 18 years.

4pct to 42.

3%, it is expected that there will still be room for improvement in the future; at the same time, the existing company’s smart lock business is still in the initial development stage, and the gross profit margin in the later period is also expected to gradually increase with the scale.

Q1 sales, management + research and development, and financial expense ratios have tripled.

35pct, 0.

94 points, 0

04pct; net interest rate 19.

2%, increase by 1 every year.


3. Accelerate the diversified channel layout in 19 years and maintain the “Prudent Recommendation-A” rating. The company continues to be optimistic about the company’s leading position in the intelligent drying industry. The revenue end follows the development of retail, e-commerce and engineering channels, and high-single value smart dryingAccelerated alternatives to traditional products for clothes machines are expected to achieve steady growth; Colleen Smart Locks is strategically integrated with the Good Wife brand to gradually increase synergy effects.

At the same time, actively explore new retail models such as cross-border cooperation in household products.

On the profit side, the scale effect of the company’s smart products has gradually become apparent, the operating efficiency has continued to be optimized, and the overall profit expectations are stable and better.

Expected 2019?
The net profit attributable to mothers will be 3 in 2021.

1.7 billion, 3.

7.7 billion, 4.

38 ppm, an increase of 22%, 19%, and 16% each year. At present, the PE is expected to be 28x in 19 years, maintaining the “prudential recommendation-A” rating.

Risk reminder: industry competition intensifies risks, new brand development falls short of expectations

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