Jiajiayue (603708): Non-Jiaodong region business performance is in line with expectations

Jiajiayue (603708): Non-Jiaodong region business performance is in line with expectations

Guide to this report: Same-store growth continues to improve, outbound stores are accelerating, and performance growth is in line with expectations.

Considering that the expansion speed and operating efficiency of the non-Jiaodong region have been improved simultaneously, it is expected that the same store is expected to maintain a high level, and the performance growth rate and estimated expectations are steadily increasing.

Investment highlights: Investment advice: Maintain 2019 EPS forecast of 0.

83/1.

02/1.

28 yuan, with reference to comparable companies estimated to give 1X PS in 2020, raise the target price to 29.

6 yuan to maintain overweight.

Same-store growth was dazzling, and performance was in line with expectations.

2019H1 company realized revenue / net profit 72.

65/2.

26 trillion, ten years +16.

68% / 16.

85%, including 2019Q2 revenue / net profit +16.

69% / + 18.

18%.

The subsidiary Weiker Commercial 19H1 is expected to achieve revenue of over 3 trillion yuan, with a net profit of 11.89 million yuan, and Zhangjiakou Fuyuexiang 19H1 to achieve revenue1.

77 ppm, net profit of 16.3 million yuan, replacing Fuyue Xiang may affect, 2019H1 net profit growth of 22%, in line with expectations.

2019H1 same-store growth of 4.

42% (decade +0.

55pct), performance for the industry.

The speed of opening stores in foreign ports has accelerated, and the efficiency of non-Jiaodong areas has improved significantly.

In 2019H1, the company opened 40 new stores, of which 14 were added in Zhangjiakou, 10 in Qingdao, Jinan and surrounding areas, accounting for 60% of non-Yanwei districts. 14 stores were closed, and 26 were opened.

Initially, it plans to open more than 100 new stores, and the second half of the year is expected to continue to accelerate.

The optimization of product structure and the improvement of non-Jiaodong operation results in the continuous improvement of gross profit margin: the overall gross profit margin of 2019H1 rose by 0.

08pct, of which the gross profit margin of non-Jiaodong region increased significantly by 0.

6pct, beyond the Jiaodong area.

In 19H1 sales, the management expense rate decreased by 0 every year.

13/0.

16pct, net margin extension increased by 0.

02 points.

Considering the 成都桑拿网 impact of the low base in the non-Jiaodong area, it is expected that there is still room for improvement in the future.

Accelerate the expansion of the external port market, and simultaneously increase internal and external extension efforts.

In 2019H1, 60% of new stores opened in non-Yanwei districts, and 68% of the newly signed stores are located outside Yanwei. The expansion of the foreign port market has accelerated, and the expansion of foreign ports has been basically accelerated. The performance growth and expected improvement have steadily increased.

Risk reminders: CPI growth leads to cost growth exceeding revenue growth, increased competition in new regions, etc.

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