Biyin Lefen (002832): 19-year performance continues to increase high-power online mini program live broadcast adds another bright spot

Biyin Lefen (002832): 19-year performance continues to increase high-power online mini program live broadcast adds another bright spot

Investment Highlights: The company’s performance continued to maintain high growth, and its 19-year net profit growth rate reached 40%, in line with expectations.

1) The company foresees 19 years of operating income18.

3 ‰, an increase of 24% in ten years; net profit attributable to mothers4.

1 ‰, a growth of 40% in ten years, and profit growth of 4.

80,000 yuan, a year-on-year growth of 38%, in line with expectations.

2) 19Q4 achieved operating income of 50,000 yuan, a year-on-year increase of 21.

Net profit attributable to mother was 98.01 million yuan, a year-on-year increase of 14% and profit increased by 1.

100 million US dollars, a year-on-year growth of 73%. The difference between the growth rate of net profit and profit maximization was mainly due to the company’s certification of emerging companies in the fourth quarter of 2018, and the gradual discounts were concentrated in the fourth quarter.

The high growth of total profits can better reflect its good growth momentum.

3) After the epidemic, the apparel industry has been under pressure to improve, but we believe that after the industry has shuffled, high-quality brands are expected to 武汉夜网论坛 stand out and their market share will increase again.

  The channels have expanded steadily, the store efficiency has been improved simultaneously, and endogenous and extended efforts have been made to drive high performance growth.

1) The channel network continues to expand, and it is expected that there will be more room for growth in the future.

As of the end of November 2019, the number of the company’s terminal stores reached 875 (816 than the Yinlefin brand + 59 Venetian carnival brands), a net increase of 111 earlier than the end of 18 years, and it is expected to maintain a net increase of more than 100 stores in 20 years.

At the same time, the company has dug deep into high-end communities in first- and second-tier cities as potential markets, and has further sunk to third- and fourth-tier cities that are developing rapidly. The market capacity of the brand stores in 天津夜网 the long-term is expected to reach 1,500-2,000 stores.Shop space.

2) Stores were actively adjusted, and store efficiency continued to improve.

The company implements the store restructuring plan of “adjusting the location and expanding the area”, gradually intelligentizing and informatizing the existing stores, and promoting the steady improvement of single store sales, which is at the forefront of the industry.

  Strengthen online sales, test the economy of the Internet, and launch live broadcasts of small programs.

1) The company actively optimizes marketing network construction and supply chain management, establishes e-commerce sales channels, promotes WeChat marketing, and increases VIP community marketing.

In the first half of 2019, the flagship store of Biylefen Tmall was officially opened.

2) The company strives to establish a network influencer economy, launches WeChat mini-program live broadcast, sales are booming, continues to accelerate the construction of new retail channels, and strengthens brand promotion.

  Product power and brand power continue to improve, creating high-quality explosion models, and its influence continues to expand.

1) Increase brand promotion and comprehensive marketing.

The company cooperated with Yang Shuo, Jiang Yiyan, Qiao Zhenyu and other stars to continue to draw in. In December of 19th, they entered the joint series of the palace culture of the New Biyin Lefen Palace, cut into the national tide culture, and strengthened the product fashion and brand influence.

2) Product development and promotion continued to increase.

The company realizes consumer value innovation through fabric innovation, layout optimization, design breakthrough, cultural empowerment and other methods to create highly competitive products.

  The company’s performance continued to grow at a high speed, channel construction was steadily advanced, and its brand power was extremely strong. It maintained a “Buy” rating.

  The company’s performance maintains a high-speed growth trend, issuing convertible debt supplementary channels, upgrading the supply chain, and research and development centers, and is optimistic about continuously strengthening its competitive advantage in the future.

Although the short-term retail environment is slightly pressured, the company is actively responding to the epidemic situation, and offline stores are gradually returning to work. At the same time, online sales are being promoted, bringing new bright spots for growth. Therefore, the original forecast is maintained, and the EPS is expected to be 19-1921.



3 yuan, corresponding to the PE of 19-21 is 17/13/10 times.

The company has a nominal growth rate of scarce growth in the sector, with a PE of only 13 times in 20 years, maintaining the “Buy” rating!

  Risk reminder: If the duration of the new coronavirus-infected pneumonia epidemic is shortened and the retail endurance continues to be under pressure, performance may be less than expected.