I miss you (002582) 2019 Interim Report Review-Baicaowei Speeds Up the Headquarters to Adjust Performance and Reduce Losses

I miss you (002582) 2019 Interim Report Review-Baicaowei Speeds Up the Headquarters to Adjust Performance and Reduce Losses

Core point of view 2019H1 Baicao growth speeds up, I miss you continue to adjust.

Optimistic about the company’s continuous integration of Haobai, the omni-channel layout is gradually being rolled out, and the leading health food brand is gradually built, maintaining the “Buy” rating.

2019H1 revenue / net profit increased by 8.

81% / 22.


2019H1 company realized revenue 28.

5.7 billion, an increase of 8.

81%, net profit attributable to mother 1.

2.7 billion, an increase of 22.

75%, deducting non-net profit 83.41 million, down by 3%.


  Among them Q2 realized income 9.

35 billion, an increase of 11.

99%, net profit attributable to mothers-6.04 million, narrowed continuously beyond 65.

63%, deducting non-net profit-18.79 million, narrowing beyond the continuous narrowing of 5.


Among them, 2019H1 Baicaowei realized income of 24.

0.6 billion, an increase of 15.

11%; net profit attributable to mother 1.

3.5 billion, an increase of 31.

46%; of which revenue was 7 in the second quarter.

7.3 billion, an increase of 19.

39%, net profit attributable to mothers was 8.96 million, an increase of 63.

twenty one%.

Revenue sharing: Baicao’s growth accelerated, and offline channel growth was under pressure.

In terms of categories, 2019H1 Baicao maintained a rapid growth, and nuts, dried fruits, and dried meat seafood products achieved revenue1佛山桑拿网4.

51 billion / 3.

38 billion / 3.

1.4 billion, an increase of 12 respectively.

90% / 10.

15% / 42.


I really think you are still in the adjustment period and your income has increased.

8.9 billion, down 11.


In terms of different channels, the company’s online channels are solid overall. The number of online registered members has exceeded 70 million, which continues to expand from the beginning of the year with 60 million people.

300 million, accounting for 89% of revenue, of which B2C also increased by 18.

81% to 16.46 billion yuan, a 10% increase in warehousing.

03% to 8.

8.1 billion; revenue from offline channels3.

US $ 100 million, of which monopoly / supermarket channels achieved revenue1 respectively.

7.9 billion / 0.

8.8 billion. Imagine that your number of specialty stores has 杭州桑拿网 remained at more than 700; the revenue of Central China by region also fell by 27.

36% to 1.

67 trillion, down 22 in other areas.

14% to 1.

6.3 billion.

  Profit analysis: Baicao flavor promotes the overall profit of the company, I miss you slightly.

By business, Baicaowei’s profitability has been steadily improved, and the net profit margin in the first half of 2019 / the second quarter of 2019 increased by 0.


31PCT to 5.

62% / 1.


I miss your channel adjustment, Q2 exceeds the loss reduction of 38.


Specifically, the company’s gross profit margin increased by 1 in 2019H1.

23PCT to 29.

99%, gross profit margins of nuts / dried fruits / preserved seafood products increased by 1.



11PCT; the gross profit margin of the jujube business fell 4.


In terms of expenses, the company’s sales expense ratio increased by 1.

38PCT to 21.

12%, mainly due to the increase in business promotion expenses, salary expenses and transportation expenses; the management / R & D / financial expense ratios increased by +0 respectively.

18 / + 0.

15 / -0.


In addition, the company received about 52 million government subsidies in the first half of the year, which has increased its performance; the expense ratio has gradually decreased4.

33PCT to 23.

36%, comprehensively leading to the company’s net profit margin increased by 0.

51PCT to 4.


Future outlook: The big single product strategy continues to advance, with online and offline integration and integration of omnichannel advantages.

The 2019 H1 company’s big single product strategy has achieved significant results. The daily nut series achieved nearly 200 million yuan (about 50 million in the same period last year); Qingfeifei earned 40 million yuan (30 million yuan in the same period last year); and it is expected that daily nut revenue will reach 400The company plans to build 8 models of 100 million products and 20 models of 50 million products in 2019.

  In terms of channels, the company continued to advance the online and offline integration progress, the expansion of monopoly channel dealers, and the stable improvement of supermarket channels; meanwhile, Baicaowei opened offline stores and gradually planned to reach 10 stores.

The company aims to achieve revenue / net profit of 56 in 2019.500 million / 1.

600 million, respectively increased by 14.

1% / 23.


Increased risk.

Market expansion was worse than expected; industry competition intensified; food safety risks.

  profit prediction.

Maintain 2019/20/21 EPS forecast of 0.



44 yuan, maintain “Buy” rating.