Zhongbai Group (000759) 2019 First Quarterly Report Commentary: Performance Meets Expectations Store Upgrade Advances Orderly

Zhongbai Group (000759) 2019 First Quarterly Report Commentary: Performance Meets Expectations Store Upgrade Advances Orderly

The company’s revenue in 1Q2019 increased by 1 every year.

59%, net profit attributable to mothers is increasing by 46.
.

82% On April 27, the company announced the first quarter report of 2019, and achieved operating income of 44 in the first quarter of 2019.

1.6 billion, an annual increase of 1.

59%, and the fourth quarter of 2018 decreased by 6 compared with the previous quarter.

31%.

In the first quarter of 2019, the company achieved net profit attributable to its mother.

2.7 billion, which translates into a fully diluted EPS of 0.

04 yuan, an annual increase of 46.

82%, the net profit of non-attributed mothers was reduced to 0.

29 ppm, an increase of 61 in ten years.

90%, performance is in line with 苏州夜网论坛 expectations.

The company expects that the net profit attributable to mothers in 2019H1 will be 32 to 46 million yuan, and the corresponding EPS will be zero.

05-0.

07 yuan, down 93 each year.

03% -89.

98%, basically the 2018 H1 company Zhongbai Warehousing on the Lions Road store was requisitioned by the government for compensation for demolition (increased net profit 4).

2.9 billion).

The gross profit margin for the first quarter of 2019 decreased by 0.

10 averages, during which the rate of expense drops to 0.

The 29 companies with an average gross profit margin of 1Q2019 were 21.

17%, a decrease of 0 from the same period last year.

10 units.

Expenses for the company’s period in the first quarter of 201919.

65%, of which the sales / management / financial expense ratio is 16.

74% / 2.

81% / 0.

09%.

In 1Q2019, the company’s expense ratio decreased by 0 compared with the same period last year.

29 total, of which the financial expense ratio decreased by 0 compared with the same period last year.

20 units.

1Q2019 financial expenses were 375.

510,000 yuan, a decrease of 69 per year.

80%, initially, short-term borrowings decreased.

Promote the upgrade and reconstruction of old stores, strengthen direct procurement and fresh produce, and vigorously develop convenience stores. The company is the leading supermarket in Hubei Province. As of the end of March 2019, the company has 1,268 chain stores, of which 182 are Zhongbai warehouse supermarkets and 744 are Zhongbai supermarkets, Zhongbai Luosen convenience stores 316.

The company recently focused on Wuhan as a key area and vigorously developed new formats such as fine-standard supermarkets and convenience stores, upgraded food supermarkets and fresh supermarkets, and strengthened direct merchandising and fresh produce.

In March 2019, Yonghui Supermarket announced that it intends to increase its shareholding in Zhongbai Group from 29.Start.

86% increased to no more than 40%. The tender offer still requires antitrust review and other procedures, and is currently being implemented.
Maintain profit forecast and maintain “overweight” rating. Due to increased pressure on commercial rents and labor costs, the company increased adjustments to stores with poor operating conditions, resulting in loss of assets in closed stores. It is difficult to improve the operating conditions in the short term.The forecast for EPS in -2021 is 0.

08/0.

08/0.

09 yuan.

We have long been optimistic that the company will strengthen direct merchandising and fresh produce, deploy convenience stores, and maintain the “overweight” rating.

Risk reminder: The economic level is not up to expectations, and the effect of store upgrades is not up to expectations

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