Zhongbai Group (000759) Annual Report Comments: Gross Margin Continues to Rise

Zhongbai Group (000759) Annual Report Comments: Gross Margin Continues to Rise

Event: On March 28, 2019, Zhongbai Group released its 18 annual report. In 2018, the company achieved operating income of 152.

08,000 yuan, an increase of 0 every year.

02%; net profit attributable to shareholders of the parent company4.

31 ppm, an increase of 537 per year.


Basic income is 0.

63 yuan, the basic income after excluding non-recurring gains and losses.

043 yuan, in line with our expectations.

The company announced a dividend distribution plan and planned to distribute 0 cash for every 10 shares.

5 yuan (including bonus plasma), a total of 0 bonuses were found.

3.4 billion.

  Opinion: The company deducts non-attribution net profit and realizes turning losses into profits.

In the company’s net profit in 20184.

2.9 billion is the compensation for the company’s Luoshi Road demolition.

The company’s net profit after replacing non-recurring gains and losses was negative for three consecutive years from 2015 to 2017, and the net profit after replacing non-recurring gains and losses in 2018 was 0.

29 ppm, turning losses into profits.

  Gross profit margin continued to increase, and fee control was effective.

The company’s consolidated gross profit margin for 2018 was 22.

49%, an increase of 0 from 17 years.

With 71 units, the company’s profitability continued to increase.

In terms of expenses, the reporting fee is 21

21%, a decline of 0 per year.

09 per share, sales expense ratio increased by 0.

For each of 31 shares, the management expense ratio / financial expense ratio decreased by 0.


A total of 19, cost control is effective.

  Stores are adjusted and opened simultaneously, constantly polishing the fresh internal strength.

The newly opened stores reported that the direct company added 10 warehouse stores, 61 convenience supermarket stores, and 115 convenience stores.

As of the end of 2018, the company operated a total of 1,255 stores, including 179 Zhongbai warehouses, 748 Zhongbai supermarkets, 302 Zhongbai convenience stores, 9 Zhongbai department stores, and 17 Zhongbai industrial and trading appliances.

In terms of store efficiency, net profit growth was obvious: Hubei stores in Zhongbai Storage continued to grow.

67%, Zhongbai Warehousing Chongqing store grows 33 each year.

05%, Zhongbai Supermarket increased 36 in ten years.

40%, Zhongbai Department Store increased by 38 in ten years.

57%, Zhongbai Industry and Trade Electric Co., Ltd. grew by 1 in 成都桑拿网 ten years.


In terms of fresh produce, the company expanded the direct sale of landmarks and specialty goods in warehouse supermarkets, and the proportion of direct-selling goods sales rose to 42.


Promote the fruit and vegetable labeling of fresh and green label stores in supermarket neighborhoods, develop 123 fruit and vegetable labels, and gradually increase the sales of fresh products.7%.

Yonghui intends to become the company’s largest shareholder through a tender offer.

On March 28, 2019, the company issued an announcement saying that Yonghui Supermarket intends to start with 8.

1 yuan / share (compared with the average price premium of 26 in the first 30 trading days).

56%) the price of the tender offer for company 10.

14% stake.

At present, the company’s controlling shareholder Wuhan State-owned Assets Supervision and Administration Commission holds a total of 34% of the company’s shares, and Yonghui Supermarket holds a total of 29.

86% of the shares are the second largest shareholder.

If the tender offer is successfully completed, Yonghui will become the company’s controlling shareholder with a 40% stake.

Yonghui Supermarket is a leading supermarket company in the domestic A-share supermarket chain with a nationwide breadth and refined operation capabilities.

If the tender offer is completed, for Zhongbai Group, the deep intervention of Yonghui Supermarket will lead to the improvement of operational efficiency and the release of performance.

  Earnings forecast and rating: We expect the company’s net profit attributable to the parent to be 1 in 2019-2021.

00 ppm, 1.

2 billion, 1.

4.7 billion; diluted earnings are 0.

15 yuan, 0.

18 yuan, 0.

22 yuan.

Maintain the “overweight” rating.

Risk factors: Consumption recovery is not up to expectations, store expansion is not up to expectations, same-store growth.

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