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Baby-friendly room (603214) 2019 first quarter report review: slightly better than expected performance

Operating income for the first quarter of 2019 increased by 13.

21%, net profit attributable to mothers increased by 46.

44% On the evening of April 22, the company announced the first quarter of 2019: the first quarter of 2019 achieved operating income5.

$ 4.5 billion, an annual increase of 13.

twenty one%.

The increase was slightly smaller than the same increase of 13 in 1Q2018.

39%; net profit attributable to mother is 0.

180,000 yuan, converted into a fully diluted EPS of 0.

18 yuan, an annual increase of 46.

44%, an increase larger than the same increase in the first quarter of 201818.

92%; net profit deducted from non-attribution to 0.

14 ppm, an increase of 24 in ten years.

91%, slightly better than expected.

Comprehensive gross profit margin increased by 1.

32 averages, the cost rate increased by 1.

The consolidated gross profit margin of the 29 1Q2019 companies was 26.

46%, an increase of 1 over the same period last year.

32 units.

Among them, the gross profit margin of milk powder, food and toys increased by 4 each year.



89 units.

Company expenses for the first quarter of 201922.

01%, an increase of 1 over the same period last year.

There are 29 singles, of which the sales / management / financial expense ratios are 19 respectively.

90% / 2.

34% /-0.

23%, a change of 3 over the same period last year.

18 / -1.

32 / -0.

56 units.

The increase in the sales expense ratio was mainly due to the increase in rent, property management and labor costs brought by the new stores.

The gross profit margin of milk powder has increased significantly, and the expansion of the operating area has brought about incremental space. The company concerned added 6 stores and closed 5 stores. The total number of stores has reached 224, and 19 stores have been reserved. They are expected to open each year.

The reported company’s gross profit margin has increased, and the gross profit margin of milk powders, which account for a relatively high proportion of income, has increased significantly, mainly due to the structural adjustment of milk powder products.

Regionally, in Zhejiang and Fujian, revenue growth 佛山桑拿网 was good, with revenue increasing twice.

19% / 20.


As the company’s business area expands to southern China and the southwestern market, the revenue increase space is expected to further expand. Maintain profit forecast and maintain “overweight” rating company’s first-quarter performance slightly higher than expected, but considering the relative relative proportion of first-quarter performance and the impact of incubation costs due to future cross-region operations, we maintain our company’s 19-21 yearsFully diluted net profit was 1.



28 yuan forecast, maintain “overweight” rating.

Risk warning: Cross-region operation is not up to expectations, and the development speed of new stores is not up to expectations.