Fussenmei (002818) 2019H1 Review: Regional Leaders Steady Operation and Continuous Dividend Yield High
This report reads: The company is a regional leader in the Sichuan home furnishing chain. It has a first-mover advantage and status as a brand influencer. It has a stable operation, self-managed commissions and two-wheel drive, and constantly enriches its service format.
Continue to pay dividends, the index rate is high and stable.
Investment highlights: Investment recommendations: The company is a regional leader in the Sichuan home furnishing chain. It has a brand advantage in terms of location advantage and status, stable operation, and self-managed commissioned two-wheel drive.
Continue to pay dividends, the index rate is high and stable, the dividend rate for 2019H1 is 1.
The company’s EPS is expected to be 1 in 2019-2021.
Taking into account the company’s H1 growth rate, the target price is reduced to 15.
26 yuan, corresponding to 14 times PE in 2019, maintaining the “overweight” rating.
Performance is in line with expectations.
2019H1 company realized revenue 7.
82 ppm, a ten-year increase of 5.
23%; net profit attributable to mother 4.
500,000 yuan, an increase of 3 in ten years.
45%, deducting non-net profit is 3.
870,000 yuan, an increase of 1 in ten years.
39%, pay 2 yuan for 10 dividends, 1 half-year dividend rate.
In a single quarter, 2019Q2 revenue was 4.
44 ppm, a 都市夜网 ten-year increase7.
Net profit attributable to mother is 2.
19 ppm, a ten-year increase2.
82%, deducting non-net profit 2.
08 thousand yuan, at least -0.
The operation is stable, and the regional leader in home furnishing chain is stable.
Revenue: The increase was mainly due to the increase in rent levels, the increase in office sales and the company’s gains from strengthening cash management.
Profit side: The gross profit margin of the company in 2019H1 is 69.
95%, a decline of 0 every year.
67pct is basically a gross profit margin of 57 for the office sales business.
84% pulled down the overall level, with a net interest rate of 51.
Self-employed + commissioned go hand in hand, and constantly enrich the service format.
As of H1 2019, the company’s self-operated store has 北京夜生活网 an operating area of more than 900,000 square meters, and has signed a total of 7 cooperation projects through an asset-light external expansion model, of which 3 projects are still under construction.
The company has not yet explored the transformation of the flooded home lifestyle into a new model. In January, it cooperated with Gome to launch a Fusenmei home furnishing store that integrates home appliances, home furnishings and home furnishings. In July, Fusenmei Jiannan Decoration Company was established to enter the refined decoration track. Risk warning: real estate industry policy changes, household consumption growth is less than expected, etc.