Collis (603808) Annual Report 2018 & 19th Quarterly Report Comments: Q1 revenue performance starts to pick up, and multi-brand leaders are worth looking forward to

Collis (603808) Annual Report 2018 & 19th Quarterly Report Comments: Q1 revenue performance starts to pick up, and multi-brand leaders are worth looking forward to

The 18 years basically met expectations, and Q1 revenue performance in 19th began to pick up. In 2018, the company achieved revenue 24.

4 trillion, with an increase of 18.

7%, achieved performance 3.

7 深圳桑拿网 trillion, the same increase of 20.

7%, to achieve non-net performance3.

500 million, an increase of 16.

1%, EPS1.

08 yuan / share, basically in line with expectations, of which the Q4 company’s revenue increased by 3.

9%, performance fell 3 year-on-year.

3%, mainly affected by the retail environment, and the possibility of closing stores during the optimization process.

After entering the company in Q1, the company increased by 8.

3%, performance increased by 11.

0%, deduct non-performance and increase by 3.

8%, under the high base, Q4 has recovered somewhat earlier in 18 years.

The main brand ‘s same store performance is still strong. From the perspective of IRO ‘s rapid growth, the company ‘s main brand Ellassay ‘s revenue increased by 4 in 18 years.

3%, accounting for 45.

83%. Under the background of 10 net-off stores, it is expected to continue to promote growth in the same store. The other brands of the company are in the state of net opening, of which Laurel / EH revenue growth rate is 14 respectively.

1% / 14.

2%, stable performance.

After entering 19 years, the revenue growth rate of the main brand / Laurel / EH / IRO was 6 respectively.

4% /-13.

6% / 6.

2% / 10.

5%, of which the main brand and EH have significantly improved in Q4 in the early 18 years, and IRO still maintains a rapid growth.

Judging from the booth situation, the net openings of Q1’s main brands / Laurel / EH / IRO / VT in 2015 were -5 / 2 /-1/2/1 respectively.

Consolidated business resulted in a decrease in gross profit margin and a significant increase in selling expense ratio in 18 / 19Q1.


2pct, mainly due to the increase in the proportion of IRO and VT with a reduced gross profit margin.

Expense rate increased by 1 in 18 / 19Q1.


89pct, the sales expense ratio decreased, which was mainly due to the company’s increased incentives for sales staff and the expansion of the marketing network; the management expense ratio continued to decline, showing that the company’s multi-brand synergy has gradually emerged.

18 / 19Q1 inventory turnover days rose 24.


3 days, mainly due to the increase in sales channels and the increase in stocking of new brands.

The industry is picking up, the main brand has entered the store opening cycle, and the IRO space points to 19 years. From the perspective of the industry, the mid-to-high-end apparel industry in the department store channel has picked up.Stimulating impact, the company’s performance in the second quarter is expected to usher in a month-on-month improvement. In the next two years, the company’s main brand is expected to start the expansion of the third and fourth lines through the launch of people-friendly
It is expected that the initial fundamentals are expected to accelerate the recovery after the cause of the previous base has been eliminated.

Leading high-end women’s wear, multi-brands gradually achieve performance growth is still certain, maintaining “buy”.
Driven by the opening of the main brand and the same store, driven by the new brand, the company’s performance has continued to increase continuously, with EPS1 expected in 19/20/21.

76 yuan, corresponding to PE13 / 11/10 times, maintain “buy”.