Ordinary people (603883) 2018 performance newsletter comments: performance continues to grow rapidly

Ordinary people (603883) 2018 performance newsletter comments: performance continues to grow rapidly
Guide to this report: The company has long-term store development and operation integration capabilities, and its future performance is expected to continue to maintain rapid growth. Investment points: Maintain the company’s holdings.The company’s overall store expansion pace is steady, and its revenue and profits have maintained rapid growth.Taking into account the increase in costs brought about by the company’s phased store expansion, the company’s 2018-2020 EPS is slightly reduced.53/1.85/2.23 yuan (Originally: 1.60/1.94/2.34). At present, the industry competition company’s PE is about 32X in 2019. Considering the expansion of the company’s merger and acquisition integration capabilities, it can enjoy the predicted premium and raise the company’s target price to 69 yuan (corresponding to PE37X in 2019, the original target price is 64 yuan).Support level. Performance was basically in line with expectations.According to the company’s 2018 performance report, the company reported and achieved operating income of 94.8.4 billion, a rapid growth of 26 each year.43%, net profit attributable to mother 4.35 ppm, an increase of 17 in ten years.20%, net of non-attributed net profit4.13 ppm, an increase of 19 in ten years.46%. The overall store expanded steadily and revenue grew rapidly.In the first three quarters, the company finally had 3110 directly operated stores and 500 franchised stores. It is 天津夜网 expected that the company’s gradual store expansion will be basically stable in 2018, and the total number of stores is expected to reach about 3300.The company has maintained a revenue growth rate of more than 20% for three consecutive years, indicating that the company has formed a good balance in store expansion and business integration. It is expected that the subsequent revenue is expected to continue to maintain rapid growth. Multi-channel enhancement of integration capabilities.Current company 3.The US $ 2.7 billion convertible corporate bond has been approved by the Securities and Futures Commission. It will further enhance the company’s capital strength after the issuance in the future. At the same time, the company has announced its intention to participate in the establishment of an industrial investment fund with an 北京养生会所 estimated size of 10.50,000 yuan (the company participates in 200 million yuan, and the scope of fund investment is: the proportion of retail chain enterprises is not less than 80%).We expect the company to continue to leverage its potential for M & A integration capabilities and achieve rapid store expansion. Risk warning: M & A integration progress exceeds expectations