News Birds Q3 Revenue 1 Billion 595 Million Performance Inflexion Gradually Asymptotic

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Net Xiaobian to introduce to you is the good news bird Q3 revenue 1 billion 595 million, the performance inflection point is gradually approaching.

The first quarter of the three quarter revenue 1 billion 595 million, an increase of 2.8% over the same period, net profit 127 million, down 18.9% over the same period last year.

Net profit after deduction is 47 million 850 thousand, down 55.9% compared with the same period last year.

The main reason is that 36 million 770 thousand of the profits are included in the sale of real estate revenue, 24 million 910 thousand of the government subsidy, and 35 million 230 thousand of the funds occupied by the franchisees. The sale of real estate took place in the first half of the year.

Quarterly view, the Q1-3 quarter, revenue growth was 12.9%, -22.8%, 16%, net profit growth rate was 5.6%, -57.5%, -12.2%, gross margins were 56.8%, 59.5%, 57.6%.

Q3 quarter revenue growth is obvious, mainly in the early inventory digestion situation is better, so

Confidence in commodity delivery has been strengthened. Meanwhile, the discount system has continued to increase.

In the Q3 quarter, net profit fell by more than 12%, mainly due to a larger decline in gross margin and a 5.6 percentage point decrease in the single quarter gross profit margin.

The operating cash flow was 6 million 180 thousand, compared with -3.37 billion in the same period last year. Therefore, it shows that the willingness of the franchisee to withdraw money will be strengthened, while the company will reduce the purchase quota and digest the current stock.

In the 14 years of the men's wear industry continued to slump, the company to reduce some of the weak franchisee pressure, 14 years still about 30% of the franchisee implementation of the affiliate policy.

Extension expansion slowed down and endogenous growth became the main goal in the future.

There are about 910 brand shops, and about 190 HAYYZS.

There are no more than 10 new stores in these 2 main brands, and the company is expected to enhance endogenous growth in the future.

Earnings forecasts and valuation

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Under the pressure of greater pressure, the company implemented a policy of repurchase and consignment to franchisees, and pferred the pressure of inventory to the company, which showed concern for franchisees. When the industry was warmed up, the demand for delivery of franchisees increased significantly.

The 14 year reduction of EPS was 0.27 yuan, down 4.54% from the same period last year. The expected 15 year performance is expected to reverse sharply, with EPS reaching 0.42 yuan, with a growth rate exceeding 50%.

The medium and long-term investment value of the company is more obvious.

At present, PE maintains a rating of "buy" by about 25 times.