Jiajiayue (603708): First-half performance growth in line with expectations maintain recommendation

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Jiajiayue (603708): First-half performance growth in line with expectations maintain recommendation

Category : gulxqjjy

Jiajiayue (603708): First-half performance growth in line with expectations maintain recommendation


Event summary In the first half of 2019, the company achieved operating income of 72.

65 ppm, an increase of 16 in ten years.

68%; realize net profit attributable to shareholders of listed companies.

26 ppm, an increase of 16 in ten years.

85%; realized non-net profit attributable to deduction 2.

14 ppm, an increase of 15 over the same period last year.


Net operating cash flow 2.

61 ppm, an increase of 8 over the same period last year.



Our Analysis and Judgment (I) The contribution of fresh food and food washing is stable. The operating advantage of Jiaodong Base is significant. The company’s main business income in the first half of 201967

8.3 billion, an increase of 9 over the same period last year.

60 ppm, an increase of 16 in ten years.


By industry, the commercial segment achieved revenue of 67.

5.6 billion yuan, an increase of 9 over the same period last year.

5.7 billion (year-on-year 16.

50%), which contributed 99% of the revenue increase.

62%; comparable stores (total 640) achieved revenue of 56.

2.9 billion, a comparable caliber increase of ten years4.

42%, contributing nearly 3.

8.6 billion revenue increase, accounting for 40% of commercial revenue increase.

34%, the same-store revenue of hypermarkets / comprehensive supermarkets / convenience stores / department stores / professional stores by business type was 24.





20 ppm, an increase of 2 over the same period last year.



02 / -0.


09 million yuan, compared with the same period of last year.

74% / 4.

27% /-3.

90% /-2.37% / 6.

26%, of which hypermarkets and general supermarkets respectively contributed 59% of comparable store revenue increase.

07% / 38.

60%; remaining about 5.

The 71 ppm increase in commercial revenue provided for new stores; industrial and other industries achieved zero revenue.

2.7 billion yuan, a year-on-year increase of 15.

51% changed from negative to positive, contributing about 0% of revenue increase.

04 billion.

In terms of products, fresh food / food washing / department store products achieved operating income of 30 respectively.



800,000 yuan, corresponding to the realization of YYO17.

70% / 14.

25% / 23.

07%, respectively, contributed a revenue increase of 4.



09 billion, all categories have steadily increased, of which fresh and food chemical washing accounted for 91% of commercial main business income.

42%, contributing 88% of the increase in commercial revenue.

64%, which is relatively stable.

In terms of different regions, the Jiaodong region / other regions achieved revenues of 57 respectively.


8.6 billion yuan, corresponding to YY12.

29% / 49.

23%, corresponding to an increase in contribution revenue of 6.


25 ppm; the increase in operating income in other regions was higher than the company’s average level, but the Jiaodong region still overlaps with the main share of the main commercial portion, contributing a high proportion of 85.

40%, corresponding to 66 of them.

With a revenue increase of 00%, the advantage of the base camp is still significant.

The company’s attributable non-net profit in the first half of 2019 increased by 0 compared with the same period last year.

29 trillion, mainly due to the optimization of the product structure and the steady increase in gross profit margin.

The reporting company achieved total double-digit growth in total operating income and net profit.

(2) Comprehensive gross profit margin rose by 0.

08pct, during which the rate of expense rose by 0.

02pct’s consolidated gross profit margin for the first half of 2019 was 21.

55%, ranking rose 0 in the same period last year.

08 averages.

From an industry perspective, commercial / industrial and other gross profit margins for the period were 17 respectively.

29% / 16.

98%, a change of 0 over the same period last year.07/4.

15 units.

From a product perspective, fresh products / food washing / department products achieved gross profit margins of 15 respectively.

47% / 18.

36% / 21.

03%, fresh goods gross margin level remained stable, and the remaining two categories changed by 0 compared with the same period last year.

19 / -0.

20 units.

By region, the Jiaodong region / other regions achieved gross profit margins of 17 respectively.

29% / 17.

At 31%, the Jiaodong area also remained stable, with other areas rising by zero.

61 averages.

The slight increase in gross profit margin was mainly due to the increase in gross profit of food washing products.

The company’s comprehensive cost subsidy during the first half of 201917.

26%, an increase of 0 every year.

02 shares per share, with sales / management / financial expense ratios of 15 respectively.

25% / 2.

09% /-0.

08%, a change of -0 over the same period last year.

12 / -0.


30 shares per share, of which the increase in financial expenses was mainly due to a decrease in deposit income of 0.

110,000 yuan and handling fees increased by 0.

03 trillion caused.

(3) Continue to speed up the network layout, promote the classification and upgrade of business formats. In the first half of 2019, the company continued to strengthen the development of offline networks, adding 40 new stores, including 11 opened stores in Jiajiayue’s consolidated consolidated statement on the merger date.There were 18 new hypermarkets, 19 general supermarkets and 3 other formats. Until 2019Q2, the number of chain stores of the company reached 758, including 123 hypermarkets, 551 general supermarkets, 13 department stores, and convenience stores.There are 13 specialized shops including 58 baby yue, etc., which further improve the dense network layout in the region and give play to the complementary advantages of multiple formats.

At the same time, the company graded and upgraded the format, optimized the composition of store products, and achieved precise positioning; gradually the company began to launch SAP system projects and online and offline integration and integration projects, which effectively improved the company’s digital capabilities and customer consumption experience.To provide customers with more efficient and efficient services.

(4) The completion of logistics and fresh processing projects, the supply chain capacity continues to improve. The company adheres to the procurement model of “direct supply of fresh produce bases and direct purchase of grocery goods manufacturers”. While actively expanding global direct procurement and base procurement, it continues toStrengthen the supply chain capabilities of enterprises, and speed up the optimization of the logistics system and the layout of the construction of fresh processing bases.

The reporting company has completed the upgrading and reconstruction of Qingdao Weike Logistics Center, the first phase of Zhangjiakou Comprehensive Industrial Park project and Jinan Laiwu Fresh Food Processing Center project are also about to be completed. The Yantai Lingang Integrated Logistics Park project and the 西安耍耍网 normal temperature logistics distribution center will be transformed in the future.The completion of the main project of the office building and the main project of the fresh processing center will strengthen the three-dimensional logistics network supporting the development of chain business. The supply chain capacity and logistics standardization capacity will be significantly improved, highlighting integrated logistics, supply chain construction and fresh produceThe advantages of operation enhance the company’s influence and core competitiveness.


Investment suggestion We believe that the company will continue to optimize the storage capacity while expanding the offline entity scale, which not only forms the advantages of regional dense layout and multi-format linkage, but also accelerates the development of new 四川耍耍网 regions, expands the province’s coverage, and actively creates targetedA platform for national development, building a three-dimensional logistics system that complements the central and regional areas, combines room temperature with fresh food, and intelligent linkages to form a “last mile” competitive advantage. We combine the company’s 2019 exhibition store as proposed in the company’s 2018 annual report.Plan (plan to open 100 new stores in 2019 and complete 40% completion), start the implementation of the SAP system project to build an omni-channel model of online and offline integration, and the company’s overall supply chain platform system (Yantai Integrated Logistics Industrial Park, LaiwuFresh processing center, wiki Qingdao logistics center) accelerated molding, Zhangjiakou comprehensive industrial park project is nearing completion, we predict that the company will achieve revenue of 147 in 2019/2020/2021.



07 billion, net profit 4.



4.5 billion, corresponding to PE 33/27/23 times, corresponding to PS 1.



79 times, given the “recommended level”.

4.Risks indicate the risk that the business format is not up to expectations, the risk of intensified market competition, the risks of new area expansion and new projects.