Biyin Lefen (002832): Differential advantage highlights continued high growth

Biyin Lefen (002832): Differential advantage highlights continued high growth

Affected by rapid income growth and preferential tax rates for emerging companies, the company’s 2019H1 revenue / net profit increased by 25% / 42% to 8 respectively.

4.6 billion 苏州桑拿网 / 1.

7.4 billion.

We believe that the long-term sustained growth of mid-to-high-end brands is the same-store organic growth based on strong product strength.

By cooperating with global high-quality fabric suppliers and designers at home and abroad, the company makes full use of strong product power and perfect VIP service capabilities, and the same store growth strength gradually integrates its peers in a weak urban environment. It is expected that this year will still maintain a double-digitSame store growth level; At the same time, combined with optimization of store area and location expansion and new brand incremental contributions, it is expected that this year ‘s external slowdown contribution will contribute double-digit growth, and revenue and net profit will increase by nearly 30% and 40%, respectively.

The existing 南京夜网 company has a market value of 7.8 billion, corresponding to 19PE19X / 20PE15X, and maintains the “Highly Recommended-A” rating.

In 19H1, the income side continued to grow strongly, with favorable yields and improved profit elasticity.

Driven by channel expansion and endogenous growth in the same store, the company’s 19H1 revenue increased by 25.

15% to 8.

46 trillion yuan, with operating profit growing 21 per year.

3% to 2.

02 trillion, affected by preferential income ratio, net profit increases by 42 every year.

01% to 1.

$ 7.4 billion in profits.

56 yuan.

On a quarterly basis, 19Q2 revenue grew 22 per year.

45% to 3.

74 trillion US dollars, but the increase in expenses has led to a 4% decline in operating profit.

22% to 50.78 million yuan, net profit increased due to preferential income tax rates.

33% to 44 million yuan.