Marubeni (603983) 19 Interim Review: Deducting non-attributed net profit up and down + 20% of the main brand’s high-end upgrade in the field of anti-aging is worth looking forward to

Marubeni (603983) 19 Interim Review: Deducting non-attributed net profit up and down + 20% of the main brand’s high-end upgrade in the field of anti-aging is worth looking forward to

Brief performance evaluation 1H 2019 The company achieved revenue 8.

1.5 billion, +11 a year.

85%; net profit attributable to mother 2.

56 trillion, ten years +31.

57%; net profit after deducting non-attribution to mother 2.

1.7 billion, +19 a year.

75%.

Non-recurring gains and losses mainly include government subsidies of 33.07 million yuan, and entrusted others to invest or manage assets of 11.98 million yuan.

The company achieved revenue in Q2 in a single quarter4.

50 trillion, ten years +14.

38%, a growth rate of +5 from Q1.

50pct; Q2 realized net profit attributable to mother 1.

36 trillion, +37 a year.

68%; net profit after deduction is 0.

98 trillion, ten years +14.

97%, a growth rate of -9 from Q1.

04 points.

Business analysis Marumi’s main brand follows the trend of high-end and continues to cultivate the anti-aging segment. The Chunji & Lianhuo brand has steadily advanced: 1H19 main brands accounted for 91% of total revenue.

92%. Following the Japanese sake Yuling ice-muscle series, the second Japanese imported high-end Japanese flower bullet moisturizing delicate series was launched in China.

In terms of categories, while stabilizing the ace spot of eye cream, increase investment in the rapidly growing essence category.

In terms of channels, 1H19 Marumi Department Store channel channels exceeded + 30%.

In terms of 厦门夜网 marketing, 2H19 plans to attract young consumers while maintaining the brand’s sense of high level.

In terms of other brands, Chunji continued to rejuvenate the concept of ingredients and skin care. Lianhuo upgraded from the counter to the product, and launched new high-end products imported from Korea.

Refined offline channels and improved e-commerce channels: In 2019, a retail core college was established to provide retail service and training and education support for high-quality offline chain stores.

E-commerce channels achieved 6 consecutive months in the first half of the year. Tmall Eye Care Kit category Marubei flagship store ranked first, Jingdong eye cream category Marubei brand ranked top 3, domestic products No. 1, Vipshop 618 Marube brand ranked beauty ranked 2, The first domestic product.

The gross profit margin was basically stable in 1H2019, the fee 深圳桑拿洗浴网 control effect was good, and the net profit margin was further increased: the gross profit margin in 1H19 reached -0.

36pct to 68.

42%, sales expense rate -0 per second.

84pct to 29.

22%, the management expense rate (including research and development expenses) for ten years.

49 points to 6.

72%, other income (government subsidies) increased to 33.07 million yuan, net interest rate fell +4.

7 points to 31.

5%.

1H19’s inventory turnover days were 90.

09 days, 2 more than the end of 18.

90 days; accounts receivable turnover days are 0.

70 days, 0 less than the end of 18.68 days; accounts payable days are 176.

12 days, 0 less than 18 years.

40 days.

Investment suggestion The company is known as “anti-aging eye cream”, and has penetrated into domestic mid- to high-end cosmetics companies that have penetrated low-tier cities. Future highlights include: ① “Marumi” mid-to-high-end upgrade brand highlights, “anti-aging eye cream” drives rapid growth of the entire category② Grasp the high growth dividend of makeup and provide incremental income; ③ The e-commerce channel strategy has been improved and the certainty has been gradually increased.

It is expected that net profit attributable to mothers will be achieved in 19-21.

02, 5.

83, 6.

710,000 yuan, EPS1.

25, 1.

45, 1.

67 yuan, +20 for ten years.

94%, 16.

07%, 15.

13%, the current market value of the corresponding PE is estimated to be 39x, 34x, 29x, maintain BUY rating.

Risk prompts fluctuations in terminal consumer demand and fierce competition in the industry. Can you effectively control sales channels and manage terminals to lift the risk of restricted stocks?