You A shares (002277): 1Q19 net profit declines 38% every half year, real income reduction drags down performance

You A shares (002277): 1Q19 net profit declines 38% every half year, real income reduction drags down performance

First-quarter 2019 results are lower than expected You-A shares announce first-quarter 2019 results: operating income16.

9 ‰, 27 years ago.

6%; net profit attributable to mother 1.

66 ‰, 38 years ago.

0%, net profit after deduction can be extended by 38.

06%, lower than expected results, mainly due to increased real estate income.

Development trend 1, real estate income gradually drags down revenue performance.

Annual revenue rate 27.

6%, mainly due to real estate income (initial revenue accounted for 6 in 2018.

4%), a decrease of 3 compared with the same period last year.

77 trillion, of which the revenue of the Wuyi Square underground shopping center project was recognized in the same period last year2.

9.9 billion brought a 重庆耍耍网 high base, and no such income for the period.

2. Expense ratio has increased significantly and profitability has decreased.

In the first quarter of 2019, the company’s comprehensive gross profit margin temporarily decreased2.

4ppt to 21.

0%, during which the overall expense ratio can be continuously improved by 4.

7ppt to 14.

2%, we expect to be partially affected by the revenue end, of which the increase in sales expense ratio increased by 0.

9ppt to 4.

9%, the management expense rate has increased in ten years.

4ppt to 7.

1%, financial expense ratio increased by 1 in ten years.

5ppt to 2.

1%, mainly due to the increase in interest expenses on borrowings in this period, and the completion of development projects to stop capitalization.

In addition, revenue decreased by 4,757 million compared with the same period of the previous year, which was mainly due to the accrued income accrued expenses of the May Day Plaza underground shopping mall project in the same period of last year.

The final net profit margin decreased by 1 year by year.

6ppt to 9.


3. Return to the main business of department stores and pay attention to the progress of new retail business.

In 2019, the company re-proposed the strategic layout of “return to department stores”, focusing on strengthening the construction of global supply chains, optimizing the brand structure, improving the personnel training mechanism, and improving the construction of management information systems.

At the same time, the new retail layout was further strengthened, and the self-built online platform “You-A Overseas Purchase” and “You-A Micro Store” continued to grow.

Follow-up attention to the company’s main business performance and new retail progress.

Profit forecast is based on a decrease in revenue and an increase in expense ratio. We lower our 2019 / 20e profit forecast by 3% / 3% to 0.


23 yuan.

Estimates and recommendations currently sustainably correspond to 19/20 years18.

5/17 times P / E.

We maintain our recommendation but lower our target price by 7 based on earnings forecast adjustments.5% to 4.

9 yuan, corresponding to 23/22 times P / E in 19/20, compared with current expectations of 27%.

Competition in risk areas has intensified; consumption continues to be sluggish.