Biyin Lefen (002832): High sales preferential tax rate promotes 19Q1 results to continue to exceed expectations. Focus on

Biyin Lefen (002832): High sales preferential tax rate promotes 19Q1 results to continue to exceed expectations. Focus on

The event company announced the forecast for the first quarter of 2019 and expects to achieve net profit attributable to mothers in a single quarter1.

270,000 yuan-1.

3.6 billion, an increase of 50% -60%.

Brief commentary company expects single-quarter performance to maintain rapid growth.

According to the company’s 2018 performance report (preliminarily realized operating income).

470,000 yuan, an increase of 37 in ten years.

21%; net profit attributable 无锡桑拿网 to mother 2.

90 ppm, an increase of 60 in ten years.

98%), 2018Q1-Q4 net profit attributable to mother increased by 41.

55%, 56.

58%, 56.

72%, 95.


Improvement, the company’s brand power, excellent quality and expansion of stores have brought high sales growth. Q4 companies identified by emerging companies, revenues are paid at a preferential tax rate of 15%, tax reductions improve performance flexibility, and promote the company’s 19Q1 performance growth.The base is still replaced by about 9.



The continued high sales growth in 2018 was mainly due to the endogenous growth of brand power and channel improvement.

The company continues to keep an eye on the golf apparel 深圳桑拿网 segment, continues to complete the first market share in the segmented industry, increases product design research and development, helps products be more marketable according to consumer needs, maintains consistent design and quality leadership, and social recognitionHigher.

At the same time, the brand promotion efforts were strengthened, and the fashion and functional images were dual-drive, which effectively improved brand awareness.

In terms of channels, the overall store opening accelerated in 2018, increasing the proportion of boutiques and large-scale experience stores, attracting passenger flow and improving the shopping experience, increasing the conversion rate, and promoting same-store growth.

It is expected that the number of company stores will exceed 700 at the end of the year, with the same store growth of 20% +, providing the main driving force for growth, and the extension growth is expected to exceed 10%.

Investment suggestion: The company belongs to the local high-end sports fashion high-quality scarcity standard, which benefits from the high guarantee bonus of leisure sports expansion.

Front-end brands, marketing, and channels have accumulated a lot, and the brand power has been significantly improved. The same-store growth of terminals has been strong.

Together in 19Q1, performance exceeded expectations for multiple consecutive quarters.

The company announced in October 2018 that the number of new marketing network stores in the proposed fundraising project increased from 224 to no more than 400. We believe that the brand market has not yet fully opened and there is huge room for offline store opening.

We expect the company to achieve net profit attributable to mothers from 2018 to 20202.

90, 3.

85, 5.

01 ppm, EPS is 1.

60 yuan / share, 2.

12 yuan / share, 2.

76 yuan / share, corresponding to the current PE is 30 times, 22 times, 17 times, maintaining the “buy” level.

Risk factors: High-end market demand is affected by the slowdown of the macro economy; new brands still need to be cultivated, and early-stage expenditures have an impact on performance.