投資概要
上半年公司收入符合預期,成本管理得宜
1H21公司收入錄得人民幣157.70億元,同比下降7.0%,經調整歸母淨利潤約人民幣13.11億元,與去年同期的經調整淨利潤(剔除上巿開支和企業合併產生的無形資產攤銷) 減少約14.6%。公司上半年的毛利率較去年同期比較下跌1.9 pct至41. 6%,主要由於疫情影響給予客戶銷售折扣。公司在期內成本控制得宜,期間銷售/行政費用率分別下降1.2/0.5 pct至26.7%/3.8%,在租金費用上較去年同期減少約1.2 pct;行政費用減少主要原因為去年同期錄得上巿開支人民幣50.7百萬元;淨利率下降0.4 pct 至8.3%。
策略性加大批發業務,主力品牌表現較佳
從銷售渠道而言,公司在疫情期間策略性加大批發業務佔比,來自批發業務的收入同比上升22.9%至人民幣26.22億元,佔收入總計16.6%,較去年同期增加4.0 pct;而來自零售業務的收入則較去年同期減少11.5%至人民幣129.97億元,佔收入總計82.4%,較去年同期減少4.1 pct。從品牌而言,公司的主要收入來自於主力品牌,佔總收入87.9%,來自主力品牌的收入與去年同期相比減少7.0%至人民幣138.57億元;而其他品牌收入則同比減少8.4%至人民幣17.62億元。
門店持續優化,大店佔比持續提升
受疫情影響,上半年從物業方有很多新店鋪滯後。另外,在店面位置和經銷商方面出現擴展機會,公司聚焦於本身的策略,持續於店鋪優選和優化。從門店數量而言,1H21直營實體門店與2H20環比減少239家,但毛銷售面積基本持平。就直營門店規模而言,300平以上的大店佔比持續增加,1H21的數量環比增加37家,佔比亦增加0.7 pct 到8.0%;150平至300平的店佔比亦持續提升;大部分關閉的店鋪為150平以下的小店,環比減少254家,佔比亦減少至67.1%。
推動線上線下結合
在疫情期間,公司持續拓展網上會員,截至2020年8月31日,公司累計注冊會員按季增加290萬人數達3,310萬人,於Q1/Q2會員貢獻的店內零售佔總額為96.7%/97.3%。在2月14日,滔搏運動App上線,集中和完整的呈現會員功能,截至8月31日,用戶規模突破110萬人。公司未來以線上線下融合為發展方向,以實現實體與虛擬場景下與消費者的無縫互動,包括提升以門店為基礎的社群小程式的覆蓋,並開通移動收銀工具。公司以線下門店為基礎,讓員工在門店進行線上直播,持續拓寬與消費者的觸達。
估值與投資建議
公司上半年業績受新冠肺炎影響,收入錄得高單位數跌幅,符合我們先前的預期。管理層表示公司在9-10月期間銷售增長加速,進度理想,預期在雙11能透過線上線下互動策略加速銷售,但下半年的經營環境存在不確定性。維持公司全年收入預測,預期公司全年總營收將較去年同期錄得低雙位數增長,公司在上半年的成本控制得宜,我們上調公司的每股盈利預測FY21/FY22至人民幣44.61/50.19
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Timothy Chong received Bachelor’s Degree with first class honor in Banking and Finance from University of Leicester. He is currently studying Master of investment management in Hong Kong Polytechnic University. Before joining Phillip Securities, Timothy worked at BOCOM international and he is equipped with years of experience in the capital market. Timothy is now a licensed research analyst at Phillip Securities and covers Consumer / Property Management sectors.