Collis (603808) Interim Review: Q2 revenue growth of 27% significantly accelerates the multi-brand matrix to show vitality

Investment Highlights: Net profit attributable to mothers in the first half of 191.

9% ten percent, an increase of 18% in a year, in line with expectations.

1) 19H1 realized income of 12.

7 ppm, an increase of 17 in ten years.

1%, net profit attributable to mother 1.

9 ‰, an increase of 18% in ten years, net of non-attributed net profit1.

8 ‰, an increase of 10% in ten years; 2) The growth in the single quarter of 19Q2 clearly accelerated.

Income 6.

40,000 yuan, an increase of 27% in ten years, net profit attributed to the mother1.

0 million yuan, an increase of 25% in ten years, deducting non-attribution net profit of 92.64 million yuan, an increase of 16% a year.

The main brands performed steadily, emerging brands performed well, and each brand maintained healthy growth.

1) The main brand ELLASSAY is robust.

In the first half of 19, the income of the ELLASSAY brand increased by 7 per year.

0% to 4.

8 ‰, gross profit margin decreased by 1.

09pct to 70.

At 2%, there were 16 to 296 net-off stores, and the number of same-store outlets increased by 7.

0%. After the adjustment of inefficient stores, the offline operation quality will be higher.

2) IRO’s global layout, with domestic high-end mall stores opening, showing strong growth.

In the first half of 2019, IRO’s global revenue reached 3.

400 million, of which excluding revenue growth in China62.

4%, China’s growth of 208%, strong global growth, has 53 directly operated stores, currently has 18 stores in China.

3) Ed Hardy and Ed Hardy X are slightly adjusted.

Ed Hardy’s revenue decreased by 6 in the first half.

2% to 2.

3 ppm, gross margin is 69.

7%, 7 to 174 stores in Jingguan, unique totem tattoo designs.

4) LAUREL brand maintains high gross profit.

LAUREL brand revenue increased by 3 in the first half.

8% to 54.22 million yuan, with a gross profit margin of 81.

2%, with strong profitability, with 3 to 40 net stores.

5) Designer brands VVT and JPK entered Gaoding.

In the first half of the year, VVT saw a net increase of one store to 14 with revenue of nearly 1 billion. The first mainland store of JPK is expected to open in 2019.

6) Establish a joint venture subsidiary with self-porait, a well-known global luxury brand, to promote the brand’s mainland business and strive to open new growth points.

In the first half of the year, store adjustments will be the main focus. In the second half of the year, it is expected to resume store opening and improve offline operation quality.

1) In the first half of the year, 15 stores were closed to 577 stores, with online auxiliary inventory clearance mainly, and gross margin slightly decreased.

The company’s offline sales revenue increased by 12 in the first half of the year.

0% to 10.600 million, accounting for 95.

0%, gross margin 68.

0% remains high.

Mainly online inventory cleaning, accounting for less than 5% of revenue, gross profit margin of 45.

7% compared with last year’s average of 8.

04pct, mainly due to increased clearance efforts.

2) The direct management resumed growth first, and the distribution is expected to follow.

Direct sales revenue grows by 17.

4% to 6.

7 trillion, distribution revenue increased by 5 in ten years.

9% to 4.

5 ‰, gross margin decreased by 3.

75 points to 63.


3) Baiqiu, a generation operation, continued to grow at a high speed. It entered Southeast Asia in 18 years, and future growth is expected.

Revenue in the first half of 2019 increased by ten years.

9% to 25.75 million yuan.

The slight decrease in gross profit margin remained high, the overall expense ratio decreased, and the asset quality was healthy. 1) The gross profit margin decreased slightly due to the change in brand structure, and the net profit margin was slightly higher.

19H1 company’s gross profit margin fell by 1.

55pct to 68.

6%, the net profit margin increased slightly by 0.

74pct to 18%.

2) The cost control is good, and the cost rate has been steadily decreased.

19H1 sales expense ratio decreases by 1 every year.

2pct to 30.

3%, the management expense ratio is slightly reduced by 9.

9%, R & D expense ratio 3.

66 maintained a high level.

3) Inventory scale growth matches revenue growth, operating cash flow is abundant, and overall asset quality is healthy.

As of 19H1, accounts receivable3.

50,000 yuan decreased by 0 compared with the end of the year.

230,000 yuan, inventory 5.

3 ‰, an increase of 15 in ten years.

4% matches income.

Net cash flow from operating activities was 2.

300 million, an increase of 29%, asset quality is healthy.

The company is a domestic 北京夜网 leader in light luxury fashion. The main brands have continued to grow steadily. The performance of acquired brands has been strong. New brands such as IRO have entered the period of performance release and maintain an “overweight” rating.

The company’s recovery trend in 19Q1 has continued, and Q2’s growth has been more robust, which is in line with our previous performance that will be lower and higher, and judged to be better quarter by quarter.

We maintain our original profit forecast and expect the net profit attributable to mothers to be 4 in 19-21.


400 million, corresponding to PE is 11/9/8 times, maintaining the overweight rating.

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