Po Laiya (603605) Quarterly Review: Successfully Created Explosives Drives Largely Increased Revenue Growth

Po Laiya (603605) Quarterly Review: 四川耍耍网 Successfully Created Explosives Drives Largely Increased Revenue Growth

The company disclosed the third quarter of the year of 19, and the third quarter of the year achieved a single quarter of operating income.

52 ppm, an increase of 45 in ten years.

2%; net profit attributable to mother is 66.63 million yuan, an annual increase of 26.

1%; realized non-net profit of 67.32 million yuan, an annual increase of 47.


The growth rate of deducting non-net profit is significantly higher than the growth rate of net profit attributable to mothers. In part, non-recurring gains and losses were accounted for in the same period of last year due to the deduction of financial costs from the 3Q19 deposit income.The growth was 32%, and the non-net profit deduction for the third quarter of 19 was 31%.

The growth rate of revenue in the 苏州夜网论坛 third quarter of 19 was significantly improved. Thanks to the successful creation of explosive bubble masks, we estimated that in the third quarter, it would contribute about US $ 200 million in revenue in the third quarter.

In terms of different channels, online revenue increased by more than 60% in the first three quarters, and offline numbers increased. Explosive models drove significant growth in 3Q19 e-commerce growth.

Bubble masks and cross-border purchases have lowered gross profit margins, optimized operating quality in 3Q2019, and the company’s gross profit margins have declined by 4.

62PP to 60.

45%, mainly due to the decrease in gross profit margin of the explosive bubble mask and the company’s supplementary cross-border purchase agency business.

The company’s sales rate drops by 1 every year.

82 PP to 39.

48%; the management expense rate drops by 0 every year.

54PP to 7.


Inflated gross profit margin drove the company’s net interest rate down1.

34PP to 8.


Optimization of operating quality: 3Q19 achieved operating cash flow.

3.2 billion, which is turning positive for the first time this year; inventory turnover days have dropped for 12 consecutive days to 92 days.

The bubble mask verifies the company’s explosive ability, team building, and organizational structure are the mechanisms behind the company’s successful creation of the explosive black sea salt bubble mask. According to Ali data, this mask ranked first on the Ali platform from July to August.

Although the bubble mask is profitable, it can attract new drainage.

The successful creation of bubble mask validates the company’s ability to interact in product selling point design, new marketing applications, user traffic operations, etc .; behind it is the forward-looking and executive power, talent team building and incentive mechanism, and organizational structureThese unfavorable factors will help the company continue to capture the industry ‘s reputation and maintain rapid growth.

It is estimated that the company’s net profit attributable to the mother in 19-21 will be 3.

9, 5.

1, 6.

60,000 yuan, an increase of 34 in ten years.

5%, 32.

1%, 29.


With reference to comparable companies, considering the company’s growth and growth potential to multi-brands and category matrices, the company is given an estimated PE of 40 XPE for 20 years and a reasonable value of 101.

2 yuan / share, maintain “Buy” rating!

Risks suggest that the macroeconomic downturn has a significant adverse impact on optional consumption; the growth of e-commerce is gradual, and single-brand stores are not meeting expectations; new brands and new categories are not meeting expectations