Fuanna (002327): The first quarter results have slightly changed and still try to maintain steady growth

Fuanna (002327): The first quarter results have slightly changed and still try to maintain steady growth

The company announced the 2019 first quarter report, operating income 5.

2.2 billion, down 5 every year.

55%, net profit attributable to mother 0.

81 ppm, a decrease of 16 per year.


Initial income is 0.

10 yuan.

In the first quarter, the operating income and net profit attributable to mothers have improved. Historically, the company’s first quarter performance has changed to the lowest proportion of its area.

The performance indicators for 2019, in addition to a high base, are mainly due to 1) the company increased the recovery of accounts receivable, and at the same time actively promoted the construction of the franchisee information system, which has affected the franchise issuance to a certain extent. The company’s franchise revenue is expected in the first quarterDecline.

2) The company’s e-commerce business performance improved in the first quarter, but at least the proportion of the gross profit e-commerce business increased the company’s overall gross profit margin declined, and the company’s overall gross profit margin decreased by 49 in the first quarter.

80%, 50 from the same period last year.


3) The company’s direct sales accounted for a relatively high proportion of expenses, and the expense ratio increased during the period, which was 34 in the first quarter.

20%, compared with 31 in the same period last year.

16%, of which the sales expense ratio, management expense ratio and financial expense ratio are 28.

41%, 5.

09%, 0.

70%, compared with 26 in the same period last year.

04%, 5.

31%, -0.


The company’s operating quality continued to improve, and its ability to resist risks continued to increase. The company’s net operating cash flow in the first quarter.

13 billion, up from 263 previously.


Mainly due to the increase 武汉夜生活网 in sales receivables, the company’s accounts receivable in the first quarter1.

180,000 yuan, compared with the fourth quarter of 20183.

$ 72 million and 1st quarter of 20181.

7.7 billion, down previously.

The 19-21 year earnings are expected to be zero.

71 yuan / share, 0.

78 yuan / share, 0.

85 yuan / share We are still optimistic that the company will gradually achieve steady growth.

First of all, last year’s base was high before low.

Generally speaking, the performance of the first quarter is not high. In the future, with the company’s procurement optimization, offline channels will develop steadily. It will continue to deepen retail, enhance incentives and talent team building at all levels, and comprehensively promote dealer information management systems, including e-commerceChannel, and expected performance is expected to resume growth.

Finally, the furniture business plans to conduct franchise investment and continue to optimize products, quality, inventory, channels, costs, etc.

Currently, the corresponding price-earnings ratio is only 12 times, maintaining a reasonable value of 11.

36 yuan / share, maintain “Buy” rating.

Risks indicate the risk of intensified market competition and increased inventory pressure; the development risk of new furniture business;