Jiajiayue (603708): First-quarter results slightly exceeded expectations and maintain recommendations

Jiajiayue (603708): First-quarter results slightly exceeded expectations and maintain recommendations


Event summary The company achieved operating income of 38 in 重庆耍耍网 the first quarter of 2019.

50,000 yuan, an increase of 16 in ten years.

68%; realize net profit attributable to shareholders of listed companies.

410,000 yuan, an increase of 16 in ten years.

06%; realized non-net profit attributable to deduction1.

32 ppm, an increase of 14 over the same period last year.


Net operating cash flow was 4.

06 ppm, an increase of 13 over the same period last year.



Our Analysis and Judgment (I) The hypermarket and the comprehensive supermarket industry have made stable contributions, and achieved double growth in scale performance. The company’s main business income in the first quarter of 201934.

86 ppm, an increase of 4 over the same period last year.

32 ppm, an increase of 14 in ten years.

15%; Attributable non-net profit increased by 0 compared with the first quarter of 2018.

1.6 billion.

The reported company achieved stable double growth in total operating income and net profit.

From the perspective of business operators, hypermarkets / general supermarkets / department stores / convenience stores / professional stores and others have achieved operating income separately.





6.6 billion yuan, a year-on-year increase of 22.

84% / 6.

53% / 3.

69% / 85.

91% / 15.

80%, corresponding to a revenue increase of 3 respectively.





09 million yuan, maintaining a steady growth overall.

Among them, convenience stores have achieved rapid growth, and hypermarkets and general supermarkets still account for a relatively high proportion of their main revenues, reaching 48 respectively.

65% / 48.

At the same time, it contributed revenue increase of more than 100 million yuan in a single quarter, and its performance expanded significantly, corresponding to 72.

99% / 23.76% revenue increase.

From a regional perspective, the Jiaodong region and the rest of Shandong achieved operating income29.


2.1 billion, a year-on-year increase of 9.

5% / 50.

43%, corresponding to revenue increase of 2.


7.5 billion; of which, the operating income of other regions in Shandong has increased rapidly due to the base number, and the revenue of the Jiaodong area contributed 85% of the main business income.

05% and contribute 59.

56% of the increase in main business, accounting for relatively stable.

(2) Comprehensive gross profit margin rose by 0.

24pct, during which the rate of expense rose by 0.

39pct’s consolidated gross profit margin for the first quarter of 2019 was 21.

78%, an increase of about 0 in the first quarter of 2018.

24 units.

From the perspective of operators, hypermarkets / general supermarkets / department stores / convenience stores / professional stores and others have achieved gross profit margins.

42% / 17.

64% / 13.

37% / 21.

53% / 13.

29%, respectively 0.

15% / 0.

11% / 2.

36% /-0.

57% / 0.


In terms of different regions, the other regions of Shandong / Jiaodong have real gross margins of 17 respectively.

98% / 17.

42%, 0 compared to the same period last year.

30% / -0.

At 37%, the slight increase in gross profit margin was mainly due to the increase in gross profit in other formats other than convenience stores and the increase in gross profit in other regions of Shandong.

The company’s comprehensive expenses during the first quarter of 201916.

99%, about 0 in the first quarter of 2018.

39 shares per share, changes in sales / management / financial expense ratios were +0.

04% /-0.

16% / + 0.

51%, of which the decrease in management costs was mainly related to the company’s reform and restructuring of the organizational structure, reducing management levels, further promotion of the partnership mechanism to achieve results, and the increase in financial costs was due to the impact of expenditure income and fees.

(III) Promote the expansion of network layout and focus on optimizing customer service. In the first quarter of 2019, the company continued to strengthen the development of offline networks. It opened 12 new stores, including 6 hypermarkets, 3 general supermarkets, 1 department store, and Baby Joy.There are 2 other professional stores, 11 of which have opened in the report of merger and acquisition of Zhangjiakou Fuyuexiang Chain Supermarket Co., Ltd. on the merger date. At the end of the reporting period, the company had a total of 752 stores.

While strengthening the density of existing regional networks, the network layout of new regions has been further accelerated.

At the same time, the company’s customers have detailed portraits, providing accurate and professional membership services, enhancing customer trust and loyalty; accelerating the application of new technologies such as unmanned intelligent vending machines and face recognition, and further promoting mobile in storesNew technical means such as payment, self-service payment, and face recognition can improve the customer’s consumption experience and provide customers with more efficient and convenient services. (4) Establishing a standardized logistics network system and strengthening supply chain barriers The company adheres to the procurement model of “direct supply of fresh produce bases and direct procurement of grocery commodity manufacturers”, and has formed a full-coverage logistics network system in Shandong Province2.

The delivery capacity to the store within 5 hours, and the construction of raw and fresh processing centers, central kitchens, and own factories have further enhanced the supply chain capabilities and the core competitive advantages of fresh produce, and the supply chain platform has significant advantages.

The transformation of the Yantai Integrated Logistics Industrial Park project in the future, the successive supplementary use of the Laiwu Fresh Food Processing Center, and the Qingdao Logistics Center project, and the start of the planning and construction of the Zhangjiakou Comprehensive Industrial Park project, the company’s standardized processing capacity of agricultural products will be significantly improved, and chain outlets will developExpand fast.

The two core competitiveness of the company’s supply chain capabilities and logistics standardization construction are continuously optimistic.


Investment suggestion We believe that the company will continue to optimize the storage capacity while expanding the offline entity scale, which not only forms the advantages of regional dense layout and multi-industry linkage, but also accelerates the development of new regions, expands the province’s coverage, and actively buildsA platform for national development, building a three-dimensional logistics system that complements the central and regional areas, combines room temperature with fresh produce, and intelligent linkages to form a “last mile” competitive advantage. We combined the company’s 2019 exhibition store in the 2018 annual report.Plan (plan to open 100 new stores in 2019), launch the implementation of SAP system projects, build an omni-channel model of online and offline integration, and the company’s overall supply chain platform system (Yantai Integrated Logistics Industrial Park, Laiwu Fresh Food Processing Center,Wiki Qingdao Logistics Center) accelerated the formation and started the planning and construction of the Zhangjiakou Comprehensive Industrial Park project. We predict that the company will achieve revenue of 147 in 2019/2020/2021.



08 million yuan, net profit 4.



4.5 billion, corresponding to PE 27/22/19 times, corresponding to PS 0.



64 times, giving “recommended level”.


Risks indicate that the format upgrade is not up to expectations, market competition is intensifying, the risks of new area expansion and new project investment, etc.