CBN (600723) 2019 Interim Report Comments: Performance is slightly lower than expected

CBN (600723) 2019 Interim Report Comments: Performance is slightly lower than expected

CBN (600723) 2019 Interim Report Comments: Performance is slightly lower than expected
1H2019 operating income decreases by 1 every year.03%, net profit attributable to mother decreases by 3.42% 1H2019 achieved operating income of 50.60 ppm, a reduction of 1 per year.03%; net profit attributable to mother 2.30,000 yuan,佛山桑拿网 which translates into a fully diluted EPS of 0.31 yuan, a decrease of 3 per year.42%; net profit deducted from non-attributed mothers1.76 ‰, a decrease of 3 per year.16%, performance was slightly lower than expected. In terms of single quarter breakdown, operating income in the second quarter of 201923.87 trillion, a reduction of 0 a year.73%; net profit attributable to mothers1.10,000 yuan, a decrease of 15 a year.58%; net profit deducted from non-return to mother 0.8.7 billion, a decrease of 14 per year.twenty two%. Comprehensive gross profit margin rose by 0.20 averages, the rate of expenses rose by 0 during the period.The average gross profit margin of 45 companies in 1H2019 was 23.79%, an increase of 0 over the same period last year.20 units. 1H2019 company period expenses16.69%, a year-on-year increase of 0.45 single ones, of which sales / management / financial expense ratios are 8 respectively.71% / 7.70% / 0.28%, a change of 0 over the same period last year.48 / -0.13/0.10 units. For shopping malls, Olay’s business performance is relatively good, the company has a high margin of safety and reports that the company’s traditional department store business has performed dull, and its revenue has also fallen by 5.82%, a decrease of 7% from the same period in the first quarter of 2019.95% has narrowed, but performance is expected to take time.The shopping mall / outlet business performed relatively well, with revenue growing every year.25% / 0.10%, gross profit margin 55.72% / 17.51%, rising by 1 every year.74/0.25 units, the main contributor to the company’s reported performance.At the end of the reporting period, the company’s monetary funds were 25.6.2 billion, the company’s own property construction area of 230,000 square meters, providing a higher margin of safety. Lowered profit forecast. Maintaining a “Buy” rating. The traditional department store business of the company still has a certain influence in Beijing. However, the recent department store business has been affected by the adjustment of 淡水桑拿网the department store business. We have reduced our forecast for the company ‘s fully diluted EPS for 19-21 to 0.54/0.56/0.61 yuan (previously was 0.58/0.62/0.66 yuan), the company’s price-earnings ratio, price-to-book ratio are at a predetermined level, or benefit from the state-owned enterprise reform expectations, maintain a “buy” rating. Risk reminder: The transformation of traditional department stores has fallen short of expectations, and the development of shopping malls has fallen short of expectations.