Dashenlin (603233) semi-annual report comment: The semi-annual report performed well and saved the rapid development of foreign business

Dashenlin (603233) semi-annual report comment: The semi-annual report performed well and saved the rapid development of foreign business

The semi-annual report performance exceeded expectations, and the revenue and profit increased significantly in the first half of 2019, and the company achieved operating income of 52.

52 ppm, an increase of 28 in ten years.

65%; net profit attributable to mothers3.

810,000 yuan, an increase of 32 in ten years.

21%, net profit after returning to mother 3.

73 ppm; an increase of 33 in ten years.

93%, the company ‘s revenue and profit grew rapidly in the first half of 2019, which are the endogenous growth and new openings 四川耍耍网 of existing stores in the retail industry, and the performance contribution and revenue growth of new stores as a result of industry mergers and acquisitions.Effective cost control.

According to the report, the company’s net cash flow from operating activities was 5.

75 ppm, an increase of 253 in ten years.

06%, mainly due to the increase in net profit, capital investment, inventory optimization, effective control of procurement expansion, and other consolidation and improvement of operational capabilities; average return on net assets increased.

74%, an increase of 1 each year.

81 pages.

On the whole, the company’s performance in the first half of 2019 was beautiful and exceeded market expectations; endogenous and M & A stores continued to contribute performance and promote the company’s steady growth.

The expansion outside the province has steadily advanced, and the number of medical insurance stores has gradually been extended to June 30, 2019. The company has 4,153 stores, including 4,114 directly-operated stores.

In 2019, the H1 company added 313 stores, a net increase of 273 stores, of which 156 were self-built stores, 118 were acquired, and 40 were closed. Among them, closing the stores was a local plan, resource integration and strategic adjustment.

In the total number of reports, the company’s designated medical insurance stores were 3,151. In the first half of the year, 103 new medical insurance stores were added. The total number of medical insurance stores accounted for 76 of the company’s directly-operated pharmacies.

6%, an increase of about 20% each year.

The growth of the company’s operating stores contributed to the company’s steady expansion.

In terms of different regions, the company continued to cultivate the existing regions. South China has 3477 stores, accounting for about 84%, of which 164 new stores have been added in Guangdong, and operating income has increased by 22.

03%; Guangxi has 48 new stores and operating income increased by 48.


Central China has 413 stores, accounting for about 5%, and East China and North China have 223 and 40 stores, accounting for 10% and 1%, respectively.

From the point of view of store distribution, the company’s expansion of Guangdong’s outer stores has steadily increased, especially in Central China (Henan), where the number of stores and sales have grown significantly.

Expense control has improved markedly, and profitability has steadily increased. In 2019, H1’s gross sales margin and net sales margin were 40% and 7, respectively.

22%, of which the gross profit margin for sales slightly decreased, and the net profit margin for sales increased by 0.

24 pp.

From the perspective of expense control, in the first half of 2019, the company’s sales expense ratio, management expense ratio and financial expense ratio were 25.

38%, -4.

06%, 0.

28%; three expense ratios exceed those previously replaced.

We judge that the cost management and control capabilities of H1 companies will gradually improve in 2019, and there will be multiple efficient internal operating mechanisms.

The estimation and rating company is the leading pharmacy chain in Guangdong Province. After the steady promotion of markets outside the province, it is expected to maintain steady and rapid growth in the future.

The company’s net profit is expected to be 6 in 2019-2020.



910,000 yuan, maintaining the “overweight” level.

Risk Warning: M & A integration is 夜来香体验网 less than expected, business expansion outside the province is less than expected, new store cultivation time is longer, market competition is intensified, etc.