都市麗人(02298.HK):中期業績受疫情影響承壓,電商表現相對突出,維持“中性”評級
機構:光大證券
評級:中性
公司 20 年上半年營業收入 13.33 億元、同比降 39.7%,經營虧損 1.09億元,歸母淨利潤虧損 1.31 億元,EPS-0.06 元。收入下滑主要為費用率提升幅度較大。
收入分拆來看,加盟(收入佔 38%)、直營(32%)、電商(29%)、原材料銷售(1%)收入分別同比-52.7%、-40.7%、+18.1%、-82.4%。疫情影響下電商業務表現相對較好、實現正增長,且佔比同比提升 14PCT。
線下門店方面,20 年 6 月末公司合計門店數量 5457 家、較年初減少8.6%,其中直營店、加盟店分別為 1032 家(較年初-18.7%)、4425 家(-5.9%)。
◆費用提升幅度較大,存貨週轉放緩但應收賬款週轉加快,現金流好轉 公司毛利率為 48.7%、同比提升 7.7PCT,預計與業務結構變化、控制營業成本、原材料價格下降、向海外銷售已全額計提的存貨等因素有關;期間費用率為 58.7%、同比升 18.8PCT,其中銷售/管理/財務費用率分別同比+12.6/+4.7/+1.6PCT,銷售費用剛性、降幅小於收入;管理費用同比增3.4%主要為費用剛性及諮詢費增加。
存貨週轉天數 187 天、同比增加 17 天,應收賬款週轉天數 38 天、同比減少 27 天。經營淨現金流為 2.94 億元、相比去年同期的-2.62 億元現改善。6 月末賬上現金 8 億左右。
公司銷售主要受國內疫情影響,5~6 月零售恢復到至去年同期約 84%,同時下半年公司將繼續拓展電商渠道、加大存貨消化力度、優化終端渠道、精簡 SKU、供應鏈柔性化、數字化轉型、精細化控費增效等,預計下半年業將較上半年改善。考慮疫情和宏觀經濟環境的不確定性,下調 20~21年、新增 22 年 EPS 為 0.01/0.05/0.09 元,維持“中性”評級。
◆風險提示:疫情影響超預期致國內終端消費持續疲軟;費用控制不當;庫存積壓。
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