紅星美凱龍2021年一季報：扣非後歸母淨利潤同比大增101.45%
4月29日，紅星美凱龍(601828.SH，1528.HK)發佈2021年一季度財報，業績持續改善，多項數據實現同比大幅增長，展現出強勁復甦勢頭。
財報顯示，2020年第一季度，紅星美凱龍實現營業收入33.41億元，同比增長30.70%，實現歸母淨利潤7.22億元，同比增長83.79%；扣非後歸母淨利潤達到4.13億元，同比增長101.45%；淨利率同比提高6.01個百分點至21.68%，盈利能力大幅提升。
在業績快速增長的同時，紅星美凱龍對費用的控制能力不斷提高，2021年第一季度，紅星美凱龍期間費用率為39.91%，同比下降5.20個百分點。其中，得益於穩健的財務政策，紅星美凱龍的財務費用下降最為明顯，2021年一季度財務費用下降12.59%，財務費用率同比下降8.45個百分點，實現連續4個季度下降。
強勢復甦的經營性活動，帶動公司現金流持續大幅改善，2021年第一季度經營活動現金流淨額達到7.36億元，創最好一季度紀錄。而截至2021年3月31日，紅星美凱龍貨幣資金達到79.09億元，較2020年年底的65.11億元增幅達到21.47%。
2021年，紅星美凱龍繼續堅持踐行“輕資產、重運營”的發展戰略，通過輕資產模式繼續在下沉市場進行網絡擴張，推動經營效率和經營能力的持續提升。報吿期內，紅星美凱龍的投資活動現金淨流出僅2.50億元，同比2020年一季度流出36.96億元，投資支出大幅下降。
值得一提的是，根據紅星美凱龍披露的2021年第一季度經營數據，紅星美凱龍共經營了476家家居商場，已開業自營商場營業收入達到19.51億元，同比增長31.7%，自營商場的毛利率為74.3%，相比2020年同期毛利率增加0.8個百分點，經營質量不斷提高。
分析人士指出，隨着疫情影響消退，家居行業的復甦態勢有望持續。作為行業龍頭，紅星美凱龍以線上線下同城零售的變革提振主業競爭力，加速推進家裝等擴展性業務發展，打造第二增長曲線，在行業復甦中重新迴歸高質量增長的發展軌道。
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