紅星美凱龍2021年三季報出爐：營收113.54億元，同比增長19.18%
10月29日，紅星美凱龍(01528.HK、601828.SH)發佈2021年第三季度報吿，核心財務指標繼續保持穩健增長態勢。依託輕資產、重運營、降槓桿戰略的高效推進，紅星美凱龍2021年前三季度實現營收113.54億元，同比增長19.18%；歸母淨利潤達22.87億，同比增長32.20%；扣非後歸母淨利潤為13.94億元，同比增長20.13%；基本每股收益達0.59元，同比增長34.09%。
輕資產、重運營，打造和諧共贏生態圈
自2020年首次提出“輕資產、重運營”戰略以來，紅星美凱龍依託輕資產模式加速了在低線城市的滲透率，重運營則提升了存量門店的運營效率。
報吿期內，紅星美凱龍自營商場淨增加2家、委管商場新開業10家。截至2021年9月底，紅星美凱龍共經營94家自營商場，273家委管商場，通過戰略合作經營11家家居商場。以特許經營方式授權開業66家特許經營家居建材項目，共包括478家家居建材店/產業街。此外，公司有20家籌備中的自營商場，籌備的委管商場中，有345個委管簽約項目已取得土地使用權證/已獲得地塊。
近來，紅星美凱龍通過積極佈局9大主題館打造商場高端流量生態、佈局位於中國核心城市的標杆自營商場“1號店”、踐行數字化升級戰略、深度推進線上線下同城零售等方式，加速落地重運營策略。
得益於此，紅星美凱龍商場運營效率提升明顯。以自營商場為例，2021年前三季度，紅星美凱龍已開業自營商場取得營業收入62.45億元，同比增加24.9%；自營商場店效同比上升17.13%。未來，隨着代表自營商場標杆水平的“1號店”在全國落地，紅星美凱龍自營商場有望取得更優異的成績。
分析人士指出，伴隨着核心戰略穩步推進，紅星美凱龍正構建起了一個覆蓋品牌商、經銷商以及產業上下游的和諧、共贏生態圈，不僅有助於自身的高質量發展，對整個行業的良性發展也大有裨益。
現金流充裕，降槓桿成效顯著
在謀求高質量發展的道路上，紅星美凱龍還持續優化財務表現。財報顯示，紅星美凱龍截至2021年9月底的資產負債率相較2020年年底下降1.8個百分點，有息負債率同比下降5.8個百分點。
值得一提的是，日前紅星美凱龍37億定增已順利落地，引入阿里巴巴(成都)軟件技術有限公司、睿遠基金、法國巴黎銀行(BNP Paribas)、華安基金、海通證券、信達證券等17家機構投資者，有助於資本結構進一步優化，併為後續發展提供有力保障。
報吿期內，紅星美凱龍經營性現金流繼續保持穩健增長。2021年前三季度，紅星美凱龍經營活動產生的現金流量淨額47.74億元，同比大增128.98%，賬面資金64.8億元。未來，紅星美凱龍將繼續綜合通過保持經營性現金流充足穩定、A股定增、縮減資本開支等方式穩步推進降槓桿。
2021年是家居行業景氣度穩步回升的一年。作為家居行業龍頭，紅星美凱龍正通過深入推進輕資產、重運營、降杆杆戰略，開啟高質量發展的良好局面。
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