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Yuyuan Garden (600655): Gold Jewellery Business Performs Brightly, High Non-Net Profit Growth

Yuyuan Garden (600655): Gold Jewellery Business Performs Brightly, High Non-Net Profit Growth
Event: Yuyuan released the third quarter report of 2019, reporting that the combined company realized operating income of 270.8.2 billion, up from 35 previously.76%; net 北京夜生活网 profit attributable to mother is 12.39 trillion, +9 ten years ago.02%; net profit after deduction is 10.90 trillion, +195 for ten years.59% of the main business grew at a high speed, and channel expansion accelerated further.Operating income for the reporting period reached 270.8.2 billion (+35.76%), which is always due to the increase in operating income caused by the delivery of jewelry fashion business and property development projects compared with the same period last year.Among them jewelry fashion achieves 150.7.8 billion (+15.73%), the Laomiao brand has continued to iterate through the deepening of Chinese traditional Wuyun culture, following the ancient charm of gold2.After the “0” and “Time to Run” series, new products of “new Chinese style” were launched; property development achieved 97.6 billion (+91.54%). Channel 天津夜网 expansion has further accelerated. As of Q3 2019, the company’s chain outlets reached 2,615 (adding 198 in the single quarter of 2019Q3), of which 198 directly operated outlets and 2,417 franchised stores. Improvements in operations led to higher gross margins, deducting non-significant growth +195.59%.If adjusted last year q3 same control 4.After the impact of 7.3 billion, the adjusted non-net profit for the same caliber will be 8.4.2 billion (+29.52%).The comprehensive gross profit margin of Q3’s main business was 19.57% (+2.71pct).The first three quarters of the company’s sales / management / financial expenses3.86/5.88/1.63%, respectively -0.13/0.41/0.39pct, single quarter sales / administration / financial expenses in the third quarter4.90/6.98/1.38%, respectively +0.01 / -0.35/0.31 points.Profit for the third quarter of 2019 before profit 6.02% (-0.24pct), Q3 single quarter net profit is 3.32% (-2.41pct). Yuyuan uses its own industrial capabilities and strategic mergers and acquisitions to expand its competitive advantages. The second reorganization has helped Yuyuan to develop multiple racetracks at the same time, and constantly open up business growth.In addition to its main business, the Yuyuan Culture, Catering and Food segment insists on focusing on brand names, focusing on increasing the value of the industrial chain, and continues to grow at a high speed.Catering management and food and beverage reached 5 respectively.83/2.08 billion, respectively achieved 30.86/48.67% rapid growth. We are optimistic about Yuyuan’s development strategy of “Happy Fashion Industry + Offline Happy Fashion Landmark + Online Happy Fashion Family Entrance”, and create a smart C2M ecosystem serving emerging middle-class household consumers. Investment suggestion: The company is expected to have a net profit of 34 in 2019/2020.18/37.770,000 yuan, the current corresponding PE is 9 respectively.1/8.2 times. Risk reminders: 1) The jewelry business is fiercely competitive and homogeneous 2) Macro policy risks faced by the real estate industry 3) Business diversification, increasing the level of organizational management