"Internet +" Help Hai Lan'S Home In The First Quarter Of 2015 Net Profit Of 870 Million

This year, the company continues to implement the channel strategy of "new store 200 + + expansion of old stores + multi brand collection large stores", and it is expected that Q1 will add about more than 20 stores.

At the same time, the company's professional clothing Keno business exceeded expectations, mainly due to the synergy effect after the merger with Hai Lan. The orders are full. We estimate the Q1 revenue of 5-6 billion yuan, an increase of 30%+ compared to the same year.

Deducting the impact of consolidated statements (15 years of increase in 1-2 months' performance of Keno Technology), we estimate

Business income and net profit increased by 55% over the same period last year.

Earnings growth is comparable to revenue.

The gross profit margin increased slightly by 0.49 percentage points, to 38.62%.

Our judgement is mainly the contribution of Hai Lan to the increase of gravity.

The sales cost of the company Q1 was 370 million yuan, an increase of 147% over the same period last year, and the cost rate increased by 2.49 percentage points. This is mainly due to the increase in the brand investment of the company's Direct stores and advertising this year, while the increase in the cost of selling good labor costs has increased by 280 million yuan, an increase of 79% over the previous year, and the cost rate has increased by 0.24 percentage points.

The cash flow situation is better than that in the second half of last year.

The net cash flow of the company in the first quarter was 1 billion 190 million yuan, an increase of nearly 1 billion yuan over the previous year of 180 million yuan, an increase of 574%. In addition to the impact of the consolidated statement, we judged that the sales of the down jacket sold by Hai Lan itself was good in Q1 (the total growth rate was 200%, 6 million, and the sales rate was nearly 70%).

At the same time, inventory is at a relatively reasonable level. By the end of the quarter, the company's inventory was 7 billion 200 million yuan, an increase of 24% over the same period last year, lower than the increase in revenue.

The whole supply chain integration platform is becoming mature, and the premium and management premium will gradually become prominent.

At present, nearly 20 billion of the retail volume of the company has been absolutely ahead in the field of men's clothing at a fair price, and the right to scale and brand will continue to be strengthened.

The strategic cooperation between the company's announcement and Wanda recently fully embodies this logic (Wanda Commercial Project has unique resource advantages in the 234 line market).

At the same time, the company tried out the management of strategic suppliers this year, optimizing supplier resources, further strengthening the supply chain, and ensuring the cost-effective performance of products.

We remain optimistic about the potential of the company to cater for the upgrading of mass consumption in rural and low level cities.

Investment advice: in

Plate, the company's performance is undoubtedly the fastest growing and high certainty, core business capacity has been continuously recognized in EPS.

The current corresponding 15-17 years valuation 23/18/15 times (less than the industry).

We estimate that the valuation is significant in space.

Breakthrough, continue to implement the O2O mode of online and offline docking.

The scarcity of the Internet and the irreversible trend of interconnected consumption have great potential. Two, the breakthrough of women's clothing and basic category will greatly open up room for growth.

At present, the overall valuation center of the market has moved up sharply. The company is a high quality variety of valuation depression, and it is suggested to actively configure it.

Risk warning: macro consumption continues to slump, and the company makes a wrong judgement on the consumer market.