Marubeni (603983) third quarterly report comment: the first three quarters of revenue once + 15% net non-attributed net profit + 40% of annual income and accelerated growth

Marubeni (603983) third quarterly report comment: the first three quarters of revenue once + 15% net non-attributed net profit + 40% of annual income and accelerated growth

Brief performance evaluation 2019Q1-Q3 company achieved revenue12.

12 trillion, ten years +14.

77%; net profit attributable to mother 3.

59 trillion, ten years +52.

26%; net profit deducted from non-return to mother 3.

09 million yuan, +40 for ten years.

twenty four%.

Among them, 3Q single quarter company achieved revenue 3.

97 ppm, +21 a year.

28%; net profit attributable to mother 1.

30,000 yuan, +150 a year.

62%; net profit after deduction is 0.

91 trillion, +136 for ten years.

64%.

The company’s revenue and profit have shown an accelerated growth quarter by quarter.

Business analysis Marumi’s main brand follows the trend of high-end, continues to deeply cultivate the anti-aging segment, Chunji & Lianhuo brand has been steadily advancing: Marumi’s second high-end Japanese imported high-end Japanese flowers are delicate and delicate after the Japanese sake royal ice cream seriesThe series is listed in China.

In terms of categories, while stabilizing the ace spot of eye cream, increase investment in the rapidly growing essence category.

In terms of channels, Marubei Department Store’s channels are advancing steadily, and e-commerce channels attach importance to strengthening.

In terms of marketing, the company plans to attract young consumers while maintaining a high level of brand awareness.

In terms of other brands, Chunji continued to rejuvenate the concept of ingredients and skin care. Lianhuo upgraded from the counter to the product, and launched new high-end products imported from Korea.

The 3Q single-season sales expense ratio has gradually decreased. Considering that marketing expenses are the rigid costs of the cosmetics industry, and quarterly expenses may change, step by step, the estimated sales expense ratio is basically stable: 3Q19, the company’s gross profit margin decreased by +0.

07pct to 66.

97%, the sales expense rate is ten years -13.

84pct to 32.

16%, the management expense rate is ten years +1.

55 points to 6.

53%.

In Q1-Q3 of 2019, the company’s gross profit margin was ten years -0.

25pct to 67.

95%, the sales expense rate is ten years -4.

82 points to 30.

18%, the management expense rate is ten years +0.

26 points to 5.

17%.

As of the third quarter of 2019, the company’s net operating cycle was -82 days, with exceptional operating capabilities.

In Q1-Q3 of 2019, the inventory turnover days of the company were 105 days; the accounts receivable turnover days were 0.

50 days; accounts payable days are 188 days.

Investment suggestion The company is known as “anti-aging eye cream” and deeply penetrates domestic mid-to-high-end cosmetics companies in low-tier cities.Taking into account ① “Marubei” mid-to-high-end upgrade brand strength, “anti-aging eye cream” drives the rapid growth of the entire category; ② grasp the high growth bonus of makeup and provide incremental income; ③ e-commerce channel strategy improvement, gradually upward certainty.

We raised the company’s net profit attributable to mothers to 5 in 2019-2021.

51, 6.

42, 7.上海夜网论坛

41 trillion, EPS is 1.

37, 1.

60, 1.

85 yuan (10%, 10%, 10% increase), +32 each time.

69%, 16.

49%, 15.

39%, the current market value of the corresponding PE is estimated to be 47x, 40x, 35x, maintain the buy rating.

Risk prompts fluctuations in terminal consumer demand and fierce competition in the industry. Can you effectively control sales channels and manage terminals to lift the risk of restricted stocks?