Zhou Dasheng (002867) 2019H1 Interim Review: Channel Expansion Overlaying Gold Price Affects Company’s Net Profit

Zhou Dasheng (002867) 2019H1 Interim Review: Channel Expansion Overlaying Gold Price Affects Company’s Net Profit

Zhou Dasheng (002867) 2019H1 Interim Review: Channel Expansion Overlaying Gold Price Affects Company’s Net Profit

Event: The company announced its semi-annual report and achieved revenue of 23 in 19H1.

89 ppm, an increase of 12 in ten years.

51%, net profit attributable to mothers4.

750,000 yuan, an increase of 34 in ten years.

63%; 1深圳spa会所9Q2 achieved income 11.

86 ppm, an increase of 36 in ten years.

26%, realizing net profit attributable to mother 1.

920,000 yuan, an increase of 38 in ten years.


The asset-light operation model promotes channel expansion and revenue growth.

The company has been focusing on the high gross profit level for a long time, and has completed the in-depth coverage of the national market with “self-operated stores + franchise stores” for a long time.

The company uses its own stores to open brand awareness and influence, and uses franchise stores to deeply cover the national market.

The company added 330 stores in the first half of the year (+ yoy9.

17%), as of 19H1, it has 3599 stores, of which 295 are self-operated stores and 3304 are franchised stores.

The rapid expansion of channels has brought about an increase 成都桑拿网 in revenue. The company’s revenue in 19H1 increased by 12%.


We believe that an efficient operating model helps the company’s terminal channels continue to improve.

The product structure of “Gold + Settings” highlights the growth potential.

The company is mainly engaged in placing and plain gold jewelry, using the combination of product materials and scene styles to serialize the product structure and broaden the product hierarchy.

During the reporting period, under the pressure of high-end consumption adjusted by the country’s economic structure, a series of jewelry accessories continued to grow to a continuous growth rate of 3.


At the same time, Sino-US trade and the global economy are expected to lead to rising risk aversion in the market, leading to a continued upward price of gold, which will lead to a rebound in downstream gold demand.

The company’s gold jewelry revenue increased by 21%, +5 per year.

9 points.

The product structure of “Gold + Substitution” has a smooth economic impact on the company’s revenue. In the long run, revenue growth and substitution.

Gold jewelry’s high elasticity promotes gross profit growth.

The source of the company’s gold revenue is revenue from direct sales of gold in stores and brand royalties.

Among them, direct-operated store gold uses a fixed gross profit margin cost addition method. The increase in basic gold prices has significantly improved the gross profit, and the company’s prime gold revenue gross margin +3.

8 points.

The brand royalty is the company’s bid to franchise stores according to the weight of gold, and the gross profit rate is 100% with high flexibility.

In the current period of gold jewelry revenue, brand fee income has increased rapidly, and the combined increase in gross profit margin has become the company’s continuous increase in gross profit (35%) greater than the income.

The rising gold price has a positive impact on the boost of the profit side, and the company’s profit side improvement in the second half of the year is highly certain.

Earnings forecast: We expect the company to achieve revenue of 60 in 19/20/21.



50,000 yuan, a growth rate of 24.

82% / 19.

44% / 14.39%, realizing net profit attributable to mother 10.



51 ppm, 25-year growth rate.

10% / 22.

69% / 17.

23%, EPS is 2.



98, corresponding to PE is 16.



48. Maintain the “Highly Recommended” rating.

Risk warning: high-end consumption is under pressure due to economic restructuring, and product quality control risks.