Collis (603808): Net profit growth significantly improved the stable development of multiple brands

Collis (603808): Net profit growth significantly improved the stable development of multiple brands

The company disclosed the semi-annual report. In the first half of 2019, the company realized operating income12.

66 ppm, an increase of 17 over the same period last year.

09%; net profit attributable to shareholders of the listed company reached 1.

900,000 yuan, an increase of 17 over the same period last year.


EPS is 0.

57 yuan.

In the second quarter, the company’s revenue was 6.

44 ppm, an increase of 27 in ten years.

05%, net profit attributable to mother 1.

10,000 yuan, an increase of 24 in ten years.


Main points of investment: The main brand continues to grow steadily and IRO grows rapidly: according to the report data, the main brand ELLASSAY has achieved sustained and steady growth, with a year-on-year growth of 7% to 4 in the first half.

At 77 ppm, the growth rate of Q2 increased slightly compared to earlier Q1. The number of stores was 296 (16 net closed stores), and the average store revenue increased by 12.

78% boosted brand revenue growth; Laurel had 40 domestic stores (3 net openings) and achieved revenue of 54.22 million yuan, a year-on-year increase of 3.

76%, Q1’s growth trend has reversed. The company’s development of the La Ruel brand has changed from the number of stores opened and the scale of revenue to profitability, and strives to improve brand efficiency and single store sales.

There are 174 Ed Hardy series brand stores (7 net-off stores), achieving main business income2.

320,000 yuan, the brand is currently in the adjustment period, the first half of the income decreased by 6.

21% (up 6 in the first quarter).

19%) shows Q2 amplitude change.

IRO brand realized main business income3.

430,000 yuan, an increase of 35 over the same period last year.

32% (up 2 in the first quarter.


In the total number of reports, there were 53 IRO direct-operated stores worldwide; five to 18 new direct-operated stores were opened in the first half of the year, and the main business income was 37.76 million yuan, an increase of 208 over the same period last year.

19%, the same store initially increased by 32 compared with the same period last year.

03%, terminal sales have grown significantly, and multi-brand synergies are evident.

Baiqiu Network achieved a net profit of 2575.

390,000 yuan, an increase of 18 every year.

92%, maintaining sustained and rapid growth.

The growth rate of direct sales channels was faster than that of distribution channels, and online business grew rapidly: looking at online and offline channels, the company’s offline sales achieved revenue in the first half of the year.

60 ppm, a year-on-year increase of 12%, and online business realized revenue of 55.59 million yuan, an increase of 22 a year.

94%; Direct sales, distribution business, direct sales revenue in the first half of the year6.

69 ppm, an increase of 17 in ten years.

4%, gross profit margin 72.

2% was the same as last year and slightly decreased; distribution business 4.

47 ppm, a five-year increase of 5.

9%, the gross profit margin has decreased by 3 every year.75 points to 63.


成都桑拿网 During the first half of the year, the company’s gross profit margin fell slightly by 1 as the expense ratio declined during the period.

6pct to 67.

03%, the company’s selling expenses increase by 12 every year.

62% to 3.

8.3 billion yuan, with administrative expenses increasing for ten years.

84% to 1.

$ 2.5 billion, the company’s expense growth is slower than revenue growth, which shows that under the company’s group action mode, the efficiency has increased and the expense ratio has fallen.

In the first half of the year, the company’s expense ratio was 43.

75% compared to the same period last year2.

06pct, the decline in the expense ratio pushed the net profit margin to increase by 0.

74pct to 17.


The brand matrix is constantly improved and a multi-brand operating group is formed: The 武汉夜生活网 company has ELLASSAY, Laurel, EdHardy, IRO, VIVIENNE TAM, Jean Paul Knott, seven fashion brands with self-portrait, covering the needs of different market segments, channels, brand promotion, and supply chain systemsThe synergy effect in construction and other aspects is obvious.

The company’s diversified brand matrix has been continuously improved, and the corresponding multi-brand group operation model has been gradually established. It is optimistic about the company’s development prospects in the mid-to-high-end women’s clothing market, which is translated into the impact of consumption and tax reduction policies on consumer stimulation.Industry-leading initial recovery.

Investment suggestion: We predict that the company’s EPS from 2019 to 2021 will be 1.

31, 1.

58 and 1.

85 yuan.

Return on net assets were 16.

0%, 17.

0% and 17.


The company is currently estimated to be at a historically low level and maintains a “Buy-A” rating.

Risk Warning: 1.

Macroeconomic uncertainties or highways that will drive consumption growth; 2.

2. The company’s brand store extensions may be less than expected; 3.

Acquisition of brand integration may be worse than expected; 4.

There is a possibility of impairment of the goodwill formed by the acquisition.