Beijing Toread Outdoor Products:Net profit dragged down by higher travel service business losses

类别:公司研究 机构:瑞银证券有限责任公司 研究员:Yunyun Hu 日期:2016-08-30

Net profit down c24% YoY

    In H116, Toread posted revenue of Rmb1.09bn (up 60.9% YoY), mainly due to theconsolidation of Eyoutour, part of its travel business. Net profit was Rmb90m (down23.9% YoY). H116gross margin fell 18.3ppt YoY to 33% mainly on the consolidationof the low-margin travel business (4.6%); selling/administrative expenses rose43.6%/86.3% YoY on higher expenses from the consolidation of Eyoutour and fourfranchisees. Total expense ratio rose 0.6ppt YoY to 25.3%.

    Outdoor product gross margin down on destocking

    In the outdoor product segment, revenue grew c1% YoY in H116, with the corebrands’ revenue down 3.2% while revenue from sub-brands Discovery and Acanu rose72% and 50% YoY, respectively. Gross margin on sales dropped 2.4ppt YoY due togreater inventory clearance; net profit fell c8.5% YoY to Rmb120m; end-marketexpenses increased sharply due to the consolidation of four franchisees acquired atend-2015. The company cleared Rmb730m worth of off-season outdoor product stocksin H1and is confident of cutting the segment’s inventories by 25% YoY in 2016.

    Travel service business losses up

    The travel service business posted revenue of Rmb410m in H116. However, thebusiness’ losses increased to Rmb16.3821m from a year ago as Eyoutour istransforming to a B2C platform and the lvye China plan is at the expansion stage. Sincelaunching the lvye China plan, the company has approached over a hundred clubs,reaching agreements with five clubs on strategic cooperation. The company looks likelyto sign contracts with nearly 10outstanding clubs by year-end.

    Valuation: Maintain Neutral rating and Rmb17.3PT

    We derive our price target of Rmb17.3based on a DCF methodology (7.9% WACC).

股票代码 股票名称 最新价(元) 涨跌额(元) 涨跌幅(%) 成交额(万元) 成交量(手)
300005 @nn@ @n@ @c@ @cc@ @v@ @t@

数据推荐

投资评级

更多>>
股票名称最新评级目标价研报

盈利预测

评级选股>>
股票名称11年EPS12年EPS研报
荣盛发展 0.75 1.04 研报
绿地控股 0.55 0.30 研报
新城控股 0 0 研报
光大嘉宝 0.60 0 研报
世联行 0.84 0.62 研报
大悦城 0.30 0.27 研报
蓝光发展 0.24 0 研报
金科股份 1.15 1.24 研报
中南建设 0.80 0.99 研报
金融街 0.64 0.72 研报
新湖中宝 0.38 0.32 研报

股票关注度

更多>>
股票名称关注度平均评级最新评级
海康威视 6 持有 买入
华夏幸福 4 买入 买入
恒逸石化 4 买入 买入
南极电商 4 买入 买入
洽洽食品 4 持有 买入
贵州茅台 3 持有 买入
普洛药业 3 买入 买入
旗滨集团 3 买入 买入
喜临门 3 买入 买入
中南建设 3 买入 买入
比音勒芬 2 买入 持有
吉比特 2 持有 买入
完美世界 2 持有 买入
万科A 2 买入 买入
大悦城 2 买入 买入
美的集团 2 买入 买入
新经典 2 持有 中性

行业关注度

更多>>
行业名称关注度关注股票数买入评级数