Good Mrs. (603848): Q1 performance is affected by sudden changes in season


Good Mrs. (603848): Q1 performance is affected by sudden changes in season

On April 30th, the company released the 2019 first quarter report.

2019Q1 company realized revenue 2.

64 ppm, an increase of 0 in ten years.

27%; net profit attributable to shareholders of listed companies is 0.

51 ppm, a ten-year increase6.

37%; net profit attributable to shareholders of the listed company after deduction of non-deduction is 0.

42 ppm, an increase of 5 in ten years.


Our analysis and judgments are that the sales season will be expanded ahead of the Spring Festival and Q1 revenue growth will accelerate.

64 ppm, an increase of 0 in ten years.

27%; net profit attributable to shareholders of listed companies is 0.

51 ppm, a ten-year increase6.


Since the fourth quarter of 2018, the company has strengthened terminal sales management and brand promotion, and its revenue has increased by 16%.

84%, steady and upward, we expect the company’s sales in Q2 2019 will also increase the company’s marketing and management efforts.

In terms of overall profitability, sales performance has improved profitability. The report states that the company’s gross profit margin is 46.

09%, an increase of 6 from the same period last year.

57 points; net margin is 19.

20%, an increase of 1 over the same period last year.


The increase in profitability was mainly due to the company’s increased promotion of smart home products and further optimized product structure.

In terms of period expenses, the reporting expense company’s sales expense expense16.

23%, an increase of 2 per year.

35pct, mainly due to the company’s continued increase in advertising investment, promotion costs, etc .; management expenses 7.

72%, increasing by 0 every year.

95pct, mainly due to the expansion of the company’s business scale and increased management costs; financial expenses reorganization -0.


Driven by good wife + Colleen + multi-brand, channel expansion is still expected. The company continues to deepen the layout of outlets in first- and second-tier cities and increase channel sinking efforts in third- and fourth-tier cities.

As of the end of 2018, the company had over 800 dealers, over 2,200 specialty stores (a net increase of about 700), and over 30,000 terminal sales outlets.

The company’s annual report disclosed that its wholly-owned subsidiary Coleni Smart realized revenue of 3500 in 2018.

47 million U.S. dollars, the establishment of a sustainable and integrated good wife brand 19 in the future, gradually building up huge and mature channel resources, gradually actively exploring high-quality partners, gradually and continuously accelerating the layout, and building the largest channel network within the industry, drivingFast income growth.

While consolidating the “good wife” air-drying brand, the company actively cultivated the “air-drying” mid-to-low-end online air-drying brand, which produced significant sales revenue on the e-commerce platform in 20182.

810,000 yuan, an increase of 49 in ten years.

95%, gross margin reached 42.


The acquisition of Zhejiang Yonghui Electrical Appliances increased the upstream bargaining power. On the evening of April 18, the company issued an announcement on “Proposed Cash Acquisition of Changes in Partial Equity of Zhejiang Yonghui Electrical Appliances Co., Ltd”.

The company decided to purchase 51% equity of Zhejiang Yonghui Electric Co., Ltd. in cash.

Zhejiang Yonghui has more than ten years of professional manufacturing experience and has significant advantages in the fields of automotive motors and civilian motors and their supporting products. The products 北京夜网 are widely used in automobiles, electric drying racks, electric closets, kitchen cabinets, etc. If the acquisition is reached, the company will transform costs, control prices, and improve the bargaining power of upstream manufacturers to further enhance competitiveness, promote sustainable development of the company, and ensure the orderly integration of high-quality resources within the company.

Investment suggestion: We expect the company’s operating income to be 15 in 2019-2020.

900,000 yuan, 18.

6.2 billion, an increase of 21 each year.

35%, 17.

12%; net profit attributable to mothers is 3.

2.2 billion, 3.

8.7 billion, an increase of 23 each year.

50%, 20.

20%; corresponding PE is 27.

4 and 22.

8x, maintain “Buy” rating.

Risk factors: expansion of real estate sales; increased competition in 都市体验网 the industry.