Antarctic e-commerce (002127): GMV continues to maintain a high growth foundation and looks forward to future performance explosion
Investment Highlights: The company released the 19H1 semi-annual report, and the overall growth rate was in line with expectations.
19H1 company revenue was 16.
3.4 billion, an increase of 32.
4%, net profit attributable to mother 3.
8.6 billion, 杭州桑拿 an increase of 32.
4%; 19Q2 company revenue was 8.
10 billion, an increase of 11.
0%, net profit attributable to mother 2.
6.4 billion, an increase of 30.
The company’s GMV has maintained healthy growth on all platforms.
The company’s 19Q2 full platform GMV reached 57.
900 million, an increase of 69%, the GMV of the whole platform reached 109 in the first half.
800 million, an increase of 61.
In terms of different platforms, the growth rate of 19H1 in each platform of Ali / Jingdong / Social / Vipshop has reached 55.
6% / 37.
6% / 130.
7% / 167.
At the same time, in terms of brands, the Antarctic brand 19H1 increased by 67.
6% to 95.
The Antarctic people’s main brand has become China’s leading consumer goods brand, which is dominated by e-commerce channels.
(1) From the perspective of consumer visits, the number of payments made by Ali Platform Stores in 19H1 was nearly one.
300 million pieces, paying more than 100 million person-times; the average monthly number of visitors of the Antarctic underwear category on the Ali platform is nearly 40 million, the average monthly unit price is 49 yuan, and the average monthly conversion is 19.
(2) From the perspective of core categories, the company’s “Men’s Underwear / Men’s Underwear / Home Service” GMV 23.
2.9 billion, a 56% increase with a market share of 7.
1%; “Bedding” GMV 12.
9.2 billion, a 52% increase with a market share of 7.
0%, ranking first in the industry.
(3) Looking at the growth rate of large stores, the official flagship store of Antarctic people (women’s underwear / men’s underwear / houseware) increased by 242% to 4 in the same period.
At 0 billion, the Antarctic People’s Choice Store (bedding) 19H1GMV also increased by 215% to 3.
The main business income and average profit grew steadily, and the monetization rate shifted slightly, but still in the normal model.
The company’s 19H1 vital modern services business revenue also increased 29.
2% to 4.
2.4 billion, of which brand integrated services + dealer authorization business increased by 36% to 3.
At the same time, the company’s 19H1 continuing business net profit also increased by 39.
6% to 3.
From the perspective of 19Q2, the ratio of company (brand integrated services + dealer authorized business income) / GMV was 5 from the same period last year.
8% fell to 4 this year.
4%, we believe that it is mainly due to the company’s continuous development of new categories that need to sacrifice its own revenue in the short term to support the growth of new categories, and the overall monetization rate remains stable.
Cash flow from main operations was stable, and accounts receivable continued to improve.
The company’s 19H1 main business operating cash flow 1.
2.4 billion, continued to maintain stability; at the same time, brand receivables and comprehensive services business receivables.
900 million, an increase of 26.
24%, lower than the growth rate of this business income, and the accounts receivable continued to improve.
At the same time, the company’s factoring business receivables3.
1 billion, down 23 previously.
The time scale of time interconnection income remained stable, accounts receivable, and cash flow improved significantly.
Time Connect’s 19H1 revenue also increased by 33.
7% to 12.
100 million; net profit attributable to mothers was 57.39 million, an increase of 2%; on this basis, the net operating cash flow turned from 96.67 million last year to 26.08 million; the amount of time receivables continued to decline.
5% to 1.
Profit forecast and investment grade: We continue to expect the company’s main business to achieve close to 40% performance growth in the 19th year, driven by the rapid growth of GMV, and the main business net profit is expected to reach more than 1 billion.
At the same time, the time integration is combined, and we maintain that the company’s 19-year net profit is expected to reach more than 1.2 billion, corresponding to the current estimate of 21X.
We believe that the company’s organizational model has significant 深圳桑拿网 advantages, and the momentum of continuous growth in the main industry is still in place. It is currently estimated to be relatively reasonable.
As a rare high-growth target in the apparel and retail sectors, it will continue to receive high attention from the market and maintain a “Buy” rating.
Risk warning: Monetization rate is not up to expectations, new brand operations exceed expectations, and third-party platform policy risks.