In the first half of the year, the company’s revenue increased by 61%, and its net profit fell by 24%, in line with expectations. H1 achieved revenue of 1.09 billion yuan, a year-on-year increase of 61%, and a net profit of 94 million yuan, a year-on-year decrease of 24%. EPS was 0.18 yuan, in line with expectations. It is mainly the loss of travel business in the plan, as well as the impact of the four franchisees and the landscape. Single Q2 revenue increased by 96% to 570 million, and net profit fell by 24% to 0.23 million. At the same time, the company has explored an extraordinary exploration of 44% of the shares of the DX brand operating entity, and its shareholding ratio has increased to 80%.
The income of outdoor products increased by 1%, and the inventory was strongly promoted. The travel business contributed revenue of 400 million yuan. 1) The H1 outdoor product segment realized an income of 680 million yuan, a year-on-year increase of 1%, and a net profit of 120 million yuan. Under the background of slowing growth of the industry, the company effectively implemented an inventory optimization program, significantly reduced futures purchases, and enhanced inventory clearing. H1 digested seasonally-paid tag stocks of 730 million and was confident to complete the year-on-year reduction of 25% inventory target for the next year. Lay the foundation for growth.
2) The travel service business realized an income of 400 million, a loss of 16.38 million, and a loss of 7 million in the easy-to-travel world during the transition period of the business. However, it has significantly reduced losses compared with last year. In addition, the Greenfield China plan is undergoing vigorous development.
Consolidation of travel business and outdoor supplies destocking dragged down gross margins and the asset quality was stable. 1) H1 gross margin decreased by 18 pct to 33% year-on-year. On the one hand, due to increased overstocking of inventory, the gross profit rate of outdoor products dropped by 2pct to 49%; on the other hand, the travel business consolidated, the gross profit margin was only 4.6%, and the current business of Yiyou is mainly based on wholesale. The sales expense rate dropped 1.8 pct to 15%, the management expense rate increased 1.4 p t to 10%, and the net interest rate fell 10 pct to 8.7%. 2) H1 inventory increased by 50 million to 590 million compared with the beginning of the year, and accounts receivable increased by 50 million to 220 million compared with the beginning of the year. Net operating cash flow decreased by 32% year-on-year to -220 million, mainly due to the travel sector.
The 300 million greenfield China project is rapidly advancing, and the acquisition of quality clubs is expected to gradually land. As the largest outdoor community in China, Greenfield has a good user base and is constantly optimizing the supplier system to cultivate the outstanding leader KOL. H1 Greenfield has added 300,000 new users and registered about 730,000 people for the event. The company has invested 300 million to start Greenfield China's plan to establish national sub-stations in the form of partners of Greenfield in 20 core cities across the country, to achieve the expansion of the Green Zone, and to better realize the realization of community e-commerce. The first batch of preferred 5 clubs have reached consensus on strategic cooperation and it is expected that by the end of the year, 10 excellent clubs will be signed.
As the leading domestic outdoor product, the company is constantly improving the layout of the outdoor community ecosystem, and the outdoor, travel, and sports groups have developed collaboratively. This year's outdoor performance has bottomed out, expecting more high-quality extension investment and maintaining Buy rating. The company’s outdoor products business will go into inventory this year and its performance will be bottomed out; the travel business will focus on promoting the transition from Yiyou to 2C, increasing the proportion of experiential travel products and realizing the revitalization of Greenfield. The first phase of the sports sector investment fund has been completed. Second-phase fundraising. The company is evolving from outdoor product brands to outdoor community ecosystems. Taking into account the depreciation of outdoor supplies and the travel sector in the transformation and expansion phase, we revise down the profit forecast made six months ago. It is expected that the EPS in 16-18 years will be 0.35/0.53/0.80 yuan respectively (predicted 0.60/16-17 years ago). 0.70 yuan), corresponding to PE is 47/31/21 times respectively. It is expected that the company's performance will be bottomed out this year. Employee stocks and fixed increase have already been completed, follow-up extensions are expected, and maintain Buy rating.
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