Collis (603808) 2018 Annual Report Review: Multi-brand Collaborative Development Performance Steady Growth

投资要点 事件:公司 201] 8 年实现营收 24.4 ‰, +18 a year.

7%, net profit attributable to mother 3.

700 million, previously +20.

7%, net profit after deduction is +16.


The company’s gross profit margin decreased, and the company’s expense ratio increased slightly during the period.

The company’s gross profit margin fell by 0 in 2018.

63pp to 68.

2%, period expense ratio +1.

05pp to 43.


Among them, the selling expense ratio is +1.

10pp to 20.

0%, mainly due to sales growth leading to increased sales commissions and incentives, expansion of marketing network and consolidation factors; management expense ratio decreased by 1.

26pp to 13.

1%, financial expense ratio +1.

22pp to 0.


Brand: Multi-brand collaborative 杭州桑拿 development.

The company has a total of 5 fashion brands covering different market segments.

(1) Collis: The total number of stores in 2018 was 312, and the average monthly speed of the stores was +8.

3%; of which, the average monthly budget of the direct store is +10.

7%, same-store single-store sales revenue of direct-operated stores during the same period + 6 per year.

9%, terminal single store sales steadily increased.

(2) LAUREL: 9 new stores opened in China, with a total of 37 stores; realized main business income1.

100 million, ten years +14.

1%, terminal sales are growing rapidly.

(3) EdHardy: In 2018, there was a net increase of 33 stores, with a total of 181 stores, and realized the main business income5.

0 million yuan, an increase of 14 compared with the same period last year.


(4) IRO: The company readjusted the IRO business system and took full control of its internal business operations.

In 2018, IRO opened 13 terminal stores in Shanghai Ganghui Plaza, Beijing SKP, Nanjing Deji and other places.

(5) VIVIENNE TAM: 13 terminal stores have been opened in Beijing Wangfu Central Shopping Center and Shenzhen Yitian Holiday Plaza.

In the future, the company will continue to accelerate the promotion of brands in China through the existing collaborative resources of existing brands, and will gradually launch terminal stores for operation.

Channels: Baiqiu E-commerce has developed steadily, with online and offline omnichannel layouts.

(1) Baiqiu E-commerce: Baiqiu E-commerce has operated including PANDORA, TISSOT, Clarks, Maje, Sandro, C.


, Kipling, ELLE and other nearly 40 internationally renowned brands and will continue to release new brands.

Baiqiu achieved a net profit of 0 in 2018.

6 ppm, + 20% per year, operating performance continues to grow rapidly.

(2) Sales model: The company adopts the offline channel-based and online channel-assisted sales model, of which offline and direct sales are divided into two categories, mainly concentrated in the core business districts of second-tier cities.

In 2018, offline and online accounted for 95% of the main business revenue.

3%, 4.


Profit forecast and rating.

It is expected that the company’s net profit attributable to mothers for 2019-2021 will be 4 respectively.

600 million, 5.

600 million and 6.

600 million US dollars, the EPS is 1.

39 yuan, 1.

69 yuan and 1.

99 yuan, corresponding PE is 12/10/9 times.

Covered for the first time, giving “overweight” rating.

Risk warning: risks of fluctuations in raw material prices and rising labor costs; risks of high customer concentration.