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Jiajiayue (603708): Same store performance dazzling, store expansion steadily progressing

Jiajiayue (603708): Same store performance dazzling, store expansion steadily progressing

Event: Jiajiayue released the semi-annual report for 2019, reporting that the two companies realized operating income.

65 trillion, ten years +16.

68%, of which in the second quarter achieved 34 operating income.

610,000 yuan, ten years +16.

70%; net profit attributable to mother is 2.

26 trillion, ten years +16.

85%, of which Q2 achieved a net profit of 0 in a single quarter.

850,000 yuan, ten years +17.


The company’s performance was in line with expectations.

Store expansion is steadily advancing, and same-store data is dazzling.

In the first half of 2019, the company opened 40 new stores (including 11 already opened stores in Jiajiayue, Hebei, where the consolidated statement was repeated), including 18 hypermarkets, 19 general supermarkets, and 3 other formats; by region, JiaodongIn the regions (Qingdao, Yantai, Weihai), 20 new establishments were opened, 14 in Zhangjiakou, 2 in Jinan, and 4 in other regions.

In June 2019, the company’s 佛山桑拿网 bottom stock stores reached 758, referring to a net increase of 26 at the end of 2018.

The report shows that the same-store data of first-tier companies is dazzling, and the overall revenue of the industry model that has been opened for more than two years is +2 for two years.

42%, of which hypermarket +4.

74%, general supermarket +4.


The gross profit margin remained basically stable, and the expense rate control was better during the period.

The company’s consolidated gross margin for the first half of the year was 21.

55%, a year to raise 0.

08pct, by category, fresh food / food washing / department store gross margins were 15 respectively.

47%, 18.

36%, 21.

03%, change by 0.

00 / + 0.

19pct / -0.

20pct; by region, the gross margins of Jiaodong and other regions are 17 respectively.

29%, 17.

3重庆耍耍网1%, change by 0.

00 / + 0.

61 points.

In the reporting year, the growth rate of the company’s expense rate was stable, with sales / management / financial expense rates of 15 respectively.

25%, 2.

09%, -0.

08%, respectively -0.

12pct / -0.

14pct / + 0.

3pct, in which the increase in financial costs was mainly due to the impact of deposit income and program fees. Investment suggestion: As a leader in the Jiaodong region, the company has enhanced supply chain capabilities and rapid store expansion after listing. At the same time, it has acquired Qingdao Weike and Zhangjiakou Fuyuexiang Supermarket with good integration results, opening markets in western Shandong and other provinces, and has broad development space.

It is expected that the company’s net profit attributable to its parent from 2019 to 2020 will be 5, respectively.


94 ppm, corresponding to company evaluation 30.


0 times, maintaining the “strongly recommended-A” level.

Risk warning: performance is less than expected; growth rate of store opening; macroeconomic decline, and the period of new store opening cultivation period is lengthened.