Antarctic electricity supplier (002127): 19Q2 GMV growth acceleration report quality improvement

Antarctic electricity supplier (002127): 19Q2 GMV growth acceleration report quality improvement

Under the background of consumption upgrade in low-tier cities, the company uses the first-mover and scale advantages of e-commerce operations, the e-commerce giant’s traffic support and low-cost positioning of its products, through the asset-light model of exporting “brand + service” to suppliers and dealers.With rapid expansion, it has become a multi-category / multi-brand / multi-channel comprehensive consumer goods e-commerce service provider.

Driven by the increase in stock flow and the strengthening of fine-grained management of dominant categories and the continuous development of new categories and new channels, 19H1 GMV and the original main business revenue increased by 62% / 29%, respectively, and time interconnection revenue further increased by 34%.

The overall statement quality improved, and accounts receivable and net cash flow from operating activities improved significantly.

At present, the company’s market value is 25 billion, corresponding to 19PE21X, 20PE16X, maintaining the “strongly recommended -A” level.

The performance of the first half of 19 was in line with expectations, the internal main business maintained rapid growth, and time interconnection improved.

19H1 company revenue increased by 32 in ten years.

44% to 16.

3.4 billion, of which the original main business income increased by 28 each year.

88% to 4.

24 ppm; Time Connected revenue increased 33 in ten years.

74% to 12.

100,000 yuan.

Net profit attributable to mothers increases by 32 each year.

73% to 3.

8.6 billion, of which the company’s headquarters and time interconnection achieved net profit of 3 respectively.

2.9 billion / 57.39 million yuan, with annual growth rates of 39.

56% / 2.


Achieve a profit of 0.

16 yuan.

By quarter, 19Q2 revenue increased by 11 year-on-year.

03% to 8.

100,000 yuan (the revenue from the main business of brand licensing and time interconnection increased by 24% / 5% respectively), and the operating profit increased by 26 each year.

82% to 2.

7.2 billion, net profit attributable to mothers is increasing by 30 per year.

44% to 2.

640,000 yuan (the original main business and time interconnection net profit increased by 36% / -2%).

The growth rate of the original main business Q2 in the single season increased, and the core platform and superior categories performed well.

19H1’s GMV previously increased 62% to 109.

800 million, of which Q1 / Q2 growth rate was 53% / 69%.

1) By brand: Antarctic brand GMV grows 68% to 95 per year.

400 million; Cardile brand GMV increased 37% to 12.

6.6 billion; Classic Teddy GMV increased by 52% to 89.19 million yuan.

2) In terms of platforms, social e-commerce such as Pinduoduo maintained high growth.

2019H1 companies have achieved GMV of 73 in Ali / Jingdong / Social E-commerce / Vipshop.

6.2 billion / 17.

6.2 billion / 13.

60 billion / 4.3.7 billion, the previous increase was 56% / 38% / 131% / 168%.

3) In terms of categories, while expanding the new categories, the expansion of the superior category maintained its leading position. The Antarctic underwear and homewear category GMV on the Ali platform increased 56% to 2.3 billion, and the city’s share increased by 1.

61PCT to 7.

1%, ranking first in the industry.

The bedding category GMV increased by 52% to 1.3 billion U.S. dollars a year, and its market share increased by 1.

36PCT to 6.

98%, ranking first in the industry.

The income from the original main business continued to grow rapidly, but the monetization rate declined.

Fundamental 19H1 revenue increased 29% annually to 4.

2.4 billion (Q1 / Q2 revenue growth rates were 40% / 24%).

Comprehensive brand services / distributor brand authorization / realization from media traffic / factoring real revenue respectively3.

51 ‰ / 2960 ‰ / 2220 ‰ / 18.05 million yuan, an annual increase of 32% / 96% / 9% /-15%.

Brand services and licensing revenue are growing faster than GMV due to the cultivation of new categories, and the low-monetization rate of social e-commerce platforms has grown rapidly. Preferential policies have been given to suppliers that produce highly competitive categories of products, resulting in a decline in the overall monetization rateThe 19H1 monetization rate dropped by 0.

67PCT to 3.


The quality of Time Connect’s operations has improved, and revenue growth has improved.

Affected by the increase in customer deployment volume of business development application Bao and Xiaomi channels, 19H1 time interconnection revenue increased by 34% to 1.2 billion US dollars, of which mobile Internet media publishing platform, mobile Internet traffic integration business revenue increased by 41% /-49%.

In the first half of the year, Interconnect became the exclusive agent for Xiaomi’s small and medium-sized customers, Tencent’s top-ranked core agent in data consumption, and VIVO’s top-ranked core agent in data consumption in e-commerce financial industry.

The gross profit margin decreased 四川耍耍网 and the expense ratio increased during the period, but the investment income increased / the quality of the receivables improved / returned rate decreased, and the overall net profit margin level remained basically unchanged.

1) The gross profit margin of the company’s original main business in 19H1 was basically stable, and the gross profit margin of Time Connect decreased.

32PCT, resulting in a decline in overall gross profit margin.

78PCT to 29.

74%; 2) In terms of expense ratio, the increase in expense ratio during the period increased by 0.

84PCT to 5.

64%, of which the sales expense ratio / management expense ratio / financial expense ratio are 2 respectively.

01% (+0.

45PCT), 3.

71% (+0.

25PCT) and -0.

07% (+0.


In addition, due to the increase in investment income, the quality of accounts receivable has improved (20.57 million yuan in bad debt losses in 18H1, no year this year), and the decline in yield has affected the overall net profit margin in 19H1 has remained flat at 23.


The quality of the statements has improved, the accounts receivable in 19H1 has been properly controlled, and cash flow has improved significantly.

The amount of accounts receivable of the company in 19H1 decreased by 4 each year.

86% to 900 million US dollars, initially due to the reduction in external investment in factoring business, time interconnection and strengthened receivables management.

Net cash flow from operating activities increased by 43% to 1.

The US $ 500 million was mainly due to the strict control of advance payments by Time Connect and the strengthening of receivables management.

Among them, Time Connect 19H1 realized a net cash flow of 26 million yuan in operating activities, compared with -96.74 million yuan in the same period last year.

Profit forecast and investment level: Under the background of consumption upgrade in low-tier cities, the company has sufficient first-mover e-commerce operation and scale advantages, e-commerce giants’ traffic support, and low-cost positioning of products. By exporting “brand +”Service” asset-light model has achieved rapid expansion, from a single Antarctic brand / Ali channel to a multi-category, multi-brand, multi-channel consumer electronics e-commerce integrated service provider.Driven by the increase in stock flow and the refinement of management strengths in advantageous categories, and the continuous development of new categories and new channels, the company’s growth is still a traditional enterprise.

The efficiency and quality of Time Connect have improved, and accounts receivable and cash flow continue to improve.

The EPS of the fine-tuning company for 19-21 years was 0.

49 yuan, 0.

66 yuan, 0.

87 yuan, the company’s current market value of 2.5 million yuan, corresponding to 19PE21X, 20PE16X, maintaining the “strongly recommended -A” level.

Risk warning: The monetization rate continues to decline, and new platforms and new categories are expanding less than expected.

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