Rainbow Group (002419): Performance basically in line with expectations. Comparable store revenue declines narrowed.

Rainbow Group (002419): Performance basically in line with expectations. Comparable store revenue declines narrowed.

In 1H2019, the company’s revenue increased by ten years.

61%, net profit attributable to mothers increases by 3 per year.

65% of companies released their 2019 Interim Report: 1H2019 achieved 96 operating income.

76 ppm, an increase of ten years.

61%; realized net profit attributable to mother 5.

30,000 yuan, which translates into a fully diluted EPS of 0.

42 yuan, an annual increase of 3.

65%; net profit deducted from non-attributed mothers4.

51 ppm, a ten-year increase4.

49%, performance basically in line with expectations.

  In terms of single quarter breakdown, operating income in the second quarter of 2019 was 44.

97 ppm, a 武汉夜网论坛 ten-year increase4.

57%; net profit attributable to mothers1.

90 ppm, an increase of ten years.

10%; net profit deducted from non-attributed mothers1.

5.8 billion, a reduction of 0 every year.

53%.

Comprehensive gross profit margin increased by 1.

79 averages, the expense ratio increased by one during the period.

The average gross profit margin of 60 companies in 1H2019 was 28.

38%, an increase of 1 over the same period last year.

79 units.

  1H2019 company period expenses 21.

63%, an increase of 1 over the same period last year.

60 singles, of which sales / management / financial expense ratios are 19 respectively.

62% / 2.

08% /-0.

07%, a change of 1 over the same period last year.

39/0.

11/0.

10 units.

Comparable store revenue has narrowed, and the digitization of stores has continued to advance. As of the end of the reporting period, the company operated a total of 15 shopping malls, 68 department stores, 82 supermarkets, and 152 convenience stores.

The company’s comparable store revenue in 1H2019 is reduced by 0 every year.

76%, a decrease of 2 from the same quarter of 2019.

79% narrowed, of which department store comparable store revenue decreased by 10 from the same quarter.

11% narrowed to the same decrease of 6.

At 11%, comparable store revenue increased from the same quarter in the first quarter2.

9% increased to the same increase 4.06%.

The company continues to promote the digitization of stores. Digital members accounted for 92% of the total membership. The sales of “Tianhong Home” in supermarkets increased by 46%. The department store counters launched WeChat shopping guides, and the mini-programs began trial operation.

We have revised down our profit forecast and maintained a “buy” rating. The company ‘s revenue end performance has increased certainty compared to the first quarter of 2019. We have reduced our forecast for the company ‘s fully diluted EPS for 19-21 to 0.

84/0.

94/1.

04 yuan (previously was 0.

87/0.

99/1.

11 yuan), maintain “Buy” rating.

Risk Warning: Some store leases can not be renewed after the lease expires, and the new format and new store expansion have not reached expectations.