20150612-JEFFERIES-科通芯城(0400):1Q15_BEAT_ON_LOWER_OPEX-035939

$科通芯城(hk00400)$  
Lower opex drove better 1Q15.Revenue of RMB1.91bn,down 7% q/q,was 1% belowJEFe.However,total GMV of RMB2.49bn,down 4% q/q,was 2% above JEFe.While DirectSales GMV was 1% below JEFe,Marketplace and Financing GMV was 14% above JEFe.With a more favorable revenue mix relative to JEFe,GM of 8.0% was slightly above JEFe at7.8%.Opex of RMB65mn,down 16% q/q,was 10% below JEFe,partly due to less share-based compensation.Therefore,OP of RMB87.5mn was 12% above JEFe.GAAP net profit ofRMB71.5mn was 9% above JEFe.
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