Jiangshan Oupai (603208) 2019 Third Quarterly Report Review: Profit Growth Exceeds Expectations, Cash Flows Rise
The company released the third quarter report of 19: the company achieved revenue in the first three quarters13.
35 ppm, a 55-year increase.
06%, net profit attributable to mother 1.
80,000 yuan, an annual increase of 66.
62%, net profit after returning to mother 1.
460,000 yuan, an increase of 56 in ten years.
93%, operating cash flow1.
110,000 yuan, an increase of 20 in ten years.
53%; of which single Q3 achieved income 6.
50,000 yuan, an increase of 58 in ten years.
9%, net profit attributable to mother is 98.29 million yuan, an increase of 95.
89%, net profit after returning to the mother is 74.99 million yuan, an annual increase of 69.
97%; profit growth exceeded our expectations, operating cash flow indicators improved significantly in the interim report.
Engineering channel is the core driving force for the company’s high growth performance: Following the high-income growth of the Interim Report, the revenue growth rate in the third quarter has continued to grow rapidly, which is mainly driven by the continuous expansion of engineering channel customers and the volume of core customer orders.
We estimate the growth rate of engineering channels to exceed 80%.
At present, the company has close cooperation with Evergrande, Vanke, Poly, China Shipping, Xuhui, Sunshine City and other real estate clients.
Evergrande and Vanke’s revenue contribution has maintained strong growth this year. At present, the company’s internal share in some real estate leaders has ranked first.
The company’s reputation in engineering business, product quality, supply chain stability, large-scale production, and other aspects 无锡夜网论坛 have formed obvious advantages, which are translated into the volume of core customer orders and the continuous expansion of new customers in the company’s future engineering channels to maintain greaterGrowth has become one of the core drivers of development.
The gross profit margin increased significantly, and the three fee rates remained stable: The third quarter’s increase in the company’s gross profit margin resulted in a quarter-on-quarter increase in net profit.
In the third quarter alone, the company’s gross profit margin was 35.
33%, an annual increase of 0.
84 points, an increase of 2 from the previous month.
The gross profit margin increased significantly, and the decrease was related to the recovery of product prices. Due to the adjustment of the panel procurement structure, the price of raw materials decreased.
In the third quarter alone, the company’s sales expense ratio was 11.
6%, management expense ratio 6.
86%, financial expense ratio is 0.
68%, three rates 19.
14%, an increase of 0 every year last year.
45pct, basically stable.
The operating cash flow improved significantly in the third quarter. The merger was the result of the company’s efforts to collect and collect funds and reorganize. The company paid more cash for commercial acceptance at the payment end of the company.
Accounts receivable 3.
9.6 billion, an increase of 63 from the beginning of the period.
58%, the growth rate of accounts receivable is lower than the growth rate of engineering income, which is in line with our expectations.
Profit forecast and investment rating: We will continue to develop the company ‘s downstream customers and increase the volume of core customer orders. We believe that the company ‘s engineering business will maintain rapid growth, which will drive the company ‘s overall performance to grow. Therefore, we raised the company ‘s net profit for 19-21 years respectively.To 2.
31 ppm (original predictor).10/2.
25 ppm), the corresponding EPS is 2.
09 yuan, the current corresponding PE is expected to be 15X, 12X, 10X, maintaining the “buy” level.
Risk warning: production capacity is less than expected risk; raw material price fluctuation risk.