Site Overlay

Xilinmen (603008): Business performance continues to improve beyond expectations

Xilinmen (603008): Business performance continues to improve beyond expectations

Event: The company released the third quarter report of 2019: the company achieved revenue of 33 in the first three quarters.

51 ppm, an increase of 13 in ten years.

06%; net profit attributable to mother 2.

870,000 yuan, an increase of 80 in ten years.

33%; net profit after deduction to mother 2.

56 ppm, an increase of 84 in ten years.

18%.

In the third and third quarters, revenue was 13.

100,000 yuan, an increase of 16 in ten years.

86%; net profit attributable to mother 1.

34 trillion, an increase of 267 in ten years.

54%; net profit after deduction to mother 1.

15 ppm, an increase of 282 in ten years.

12%.

Opinion: The core main business is growing rapidly, and the operating conditions continue to improve.

The company achieved revenue of 33 in the first three quarters.

$ 5.1 billion, of which revenue from independent brands / hotel engineering / generation processing business / 无锡桑拿网 movie and television business16.

0/3.

8/12.

7/1.

One billion US dollars, a year of change + 18% / + 57% / + 3% / -23%, with the exception of the film and television business, all core businesses have achieved growth, of which the hotel engineering business has grown rapidly.

Corresponding to the third quarter, revenue was 6 respectively.

2/1.

6/5.

0/0.

3 ‰, respectively, short-term changes of + 28% / 46% / 6% / -49%, the independent brand and the processing business increased significantly faster than the first half of revenue growth.

In addition, the company’s furniture business account receivables turnover rate was maximized to 0.

54. Maximize inventory turnover by 0.

13. The operating conditions continued to improve.

The gross profit ratio is higher than the molecular weight.

By the end of the third 杭州夜网论坛 quarter of 2019, the cost of the company’s main raw material sponges had dropped significantly, mainly due to the fact that the TDI, the main chemical material for the production of sponges, had dropped by about 22% from the initial stage. In addition, the company benefited from the state’s reduction of taxes, and its gross profit rate had recovered significantly.
The company achieved a gross profit margin of 35 in the first three quarters.

08%, an increase of 3 per year.

65 points; gross profit margin in the third quarter is 35.

59%, compared to epoxy 1.

61pct, an increase of 3 per year.

78pct.

Expenses during the first three quarters24.98%, a slight decrease of 0 a year.

32pct.

Taken together, the company’s net profit margin increased by 3.

25pct, significantly improved profitability.

Earnings forecast and forecast: The company’s third-quarter performance exceeded expectations, and we raised the company’s earnings forecast, expecting EPS for 19-21 to be 1.

06, 1.

17.1.

27 yuan, corresponding to the current PE is 12X, 11X, 10X.

Maintain “Buy” rating.

Risk Warning: Goodwill is impaired, raw material prices have risen sharply, and real estate sales have fallen short of expectations