Dongfang Yuhong (002271) 2019 Interim Report Review: Leading High-speed Expansion Improves Profitability
Matters: The company’s reported performance grows by 48 per year.
1%, earnings per share are 0.
61 yuan From January to June 2019, the company realized operating income of 79.
10,000 yuan, an increase of 40 in ten years.
9%, net profit attributable to shareholders of listed companies9.
2 ppm, an increase of 48 in ten years.
1%, earnings per share are 0.
61 yuan; net profit attributable to shareholders of the listed company after deduction 6.
90,000 yuan, an increase of 30 in ten years.
In the second quarter alone, the company achieved revenue of 52.
20,000 yuan, an increase of 40 in ten years.
8%, net profit attributable to shareholders of listed companies7.
90,000 yuan, an increase of 51 in ten years.
8%, EPS 0.
53 yuan; net profit attributable to shareholders of the listed company after deduction 5.
80,000 yuan, an increase of 28 in ten years.
Dongfang Yuhong, as the leader in waterproof materials, has a market share of about 10%. Benefiting from the increased concentration of real estate developers on the right side of the downstream and the increase in its own customer share, the company continues to show rapid growth and the market space is still broad.
Comment: The reported average gross profit margin has fallen by 0 every year.
3pct, during the period the cost rate increases by 0 every year.
5pct reports a consolidated gross profit margin of 36 for Tier 1 companies.
6%, a decline of 0 per year.
3pct, the gross profit margin showed an overall attempt.
At the core of the report, the company’s sales rate and financial rate are 13 respectively.
3%, rising by 0 each year.
2pct, management fee rate and R & D fee rate are 6.
7%, a year-on-year decrease of 1, respectively.
The period rate is 23.
8%, rising by 0 every year.
Financial expenses increased due to increased borrowings and higher interest expenses.
In the second quarter alone, the company’s comprehensive gross profit margin was 37.7%, rising by 0 every year.
3pct; the company’s sales rate, research and development rate, and financial rate are 11.
3%, a year-on-year increase of 1,0.
2, 1 point, management fee 5.
7%, which decreases by 0 every year.
The period rate is 21.
5%, rising by 1 every year.
In terms of the cost of major raw materials, the price of bitumen reached a low point in early 2019. Since then, the price of bitumen has risen with the rise in international crude oil prices, which has improved since June: In the first half of 2019, the increase in reference asphalt prices in East China increased.
During the period of low prices, the company actively stored raw materials. Considering the lagging cost, the company’s profitability improved in the second quarter.
The rapid growth of business volume, the overall stable profitability of all categories reported a growth, the main income by product, waterproof membrane, waterproof coating, waterproof construction increased by 51.
8%, gross margins were 37.
7 points), 41.
7 points), 27.
By region, China’s territorial revenue increased by 39.
9%, gross profit margin 36.
6%, a decrease of 0 from 2018.
Report information that the company’s operating activities generate cash flow -11.
6 trillion, a decrease of 7.
800 million, mainly due to the impact of payment of performance bonds.
At the end of the first half of 2019, the company’s bills receivable and accounts receivable72.
30,000 yuan, an annual increase of 31.
2%, the growth rate is lower than the revenue growth rate.
In addition, due to the increase in government subsidies, the company’s other income increased by 25.
5% to 2.
Profit forecast and investment rating The company’s leading 西安耍耍网 waterproof material industry has consolidated steadily and strengthened, sales have maintained a high growth rate, the price of converted raw material costs and the gradual stabilization of gross profit margin, and the improvement of quality and efficiency, the company’s performance has maintained rapid growth.
We maintain that the net profit attributable to the parent company of the company in 2019-21 is 19 respectively.
Earnings forecast of 600 million US dollars, according to the company’s latest equity changes, the corresponding EPS is 1.
85 yuan, maintain the “recommended” level.
Risk warning: The sharp increase in raw material prices will erode the company’s profitability; the decline in real estate investment and infrastructure investment growth will lead to shrinking demand for waterproofing materials.