Golden Mantis (002081) 2019 Third Quarterly Report Review: Growth in excess revenue from orders in hand accelerates

Golden Mantis (002081) 2019 Third Quarterly Report Review: Growth in excess revenue from orders in hand accelerates
Steady performance and high order growth The company achieved operating income of 22.7 billion in the first three quarters of 2019, an increase of 23%; net profit attributable to mothers was 1.8 billion, an increase of 10.The company’s net profit 杭州桑拿网 after deduction is 1.7 billion US dollars, an annual increase of 9%.7%. The first three quarters of the company’s new interim order 334.200 million US dollars, a year-on-year increase of 17%, of which public order orders were 18.6 billion US dollars, an increase of 16%, home improvement orders were 12.7 billion US dollars, an increase of 18%, design orders were 2.2 billion US dollars, an increase of 30%, and the company’s orders maintained high growthtrend.As of the end of the quarter, the company had uncompleted orders in hand of 64.5 billion yuan, an annual increase of 17%, and the order protection ratio reached 2.6 times.The company’s brand advantage is outstanding, ranking No. 1 in China’s top 100 decoration industry, setting up a theme packaging business unit, actively nurturing new business, and cooperating with established education, medical and other professional business units to create a complete new business. The company also activelyEntered the chain sector business and cooperated with Haidilao and Huazhu Group. The gross profit margin has declined, and the company’s operating capacity has improved to 18 in the first three quarters of 2019.58%, a decline of 0 every year.79pct with a net interest rate of 7.65%, a decrease of 0 every year.92 points.Period expenses cost 8.81%, a decline of 0 every year.27pct, in which the overhead rate dropped by 0.21 points to 6.09%, financial expense ratio increased by 0.35pct to 0.44%, the sales expense ratio decreased by 0.40pct to 2.29%.Asset and liability accounting 58.97%, increase by 1 every year.89 points.Realize operating net cash flow-8.1 billion, cash flow improved, compared to -9 in the same period last year.400000000. Revenue maintained high growth quarterly, the company’s 18Q4, 19Q1, Q2, Q3 completed revenues of $ 6.5 billion, $ 6.1 billion, $ 7.7 billion, $ 8.9 billion, respectively, an increase of 24.4%, 19.57%, 32.54%, 17.16%; net profit achieved 5.400 million, 6.0 billion, 5.100 million, 6.4 ‰, increasing by 11 each year.98%, 8.65%, 16.36%, 7.86%.Revenue maintained high growth and profit growth was steady. Investment suggestion: Decorate the leader and maintain the “Buy” rating. As a leader in the decoration field, the company has strong management and control capabilities, expanded core competitiveness, continued high growth in orders, and sufficient orders in hand.As real estate financing is still severe this year and the industrial chain is affected, we slightly lower the company’s profit forecast. It is expected that the company’s EPS in 19-21 will be 0.90/1.00/1.14 yuan, PE is 8.9/8.0/7.0 times.We think a reasonable estimate range is 11-12 times, corresponding to price 9.90-10.8 yuan, maintain “Buy” rating. Risk reminders: bad debts of accounts receivable, real estate investment arrangements, orders falling below expectations, etc.