Supor (002032): Balanced development of domestic and foreign sales, operating quality remains healthy

Supor (002032): Balanced development of domestic and foreign sales, operating quality remains healthy
Highlights of the report Description Supor disclosed the first quarter report of 2019: the company achieved revenue 54 in the first quarter.74 ppm, an increase of 12 in ten years.00%, to achieve a net profit of 5.1.5 billion, an increase of 13 in ten years.81%, achieving EPS0.63 yuan. Event commented on the balanced development of domestic and foreign sales, and the company ‘s growth logic has not changed: Although affected by factors such as a high base, the company ‘s revenue growth rate in the first quarter has decreased from the previous quarter, but the overall growth still achieved steady growth. In terms of domestic sales, weThe report predicts that the company’s internal sales revenue will increase by nearly 15%. Among them, the growth of small household appliances business is rapidly shifting, and the performance of emerging categories such as kitchen appliances and environmental household appliances is still eye-catching. In terms of exports, under the background of steady transfer of SEB ordersIt is expected that exports will achieve a high number of growth in the first quarter, and the expected growth rate of related party transactions is about 13%. Considering the comprehensive advantages of the company’s internal sales market and the synergies of SEB, the steady growth is still determined. During the period, expenses decreased significantly and profitability increased slightly: According to the retrospective statement of the statement, the company’s comprehensive gross profit margin decreased slightly in the first quarter.39pct to 31.28%, but 北京夜网 considering that the company’s product structure has been steadily upgraded and the pressure on raw materials has eased, subsequent changes in gross profit margins have gradually picked up; in terms of expense ratios, the increase in reported expense income has caused the company’s financial expense ratio to decrease.20pct, and under the background of the effect of scale, the sales expense ratio continued to fall to 0.16pct, the overall period cost rate is replaced with 0.48pct; Based on the obvious improvement of the expense end and the reduction of the income tax rate, the company’s current net interest rate decreased slightly by 0.15 points to 9.41%, driven a slight growth in revenue. Although the cash flow has fluctuated, the overall operation is still healthy: the company’s net operating cash flow was negative in the first quarter, which caused some investors to have a certain reduction in the company’s current operating quality, but it could at least be a slight decline in the price of a large number of raw materialsUnder the background, the company’s increase in original reserves resulted in increased cash, which was replaced by the pressure of reorganizing dealer funds. The company increased the proportion of bills in its accounts. The increase in bills receivable at the end of the first quarter slightly dragged on short-term cash inflows. It is worth noting thatAccounts received in advance at the end of the first quarter and longer periods58.81%, mainly due to the company’s initiative to increase the credit line for dealers, overall the company’s operating quality is still healthy. The value of stable allocation is still maintained, and the “Buy” rating is maintained: the company’s revenue and performance in the first quarter achieved double-digit growth, the overall operating performance remains stable, and the product is diversified. The brand matrix construction has been expanded and improved, and the synergistic effect with SEB has continued.Significant; Considering the continuous expansion of the company’s new product categories, continuous improvement of product lines, and the synergy of diversified brands, we are optimistic about the company’s long-term growth space and stable allocation value. In summary, the company’s 2019 and 2020 earnings per share are expected to be 2 respectively.34, 2.71 yuan, corresponding to the current total PE of 31.68 and 27.40 times, maintain “Buy” rating. Risk warning: 1. New product advances less than expected; 2. Raw material prices rise sharply; 3. SEB order transfers fall short of expectations.

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