Golden Mantis (002081)： Main business revenue grows rapidly in the first quarter, orders increase rapidly
Golden Mantis (002081): Main business revenue grows rapidly in the first quarter, orders increase rapidly
I. Event Overview The company recently released its 2018 annual report and 2019 first quarter report: 2018 revenue of 250.890,000 yuan, a growth rate of 19 in ten years.49%, net profit attributable to mother 21.2.3 billion, a 10-year growth rate of 10.68%, pay 2 yuan for every 10 shares.2019Q1 revenue 60.5.7 billion, a previous growth rate of 19.57%, net profit attributable to mother 6.01 billion, a previous growth rate of 8.65%. Second, the analysis and judgment of the rapid growth of main business revenue, the level of gross profit margin stabilized slightly, the company’s main business decoration segment revenue 18 years 182.2.5 billion, a 10-year growth rate of 13.46%, a sharp increase from 17 years, the increase rate reached 12.51 units.Internet Home Improvement Segment Revenue 34.3.2 billion, a previous growth rate of 79.05%, maintaining a high growth rate.Comprehensive gross profit margin 19.68% increase is 0.21 single, but the gross profit margin of the main decoration business and Internet home improvement business 佛山桑拿网 were 15.25% and 29.74%, a slight decrease.Under the scale efficiency of the home improvement sector, gross profit margin is expected to continue to increase. The expense ratio increased slightly, mainly due to the 18-year sales expense ratio, management expense ratio and financial expense ratio caused by the scale expansion.69/6.44/0.21%, respectively changed by 0.2/3.16 / -0.4 expenses, management expenses and sales expenses increased significantly due to the increase in the number and size of the company (mainly home improvement stores) and the increase in employee compensation and leasing expenses. Orders grew rapidly in the first quarter, and the industry may continue to benefit from the recovery of real estate in the first quarter of 2019.40,000 yuan, an increase of 30 in ten years.43%, of which the traditional 西安夜网 public sector plate 63.25 billion, the previous growth rate was as high as 45.17%, compared with 7.The 2% growth rate index has increased significantly, with the residential sector 38.31 trillion, a year-on-year growth rate of 12.94%, with a slight decline in 18-year rating, design plate 5.4.8 billion, a previous growth rate of 19.65%, maintaining a high growth rate.The higher growth rate of design and traditional public service confirms the logic of the industry’s improvement, and the recovery of real estate may further help the high growth of the sector. Third, investment advice The company is a traditional public-private trading company. At the same time, the home improvement sector continues to expand, with ample orders in hand, and better cash flow. The rapid growth of new growth orders in the first quarter will help the sustained release of performance.It is estimated that the company’s net profit attributable to the mother in 19-21 will be 24.43/28.59/32.82 trillion, eps are 0.91/1.07/1.23 yuan, corresponding to PE is 11.67/9.97/8.68. Fourth, risk warning: land investment expansion, home improvement expansion is less than expected.