Yasha shares (002375): First-half results have improved beyond expected cash flow from operations

Yasha shares (002375): First-half results have improved beyond expected cash flow from operations

First-half results are lower than expected. Yasha shares announced first-half 2019 results: revenue 47.

3 ppm, an increase of 12 in ten years.

2%, net profit attributable to mother 1.

9 trillion, a reduction of 7 a year.

5%, net of non-attributed net profit1.

60,000 yuan, an increase of 15 in ten years.

8%; 27 of them achieved revenue in the second quarter.

60,000 yuan, an increase of 17 in ten years.

8%, net profit attributable to mother 1.

0 ppm, a reduction of 13 per year.

4%, net profit of RMB 92.44 million deducted from non-attributed mothers, an annual increase of 37.
.

0%.

Due to the increase in expense ratio and decrease in gains from changes in fair value, the performance exceeded our expectations, and the net profit after deducting non-attribution exceeded our expectations.

The company’s overall gross profit margin increased every time in the first half of the year.

2ppt; the cost rate for the four periods will increase by 1 each year.

7ppt, in which the sales / R & D / financial expense ratio increases by 0 every year.

6ppt / 2.

3ppt / 0.

5ppt, the management expense rate is reduced by 1 every year.

7ppt; assets and credit impairment losses were converted back to RMB 12.59 million from the accrual of RMB 67.46 million in the same period of the previous year, mainly due to the decrease in the balance of accounts receivable; the gains from changes in fair value decreased from 6,363 million in the same period of the previous year to 3 10,000 yuan, mainly due to the increase in fair value of investment real estate in the previous year, forming a high base; in the first half of the year, the company achieved a net interest rate.

9%, reducing by 0 every year.

8ppt.

1H19 company’s net operating cash can be reduced by two times to narrow.

6% to 4.

0 million, mainly due to changes in working capital (accelerated inventory turnover, operating payables turnover location); net investment cash inflows.

0 million yuan (the same period last year was a net inflow of 4.6 million yuan), mainly due to the increase in purchases of wealth management products.

New breakthroughs in development trends have shown strong single-item growth, with additional orders in hand.

In the first half of the year, the company’s decoration construction business has a new ten-year order.

200 million, strong growth at a low base (ten years +43.

9%), of which public decoration, residential decoration orders increased by 41.

9%, 49.

8%.

As of the end of the first half of the year,武汉夜网论坛 the company’s outstanding orders reached 223.

600 million (2.

4 times 2018 revenue), with too many orders in hand, we think it is expected to provide support for the steady growth of decoration revenue in the second half of the year.

Assembled decoration continues to advance, but the market expansion remains to be seen.

The company’s high-level company continues to assemble assembly decoration business, and has independently developed a fully industrialized assembly decoration product system.
As of the end of the first half of the year, the company has applied for 1,833 patents in the field of fully-industrial prefabricated decoration, a further increase from the same period of the previous year (both 1,200). We believe that it is expected to provide a new growth driver for the company in the future, but the market expansion of the business is still pendingObserved.
Earnings forecasts and estimates We maintain our 2019/2020 net profit forecast3.

9,4.

2 trillion is unchanged.

The current priority is 18.

4/16.

9 times 2019/2020 price-earnings ratio.

Maintain neutral rating and target price of 5.

70 yuan, corresponding to 19.

5 times 2020 price-earnings ratio, compared with the current previous 5% upside.

The return of risk items was less than expected, and single-year growth in the new decade was less than expected.