Supor (002032) first quarter report of 2019 comment: revenue and profit are slightly lower than expected

Supor (002032) first quarter report of 2019 comment: revenue and profit are slightly lower than expected
Investment points: The export growth rate is not up to expectations.The company disclosed the first quarter report of 2019. In Q1 2019, the company realized operating income of 54.74 ppm, an increase of 12 in ten years.00%; Realize net profit attributable to mother 5.1.5 billion, an increase of 13 in ten years.81%; net profit deducted from non-attributed mothers4.99 ppm, an increase of 13 in ten years.47%, the growth rate of income and profit was lower than expected, mainly because the growth rate of export sales did not meet expectations.In Q1 2019, the company violated ROE8.35%, a year to raise 0.32;; Corresponding income 北京夜网 0.63 yuan / share. Environmental electricity market share + average price increase, export order transfer space is large.In terms of categories, according to the data of Zhongyikang, in terms of market share, Supor’s electric cooker, vacuum cleaner and ironing machine in Q1 2019 replaced the market share by 2.93, 4.05 and 7.70.In terms of price, the overall price of kitchen appliances increased, and the average retail prices of electric pressure cookers, electric cookers, rice cookers and induction cookers increased slightly; the average retail prices of vacuum cleaners and hanging irons increased significantly.48% and 18.05%.We believe that the sales and market share of environmental appliances and the average retail price increase are better than kitchen appliances, which are mainly based on the company’s mature product 北京男士会所 and technology development based on SEB, and have become second-tier brands in the field of environmental protection.At present, Supor Environmental Power has launched four categories of products: air purifiers, vacuum cleaners, electric irons, and ironing machines, which are positioned in the mid-to-high-end market and the sales channels are mainly concentrated offline, so it reflects the retail data of Zhongyikang (mainly offline KA (California) The growth rate is relatively fast. There will still be room for growth in environmental appliances under future consumption upgrades.From the perspective of different channels, we expect a small number of exports to grow, and internal sales are expected to increase by 15%. The rapid growth of exports is the main reason for the quarterly report failure, but in the long run, we believe that the 30% expansion of SEB business will continue to continue to continue toSupor, the order transfer growth of nearly 15% in advance is highly deterministic, the conversion of the traditional export season in the second half of the coming season, export orders promoted recovery. The high-end brand guarantees profitability, and the dealers have no intention of making money.As for the income statement, Q1 sales expense ratio decreased by 0 year-on-year.For 16 pcts, the R & D expense rate drops by 0 every time.07.The company’s consolidated gross profit margin for Q1 2019 (31.28%) Q1 in 2018 increased by 0.21; At the same time, Q1 gross margin conversion increased by 0 in 2018.42.We analyze that the company’s Q1 gross profit margin can still maintain a high level against the background of rising raw material prices, thanks to the consolidation of three major high-end brand businesses.As for the balance sheet, the company’s inventory turnover required for reasonable control of inventory has accelerated, and Q1 inventory has decreased by 31 compared with the end of 2018.59%, but advance receipts decreased by 73 compared with the end of 2018.08%, the cash flow statement, the company’s Q1 net cash flow from operating activities can be reset up to 126.93%, a net inflow from the same period last year4.41 trillion digits net worth1.190,000 yuan, mainly due to the listed company’s enthusiasm for the dealers to pick up the goods and increase the impact on the core dealer credit line. Profit forecast and investment rating.We maintain the company’s net profit attributable to mothers for 2019-2021 at 20.0 billion, 23.800 million, 27.600 million, corresponding income 2.44 yuan, 2.90 yuan and 3.36 yuan, corresponding to dynamic price-earnings ratios of 30 times, 26 times and 22 times respectively. The company’s domestic sales category expansion + export order transfer, online dividend release + offline channel sinking, future growth will continue to grow with high certainty, maintaining a “buy”Investment rating.