Depth-Company-Dongfang Yuhong (002271): High increase in coils drives sales costs to lock up and increase gross profit

Depth * Company * Dongfang Yuhong (002271): High increase in coils drives sales costs to lock in and increase gross profit

The 杭州夜生活网 company released its 2019 Interim Report with revenue of 79 in the first half of the year.

07 billion, an increase of 40.

89%; net profit attributable to mother 9.

16 trillion, with an increase of 48.

11%; EPS0.

61 yuan, an increase of 48.


The higher-than-expected waterproof membrane has driven the company’s performance to grow rapidly.

  Key points of the official rating: Fast revenue growth, good cost control, and operating cash flow overlap: The company’s revenue growth rate exceeded expectations. The growth rate in the first and second quarters was more than 40%. The cost rate management effect was obvious. Management and R & D in the first halfThe cost rate is reduced by one each year.

45pct, the comprehensive cost rate decreases by 1 every year.

21 points.

The unexpected growth in business in 杭州桑拿 the first half of the year may have a certain impact on cash flow, operating cash exchange.

5.7 billion, a decrease of 7 per year.

78 ppm; meanwhile, the company’s debt ratio increased by 2.

84pct, the cash ratio is reduced by 7% per year; ROIC is at least basically flat.

  Surpassing expectations for waterproof membranes drove performance beyond expectations: Revenue for waterproof membranes in the first half of the year44.

610,000 yuan, 56% of income.

41%, a 51% increase in one year.

91%, driving high overall performance.

Construction business income 10.

3 billion yuan, an increase of 49.

77% is also an important reason for driving the first half of the year.

The company’s comprehensive gross profit margin was 36 in the first half of the year.

58%, an increase of 3 from the previous quarter.

53pct, which will increase the overall business profit margin.

Since the fourth quarter of 2018, crude oil prices have fallen, and the company’s centralized procurement of raw materials has been the primary reason for the company’s gross profit margin to recover in the first half of the year.

  With the concentration of real estate and the transformation of the old city, the growth potential of 2B will be significantly better than 2C: real estate investment and start-up operations have continued to benefit the company’s waterproof business.

Under the environment of real estate centralized mining and downstream industry concentration, and the old reforms driving more demand for waterproof materials, the growth potential of the 2B channel is significantly better than 2C, and the company will fully benefit as an industry leader.

  It is estimated that the company’s fundamentals are better than expected, and the company’s revenue is expected to be 194 in 2019-2021.

85, 240.

51, 277.

3.7 billion; net profit attributable to mothers was 21.

38, 26.

03, 29.

6.6 billion; EPS is 1.


74, 1.

99, maintain the company’s overweight rating.  The main risks faced by the grade are increased competition for waterproof materials, the company’s cash flow situation has deteriorated and real estate investment has decreased.