Zhongzhi shares (600038): Harbin branch revenue doubles, driving high-growth interim report performance exceeds market expectations
Investment highlights: Zhongzhi shares (600038) released the 2019 semi-annual report and achieved revenue of 69.
0 million yuan, an increase of 28 in ten years.
75%; net profit attributable to mother 2.
410,000 yuan, an increase of 35 in ten years.
50%; 北京夜网 deduct non-net profit 2.
32 ppm, an increase of 35 in ten years.
18%; performance exceeded market expectations.
The scale effect of increased delivery significantly increased profitability, and the company’s profit growth rate was higher than revenue growth rate.
Company revenue increased by 28.
75%, while net profit attributable to mothers increased by 35.
50%, higher than the growth rate of revenue, the company’s net profit margin from 3.
23% increased to 3.
41%, profit margin increased by 5.
At 6%, we believe that it is mainly the Harbin branch. The production and delivery of Jingdezhen branch increased, and the scale effect significantly increased the net interest rate.
Company revenue increased by 28.
75%, mainly due to the substantial increase in revenue of the Harbin branch.
(1) 2019H1 Harbin branch 20.
800 million (30%).
2%), an increase of 98 in ten years.
6%, with a total profit of 65.95 million, an annual increase of 155.
9%, it is expected to mainly double the revenue brought by the new demonstration volume, the scale effect will be significant, and the profits will gradually increase.
(2) Jingdezhen branch 40.
800 million (accounting for 69.
6%), an annual increase of 11%, a relatively stable growth; profit increased by 2.
36 billion, an annual increase of 20.
We believe that the main force is scheduled for stable delivery and other additional expenditures reduce production. It is expected that revenue will continue to grow by 10-15% in the next three years.
The company’s gross profit margin declined slightly from the same period last year.
6% interest rate 11.
3%, we think it is mainly due to the gross profit margin of the new banknotes produced by the Jingdezhen branch, which has a relatively high revenue.
(1) According to the announcement, the gross profit margin of Jingdezhen branch in 2019H1 is 9.
4%, a significant drop from the company’s overall level last year, and our analysis suggests that it may be caused by the new gross profit margin.
After the new standard has been steadily measured, the gross profit margin of Jingdezhen branch is expected to rebound rapidly.
(2) The gross profit margin of the Harbin branch is 11.
7%, slightly higher than the overall gross profit margin. We believe that the revenue scale of the Harbin branch doubled, and the decline in the proportion of fixed costs drove up the gross profit margin.
As the new sample is finalized, the scale effect will continue to appear, and the gross profit forecast of the Harbin branch will steadily increase.
Net profit increased by 35.
5%, mainly due to the company’s revenue growth, the proportion of expenses during the period decreased, and the results of cost reduction and efficiency improvements were significant, so the profit margin increased significantly. (1) The company’s four fee revenue accounted for 8.
7% is about 7.
4%, sales expenses, financial expenses decreased, of which revenue increased from 22 million to 34 million, cost reduction and efficiency gains outstanding results.
As the income scale continues to expand, the company’s overall fee reduction and efficiency improvement continue, and the company’s overall profit margin is expected to continue to increase.
(2) R & D expenses increased by 96 million miles.
3%, we believe that it is mainly due to the new model and the increase in the scale of development and production brought about by the new process, which shows that the company’s overall production scale has increased rapidly.
The company’s net operating cash flow is a net swap6.
4.5 billion, a decrease of 12 previously.
5 billion, our analysis believes that mainly due to the company’s production scale expansion, payment of upstream raw materials, spare parts and other cash expenditures increased significantly.
While the company’s downstream customers’ payment rhythm has accelerated simultaneously, it is expected that the operating cash flow will gradually improve.
A large amount of downstream demand guarantees that the company’s performance will continue to grow rapidly in the next three years.
We analyze and predict that at present, the aviation and naval vessels, helicopters and helicopters are still being extended, and the industry ceiling is continuously rising, and at the same time, the new scale of volume is increasing. We expect the company’s performance in the next three years to maintain a high compound growth rate.
Maintain profit forecast and “Buy” rating.
It is expected that the company’s net profit attributable to the 杭州桑拿 parent in 2019-21 will be 6, respectively.
63 trillion, currently sustainable (47.
23 yuan August 26) Corresponding PE is 42/33/26 times.
Considering that the company is the only listed leader in the field of helicopters, its future performance growth deserves special attention, and at the same time it supplements its asset consolidation expectations. Therefore, it maintains its profit forecast and buy rating.