Daya Icon (000910): Revenue breakdown in the second and second quarters, cost reduction and efficiency increase to release profits

Daya Icon (000910): Revenue breakdown in the second and second quarters, cost reduction and efficiency increase to release profits

Q2 revenue increased by 5 percentage points, but profits continued to grow.

The company achieved a total of 30 operating income in the first half of the year.

830,000 yuan, -2 year on year.

45%; net profit attributable to mothers1.

9.7 billion yuan, a year-on-year increase of 9.

57%; deduct non-attributed net profit1.

8.7 billion, a year-on-year increase of 5.

91%.

Net cash flow from operating activities in the first half of the year was -0.

560,000 yuan, YOY-170.

88%, mainly due to the decrease in cash received from reporting major sales of goods and labor services.

By quarter, the company achieved operating income of 16 in Q2.

700,000 yuan, -5 year on year.

25%, a decrease of 6 from the previous month.

33 units.

Although the performance in the second and third quarters is weak, with reference to the 2019 Interim Report of the household industry companies that have been disclosed, considering the existing macro land environment, we believe that the company’s performance is basically in line with expectations, and look forward to the traditional sales peak season in the second halfThe completion of repairs with 北京桑拿洗浴保健 real estate can drive the company’s performance out of the trough.

Reduce costs and increase efficiency to improve business quality, and the overall gross profit margin increased slightly.

In the first half of the year, the company strengthened the procurement process control, strengthened system construction and management to reduce costs and increase efficiency, and strengthened product quality control.

The report summarizes the company’s overall gross profit margin increased by 0 compared with the same period last year.

1 unit, the gross profit margin of wooden floor is increased by 0.

86 single, wooden door and cloakroom gross margin increased by 4.

31 averages, the gross profit margin of medium and high density boards decreased by 1.

53 units.

In terms of expense placement, the increase in sales expense ratio decreased by 0.

29 units.

Short-term expenditures decreased, and the overall asset-liability ratio dropped significantly compared to the same period last year7.

86 per share, the financial expense ratio decreased by 0.

23 units.

Management costs have decreased, but R & D costs have increased, mainly because test materials have increased by 23.59 million yuan over the same period last year.

Increased environmental protection costs and weak downstream demand have accelerated the clearance of SMEs in the industry.

The company implements the “green industry chain” strategy, which has covered seven major alternatives of forestry resources, substrates, factories, research and development, design, marketing and services.

“Shenxiang” flooring is widely known, and “Daya” wood-based panel is the preferred substrate supplier for well-known brands in the industry.

The company’s market share in the wood flooring and wood-based panel industry is the first, and its market share in the wood flooring sector exceeds 10%.

This year’s environmental protection inspections have continued, and downstream demand for home furnishing has been weak. Many small and medium-sized home furnishing companies have gone bankrupt since the beginning of the year.

The company’s early environmental investment and product green upgrade have gradually become development advantages.

Lower earnings forecast and adjust rating to “overweight.”

Net profit attributable to mother from 2019-2021 7.

86/8.41/9.

02 million adjusted to 7.

81/8.

38/8.

8.9 billion, corresponding to a PE of 19-21.

23x / 6.

73x / 6.

34x.

Wood flooring has a relatively high industry concentration in the home industry and a relatively stable competition pattern. Relying on the advantages of the entire industry chain and channels, the company’s leading position is relatively stable.

Despite the obvious revenue growth in the second and second quarters, considering that the second half of the year is the traditional peak sales season and the number of bases in the second half of last year, there is not much concern about the company’s performance.

However, it is necessary to pay attention to the issue that some shares of the company’s controlling shareholder are frozen and that its bank borrowings are overdue, prompting related risks.

Under the current circumstances, we give the company a reasonable evaluation of PE8-8 in 2019.

7 times the judgment, corresponding to the target price of 11.

28-12.

27 yuan, adjust the level to “overweight”.

risk warning.

Real estate continued to be sluggish, sales were not strong in the traditional peak season in the second half of the year, and issues such as overdue loans from controlling shareholders affected the development of listed companies

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