Dongyi Risheng (002713): Sumei integration saw rapid growth in revenues, and order growth improved in the first quarter
Investment highlights: The company’s 2018 net profit is growing by 16 per year.
1%, slightly lower than our expectations (20%). We believe that the economic downturn has a decline in the quality of home furnishings with consumer attributes. The new gradual single line. The extension of the project execution cycle has led to slower growth in the fourth quarter.Affected by traditional intervention factors, net profit was reduced by RMB 79.69 million, which basically met expectations.
In 2018, the company achieved operating income of 42.
0 million yuan, an increase of 16 in ten years.
4%, achieving a net profit of 2.
53 ppm, an increase of 16 in ten years.
Among them, 18Q1 / Q2 / Q3 / Q4 achieved single-quarter revenue of 7 respectively.
1.7 billion / 10.
9.3 billion / 11.
30 billion / 12.
6.3 billion, corresponding to a growth rate of 34.
4% / 14.
3% / 27.
0% / 2.
51%; single quarter net profit was -0.
6.2 billion / 0.
7.3 billion / 0.
7.4 billion / 1.
6.8 billion, corresponding to a growth rate of 5.
7% / 43.
1% / 47.
In the non-recurring profit and loss project, the company’s disposal of the equity of the subsidiary in 18 years, the income obtained by the micro loan network shares increased by 12.69 million yuan compared with similar subjects in the previous year, the net non-operating and expenditure increased by nearly 10 million,Annual net profit growth rate 5.
The company achieved operating income of 19Q1.
9.7 billion, an increase of 10 years.
1%, realizing a net profit of -79.69 million yuan. The company’s net profit was negative in the first quarter due to factors affecting household filling, which was slightly lower than 6,207 trillion yuan in the same period last year, mainly due to the increase in asset impairment losses and the decline in investment income in the first three months.
Sumei’s business integration has gradually achieved results, and its revenue has achieved rapid growth.
In terms of business segments, the decoration and decoration business achieved revenue of 37.
7 ppm, an increase of 12 in ten years.
3%, achieving a net profit of 2.
46 ppm, an increase of 21 in ten years.
4%; revenue from design business4.
20,000 yuan, an increase of 71 in ten years.
4%, achieving a net profit of 1.
0.6 million yuan, an increase of 38 in ten years.1%; revenue from sales of goods2.
90,000 yuan, an increase of 21 in ten years.
6%, achieving a net profit of 17.32 million yuan, a year-on-year increase of 6.
From the perspective of the subsidiary, Sumei contributed about 1 in revenue.
42 ppm, an increase of 57 in ten years.
9%, experienced early system running-in, Sumei’s business management has been continuously optimized. In 2018, the company focused on the channel model of “mainly direct sales, supplemented by service providers”. At the end of the year, Sumei opened 48 direct-operated stores.The model finally went through, resulting in 18 years of successful volume realization and rapid revenue growth.
The profit side is split according to the business segment. The productized home improvement Sumei is still in the business growth period, the cost expenses are extended, and the profit side has achieved about 90 million yuan (a decrease of 4,191 million in the same period last year). Therefore, the business is gradually developing to the mature stage.Realize loss reduction.
In the acquisition of the target, Ji Ai Design achieved a net profit of 67.1 million yuan, an increase of 5 years.
3%. As a result of increasing the purchase of 20% equity in 18 years to achieve 80% shareholding, it contributed approximately 53.68 million yuan in equity profits, an annual increase of 40%.
5%; Chuangyu realized a net profit of 33.76 million yuan, an annual increase of 21.
5%, and contributed equity profit of 1,722 million; Beijing Xinyi contributed equity profit of 2,348 million, which was 798 thousand in the same period last year; Shanxi, Nantong and Changchun Dongyi combined achieved net profit of 958 million, a decrease of 38.
8%, contributed equity profit -1.07 million yuan, 4.37 million yuan in 17 years.
Excluding the impact of Sumei and the acquisition target, the company achieved revenue 31 in 2018.
1 ppm, an increase of 8% over ten years, net non-profit is 1.
99 ppm, an increase of 15 in ten years.
The expense ratio and asset impairment losses have increased, and the company’s 18-year net profit margin has decreased by zero.
23 averages 7.
In 2018, the company’s comprehensive gross profit margin was 37.
2%, a year to raise 0.
Add back the R & D expenditure and increase the expense ratio by 0 during the period.
63 single to 28.
1%, of which the sales expense ratio increased by 0.
75 single to 16.
9%, mainly due to the company ‘s business expansion in reporting performance, the corresponding publicity expenses increased by 0 compared to the previous.
39 ppm, artificial bonus increased by 0.
460,000 yuan, etc .; the management expense ratio decreased by 0.
37 up to 7.
97%, R & D expense ratio increased by 0 compared with the same period last year.
11 up to 3.
09%; financial expense ratio increased by 0.
15 up to 0.
16%, mainly due to the acquisition of Beijing Xinyi Oriental Interior Design Co., Ltd. amortized unrecognized financing costs of 5.8 million yuan and exchange losses of 1.48 million yuan.
The company’s asset impairment loss as a percentage of operating income has been maximized to 0.
31 up to 0.
55%, mainly due to the increase in accounts receivable by one each year.
09,000 yuan, of which the proportion of aging within 2 years decreased by 1.7 up to 75.
Under the comprehensive influence, the company’s net interest rate dropped by 0.
23 single to 7.
In 1Q1, the company’s comprehensive gross profit margin dropped by 1.
32 up to 30.
95%, during which the expense ratio (including research and development) increased.
67 averages to 39.
9%, of which the sales expense ratio increased by 1.
14 up to 23.
9%, the management expense ratio is reduced by 0.
55 single controls are better, and the financial expense ratio is increased by 0 due to the decrease in deposit interest.
08 averages to 0.
21%, the percentage of asset impairment losses increased by 0.
48 averages to 0.
In the past 18 years, the company’s cash-to-cash ratio has decreased, the cash-to-cash ratio has increased, and the net operating cash flow has repeatedly declined.
The company’s annual net cash flow from operating activities is 2.
50,000 yuan, less inflows a year 3.
In 18 years, the company’s cash ratio was 99.
5%, a decrease of 5.
1 share per share, advance receipts decreased by at least 1,262 million, and bills receivables and accounts increased by 1.
1.3 billion; payout ratio is 83.
4%, an increase of 4 per year.
For each 8 shares, bills payable and accounts payable increase by 0 each year.
88 trillion, ten years increase in advance of 0.
Due to seasonal factors in the first quarter, the business combination of home improvement companies must pay wages and salaries, rent property, advertising and other expenses. The cash is reflected as a replacement. However, due to the reduction of fees and taxes and other cash related to operating activities, it has decreased by 51.88 million yuan.Under the comprehensive influence, the net cash flow of the company’s operating activities in 19Q1 was 13.6 million yuan, which inflowed 33.33 million yuan over a year.
The real-estate data in the first quarter of 19 exceeded expectations, and the company’s order growth 南京夜网 picked up. Consecutive consumption upgrades in subsequent cycles led to subsequent orders and the performance improved.
Real-estate data from January to March 19 exceeded expectations, and investment growth continued to rise.
2 up to 11.
8%, the rebound of new construction growth rate increased by 5.
9 up to 11.
9%, the reduction in completed area narrowed1.
1 unit, the growth rate of sales area narrowed.
Seven single, combined consumer expectations for the improvement of home quality will drive the company’s new breakthrough orders to grow rapidly in the future: the company’s 18-year Dongyi new leap over 42
6 ppm, an increase of 5% in ten years, the new Q1 / Q2 / Q3 / Q4 / 2019Q1 single sign new 10 each quarter.
500 million / 11.
700 million / 11.
900 million / 8.
500 million / 11.
4.6 billion, the corresponding growth rate was 16% / 4% / 18% / -17% / 9%, of which 18 new home improvement business signed 37.
7 trillion, a year-on-year growth of 4%, the growth rate has shown improvement in the first quarter of 19, 2018Q1 / Q2 / Q3 / Q4 / 2019Q1 single quarter new signing 9 respectively.
5 billion / 10.
5 billion / 10.
200 million / 7.
600 million / 9.
800 million, corresponding to a growth rate of 8% / 5% / 12% /-8% / 4%.
As of the end of March 2019, the company had accumulated outstanding orders39.
100 million US dollars, an annual increase of 3.
2%, including home improvement business 32.
800 million, an annual increase of 2.
Maintain the profit forecast, increase the profit forecast for 2020-21, and maintain the “overweight” rating: the company’s 19-21 net profit is expected to be 3 respectively.
1.3 billion / 3.
7.6 billion / 4.
5.1 billion, the growth rate is 24% / 20% / 20%, corresponding to PE respectively 16X / 14X / 11X, maintaining the “overweight” level.