Diou Home Furnishing (002798): Q1 Exceeds Expectation of New Trends in Tiled Bathrooms in Hardcover Houses
Incident April 25, 2019, the company released the 2019 first quarter report.
The company’s total operating income in 2019Q1 was 10.
410,000 yuan, an increase of 37 in ten years.
64%; net profit attributable to shareholders of the listed company is zero.
66 ppm, an increase of 48 in ten years.
82%; net profit attributable to shareholders of listed companies is 0.
64 ppm, an increase 天津夜网of 46 in ten years.
The first-quarter results exceeded expectations.
Our analysis and judgment have obvious advantages in the channel of building ceramic engineering, retail construction is steadily, and revenue continues to increase rapidly.
47 ppm, an increase of 47 from the same period last year.
15%; realized net profit of 0.
69 ppm, an increase of 21 from the same period last year.
Subversive consolidated amortization expenses 551.
After 800,000 yuan, the net profit is zero.
The Engineering Department, Osheno has 20 years of accumulated rich engineering experience and high-quality service capabilities, and continues to maintain cooperation with existing customers such as Country Garden, Vanke, Evergrande, etc. to expand and grow at the same time, and increase customers Agile, Rongsheng, R & F,Xuhui, China Resources Land, and other large developer clients have established strategic partnerships to ensure the company’s tooling business continues to grow rapidly.
On the retail side, Eurosnow has adopted a variety of channel layouts and in-depth cultivation to divide the county-level blank spots through “full network deployment”, and promote the first-tier and second-tier cities to accelerate the in-depth layout of “urban associates and smart community service shops” to accelerate network coverage and implementThe decline of portals and services promoted the continued growth of retail channels.
As of April 10, 2019, there were more than 700 dealers and more than 1,700 dealerships.
Sanitary wares are mainly retail, and the growth of the engineering business under the synergy with Oushenuo can be expected. We estimate that the revenue of sanitary ware + acrylic panels in the company in 2019Q1 is 0.
The company’s sanitary business continues to expand its sales outlets, improve the quality of dealers, and continue to deepen its cooperation with the Internet, home improvement, and decoration companies. In terms of engineering channels, the company actively develops direct bathroom engineering business in 2018. The company’s sanitary products are expected to enter real estateTooling channels provide new growth points for performance.
In terms of profitability and expense ratio, profitability was slightly improved. In 2019Q1, the company’s gross profit margin was 33.
63%, increasing by 0 every year.
62pct; net sales margin is 6.
20%, increasing by 0 every year.
Return on net assets (diluted) is 7.
92%, an increase of 1 each year.
76 points; period fee 25.
83%, increasing by 0 every year.
56pct, mainly due to higher sales and financial expense ratios.
Osgeno’s long-term production capacity plan is 80 million square meters, and market share is expected to increase. Osino’s current production capacity is distributed in Jiangxi, Guangdong, and Guangxi bases, totaling about 50 million square meters. Four production lines in the second phase of Guangxi will start in 2019 and can provide 30 million square meters, the three bases are expected to provide a total of 80 million square meters of throughput, corresponding to 4 billion output value. In the future, the company’s total production capacity can reach 100 million square meters, corresponding to 5 billion output value, plus OEM output value can reach about 7 billion.
Investment suggestion: We expect Diou Household to earn 54 in 2019-2020.
51, 67上海夜网论坛 .
70 ppm, an increase of 26 in ten years.
53%, 24.20%; net profit attributable to mother is 4.
420,000 yuan, an increase of 30 in ten years.
15%, corresponding to PE of 17.
2x, maintain “Buy” rating.
Risk factors: expansion of real estate sales; increased competition in the industry.