Huaxia Happiness (600340): Optimized sales structure, improved cash flow, improved performance, and solid growth
Huaxia Happiness released three quarterly reports for 2019: From January to September 2019, the company achieved operating income of 643.
2 ten percent, an increase of 42 per year.
48%, net profit attributable to mother was 97.
5 ppm, an increase of 23 in ten years.
71%; basic profit income realized 3.
18 yuan / share, increase 25 later.
Opinion cost control achieved results, with steady growth in performance.
On January 9, 2019, the company realized annual revenue growth of 42.
48%, net profit attributable to mothers is increasing by 23.
71%; The eye-catching revenue growth was mainly due to the improvement in the scale of the company’s development business; the slower growth rate of 四川耍耍网 performance than the revenue growth rate was mainly due to the tax increase and tax increase, resulting in 112% tax and additional growth.
09%, significantly exceeding the growth rate of revenue.
The company’s expense management is very effective. The sales rate and management expense rate in the first three quarters were 1 respectively.
9%, at least 1 integer and 5 integers respectively.
The company’s consolidated gross profit margin for the first three quarters of the company reached 40.
4%, with a net interest rate of 15.
2%, profitability remains high.
The company’s advance funds reached 1350.
2 ppm, 1 of 10 years of revenue.
6 times, effectively guarantee the growth of future business performance.
The proportion of sales outside Beijing continued to increase, and the performance of off-site replication was eye-catching.
As of September 20武汉桑拿19, the company achieved such 1006.
45 ‰, a decrease of 6 per year.
56%; the sales area is 9.11 million square meters, which decreases by 5 every year.
29%; from the perspective of regional layout, the company’s sales contribution to projects outside Beijing has gradually increased.
In the first three quarters, the sales ratio of foreign projects in Beijing reached 62%. In the earlier 18 years, 8 crossovers were promoted and 16 were increased step by step.
7%, becoming another major new off-site replication growth point after Nanjing and Hangzhou.
The cooperation was safe and the cash was seized. The cash flow improved significantly.
1) The company’s recovery rate has improved significantly. The company’s cash flow from sales of goods and labor services in the first three quarters reached 645.
69 trillion, accounting for 62 of the sales amount over the same period.
7%, up 13. from the end of 18 years
Five single, the increase in sales recovery rate effectively improved the company’s cash flow situation; cash inflows from financing activities reached 938.
9.6 billion, an increase of 65 in ten years.
2) Cooperate with Ping An to adopt the asset-light model of asset management to effectively revitalize existing assets and optimize the structure of assets and liabilities.
The military company cooperated with Ping An Life of China in real estate projects. The company transferred the subject claims to Ping An Life with a total amount of 58.
At the same time, Ping An entrusted the company to build the target property on the project site, and gradually provided the target property with operation management services. Issuing transactions are of great significance for the company to revitalize the existing assets, optimize the company’s asset and liability structure, and find new growth points.
As of the end of the March 2019 quarter, the company’s asset-liability ratio was 84.
9%, excluding the asset-liability ratio after receipt of 54.
6%, leverage level is controllable.
Investment suggestion: Huaxia Happiness has gradually transitioned from “building a garden with a house” to the stage of “promoting a house with a garden”, moving towards a nationwide layout, and the future industry development service income will grow at a considerable rate.
Ping An’s strategic investment has effectively strengthened the company’s capital strength, and in-depth cooperation in potential business is worth looking forward to.
We expect the company EPS to be 4 in 2019-2021.
20 yuan, corresponding to 5 for PE.
89 times, maintain “Buy” rating.
Risk warning: industry sales fluctuations; policy adjustments leading to operational risks; changes in financing environment; corporate operating risks; exchange rate fluctuation risks; shed reform monetization is not up to expectations.