Piano (002853): Seize the hardcover air outlet revenue growth accelerated month-on-month

Piano (002853): Seize the hardcover air outlet revenue growth accelerated month-on-month
The company disclosed in its 2019 Interim Report that net profit attributable to mothers increased by 22 year-on-year.37% of companies achieved revenue in 2019H1 5.5.5 billion (+ 25% year-on-year.24%), net profit attributable to mother 0.5.9 billion (+22.37%).One single Q2 realized operating income3.4.2 billion (+31 year-on-year.53%), net profit attributable to mother 0.4.4 billion (+ 24% YoY).69%).In terms of categories, the company’s cabinet and supporting business income in the first half of the 杭州夜网 year4.2.3 billion (+ 33% YoY).72%), income from wardrobe and ancillary business1.2.5 billion (+ 10% year-on-year.69%). The company’s gross profit margin for 2019H1 is 35.41%, net profit attributable to mother 10.70%, basically the same every year. The company’s operating cash flow decreased by 1 in 2019Q1.27 ppm, Q2 net inflow of 0.US $ 3.3 billion, a month-on-month improvement, related to the timing of settlement of major business funds and the active use of factoring tools. Strengthening the brand channel to stabilize the retail market, vigorously driving new growth in real estate to continue the downturn, and under the background of intensified market competition, the company has strengthened the “super storage” brand positioning, omni-channel marketing and other methods to stabilize the retail market brand.At the same time, 西安耍耍网 the company focused on the fine decoration market and opened up a breakthrough in growth.The reporting companies continued to deepen their major business cooperation with top real estate developers, and at the same time stepped up their efforts to attract investment from engineering dealers, dating new real estate clients such as Poly Real Estate, Sunshine 100, and Aoyuan. The company reports proactive information construction, optimizes production processes and supply chain, and adopts the strategy of “holding high and hitting high” to provide basic strength for the company’s differentiation strategy and bulk business strategy. Earnings forecast and investment suggestions are bullish on the company’s differentiated positioning of “super storage”, actively develop engineering business channels, and expand multiple categories.The company’s EPS for 2019-2021 is expected to be 1.17.1.48, 1.80 yuan / share, maintaining the company’s reasonable estimate of 22 times PE, corresponding to a reasonable value of 25.8 yuan / share, maintain the company’s “Buy” rating. Risks suggest that real estate continues to be sluggish, and industry competition is intensifying, causing the company’s growth to be hindered; channel expansion is less than expected; engineering business expansion is driving down the company’s profitability.