Supor (002032): speeding up export sales, domestic sales, temporary rational control of inventory, steady improvement in the second half of the year

Supor (002032): speeding up export sales, domestic sales, temporary rational control of inventory, steady improvement in the second half of the year
Event: The company released a semi-annual report and achieved 98 revenue in the first half of 2019.3.6 billion, an increase of 10 years.15%; net profit attributable to mother 8.38 ppm, an increase of 13 in ten years.35%. Comments: The domestic sales department speeded up, and the profitability increased steadily. In the first half of 2019, the company achieved revenue of 98.3.6 billion, an increase of 10 years.15%; net profit attributable to mother 8.38 ppm, an increase of 13 in ten years.35%.In terms of different regions, the export revenue in the first half of the year increased by 10 per year.8%, of which Q2 growth rate increased month-on-month; under the high base Q2 domestic sales growth rate fell, but still continue the industry.In terms of profit, the gross profit margin of the main business was 30.85%, a decrease of 0 every year.28 points, mainly due to the decline in domestic gross profit margin.At the same time, the company plans to pay dividends in the medium term, paying dividends every 10 shares2.58 yuan (including tax). Domestic small 天津夜网 household appliances are fiercely competitive, and the company’s expansion of product categories + purification structure are divided in parallel. E-commerce is still the key to the company’s domestic sales growth in the first half of the year, and we expect the offline scale to remain stable.Aowei’s data shows that the company’s 9 major category lines have increased their market share by 1.1 unit, the growth rate continues to lead the industry.In terms of categories, thanks to the introduction of new products, the number of rice cookers has continued to increase, and wall-mounted cooking machines and kitchens have achieved double-digit growth.At the same time, in recent years, the company successfully cut into the field of kitchen and bathroom. The company plans to jointly fund the establishment of the Supor Water Heater Co., Ltd. 淡水桑拿网 (the company holds a 52% stake) with the Supor Group to develop water heater categories and give full play to the synergy of the categories. Accelerating inventory turnover, and actively responding to market changes in the second half of the year due to the overall domestic environment. The sales of small household appliances are advancing at a low speed and the online and offline differentiation is accelerating, which also makes the company’s advance collection in 2019 drop significantly.Therefore, the company took more measures to terminate the company’s inventory at the end of the first half of the year by 14.9%, inventory turnover accelerated, inventory inventory was reasonably controlled, laying a good foundation for responding to market changes in the second half of the year.In addition, the decline in the number of accounts receivable turnover in the first half of the year was mainly due to the increase in the proportion of exports and e-commerce, and offline dealers still had good returns. Profit forecast and investment recommendations The company is expected to achieve net profit in 2019-2021.04 billion, 22.3.6 billion and 26.4.4 billion, corresponding to the current PE is 30 times, 25 times and 21 times.SEB orders continue to shift, and domestic sales growth is highly certain; domestic refining structure + expansion of categories go hand in hand, leading style is fully displayed, and a “recommended” rating is given. Risk reminder: offline product structure improvement is less than expected, and price competition for wall breakers is fierce

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Cape Town, South Africa