Daya Icon (000910): Steady growth in performance awaits recovery

Core point of view The first quarter revenue growth in ten years1.

08%, net profit 杭州夜网 attributable to mothers increased by 9 per year.

69% of the company’s operating income in the first quarter of 201914.

1.3 billion (YoY + 1.

08%), mainly due to the rebound in retail sales in March and the continuous advancement of the tooling business.

6.3 billion (+ 9% year-on-year.

69%).

Report communique, company gross margin 34.

65%, rising by 0 every year.

62pct, the period expense rate increased by 0 compared with the same period last year.

48 points to 28.

54%, of which the sales expense ratio rose by 0.

24pct to 16.

60%, the management expense ratio decreased by 1.

27 points to 9.

58%, R & D expenses1.

83%, the financial expense ratio decreased by 0.

32pct to 0.

53%.

  The improvement of the fundamentals and the improvement of the fundamentals of the tooling business in accordance with the trend of hardcover according to our previous report, “Customizing to welcome the midsummer after the cold spring, and greater certainty of the full installation chain,” the actual completion of 2019-2020 is better than 2018, and the expected growth rateAt least 5-10%, meanwhile, the expected contribution of net shutdown area to the real completion exceeds the expected growth rate, helping the furniture industry fundamentals continue to improve.

The all-inclusive policy is expected to increase. According to the statistics of Aowei Cloud Network, the market share of hardwood flooring hardcover companies in the first half of 2018, the iconic flooring to 22.

4% ranked first, and it is expected that the company will continue to benefit from the improvement in the proportion of refined decoration.

  Profit forecast and investment logic are optimistic about the company. (1) The engineering business has obvious advantages and continues to benefit from the improvement of the proportion of refined decoration; (2) Delivery warms up and helps the retail end. The Suqian factory is relocated to the maximum accumulation; (3) Expected distribution integrationIt will continue and management improvement can still be expected.

The company’s operating income is expected to be 76 in 2019-2021.

4,79.

5, 82.

300 million, net profit 四川耍耍网 attributable to mother is 7.

9, 8.

6,9.

3 ppm, currently sustainable corresponding to 9xPE in 2019. With reference to the average valuation of comparable listed companies, we are optimistic about the company’s future development trend and give a reasonable assessment of 11xPE in 2019, corresponding to a reasonable value of 15.

7 yuan / share, maintain BUY rating.

  Risks suggest that the tightening of real estate budget policies may lead to a downturn in the overall prosperity of the furniture industry, the project end growth rate is not up to expectations; management improvement progress is not up to expectations; raw material prices have risen more than expected.

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