Guodian Nanrui (600406): The gross profit margin increased month-on-month is expected to benefit from ubiquitous tender

Guodian Nanrui (600406): The gross profit margin increased month-on-month is expected to benefit from ubiquitous tender

The company released the 2019 third quarter report.

In the first three quarters of 2019, the company achieved revenue of 171.

80 ppm, an increase of 0 in ten years.

12%, net profit attributable to mother 21.

46 trillion, down 7 a year.

32%; net profit after deducting non-return to mother 20.

1.3 billion, an increase of 4 quarter.

34%.

Comprehensive gross profit margin 28.

92%, increase by 1 every year.

21 points.

In the single quarter, the company achieved revenue of 62 in the third quarter of 2019.

4.6 billion, downgraded five years ago.

41%; gross margin 31.

37%, an increase of 3 per year.

35 points; up 2 from the previous quarter.

07 points; net profit attributable to mother 9.

4.5 billion, down 1 a year.

93%; net profit of non-attributed mothers 8.

99 ppm, an increase of 4 in ten years.

63%.

Expenses for the period.

During the first three quarters of 2019, the company’s period expense ratio was 14.

76%, an increase of 1 per year.

84pct; the increase brought by the reduction of the expense ratio, specifically, the sales expense ratio of 6.

09pct, a year promotion 0.

42 points, management and R & D expense ratio 8.

83%, increasing by 0 every year.

88pct, financial expense ratio -0.

16%, 0 per year.

54 points.

Balance sheet items: As of the end of the third quarter of 2019, the company’s bills receivable and accounts receivable 189.

18 ppm, an increase of 4 from the end of the previous quarter.

82%; bills payable and accounts payable 148.

4.3 billion, an increase of 2 from the previous month.

73%; advance funds received 49.

7.6 billion, an increase of 8 from the previous month.

01%; inventory 73.8.6 billion, an increase of 14 from the previous month.

56%.

The flooding is advancing rapidly in construction and the amount of bidding will benefit the company.

Judging from the recent bidding of several batches of information equipment, services and communication equipment launched by the State Grid, we believe that ubiquitous investment 杭州桑拿网 has gradually entered the stage of investment volume from the end of the third quarter, and we expect that it will increase volume from 2020.

As one of the core equipment companies that the State Grid floods into the construction of the electric power Internet of Things, we expect to fully benefit.

Grid automation continues to grow steadily.

Based on the current status of the industry, we expect that the company’s power automation, dispatch automation and other businesses are gradually entering a new round of upgrade and transformation cycles, which will support the growth of the power grid automation sector.

Join forces with the Research Institute to accelerate the IGBT industrialization process.

The company recently announced that it will cooperate with the United Research Institute to accelerate the 杭州桑拿网 industrialization of the IGBT module project and add new momentum to the long-term development.

Profit forecast and estimation.

It is expected that the company’s net profit attributable to the mother for 2019-2021 will be 45.

6.5 billion, 52.

9 billion, 61.

2.4 billion.

Corresponds to a relative return of 0.

99 yuan, 1.

14 yuan, 1.

32 yuan.

Given 20-25 times PE in 2019, the corresponding reasonable value range is 19.

80-24.

75 yuan, maintaining the “primary market” rating.

risk warning.

The progress of grid investment is not up to expectations, and market competition has led to a reduction in profitability.