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Zhejiang Dingli (603338): The impact of the trade war has weakened, and the third quarter revenue has picked up from the previous quarter

14/03/2020

Zhejiang Dingli (603338): The impact of the trade war has weakened, and the third quarter revenue has picked up from the previous quarter

Event: The company released the third quarter report of 2019 today, and the company achieved operating income in the first three quarters of 201914.

45 ‰, an increase of 9% in ten years, to achieve net profit attributable to mothers4.

440,000 yuan, an increase of 12% in ten years.

From a single quarter perspective, the company achieved revenue in the third quarter of a single quarter5.

97 ‰, an increase of 10% in ten years, to achieve net profit attributable to mothers1.

8.3 billion, down 4% a year.

  Opinion: The impact of the trade war has weakened, the new arm has begun to increase volume, and the third quarter revenue has picked up from the previous quarter.

  Affected by the trade war in the second quarter, the company’s sales volume in North America declined, while the growth in other regions could not replace the replacement in North America in the short term. Therefore, the single-quarter revenue replacement in the second quarter eased through the third quarter trade war.With heavy volume, the company’s single quarter revenue began to pick up, an increase of 29% from the previous quarter and an annual increase of 10%.

  Excluding the impact of investment income on profits, the net profit attributable to the mother in the third quarter of the year declined year by year.

  The year-on-year decrease in net profit in the third quarter of this year was mainly due to the investment income generated in the same period last year.

23 trillion, the investment income in the third quarter of this year was only 0.

30,000 yuan, excluding this effect, the net profit in the third quarter of a single quarter is rising.

  The company’s gross profit margin for the first three quarters was 40.

8%, the same as the same period 武汉夜网论坛 last year, a drop of 1 point from the previous quarter. From the perspective of the single quarter, the gross profit margin in the first quarter was 42.

7%, compared with 40 in the second quarter.

9%, compared with 39 in the third quarter.

7%, the slight fluctuation of the gross profit margin mainly has several effects. First, the products exported to the United States bear part of the tariffs. Second, the new arm products are not yet in the stage of mass production in the assembly line. The gross profit margin is lower than other products, so it is lower.The company’s overall gross profit level.

  Electric scissors and fork products exported to the United States have obtained tariff exemption qualifications in October, and the subsequent reduction of tariffs will have a positive impact on the company’s profits.

  Investment 重庆耍耍网 suggestions and grades: The company is expected to have a net profit of 5 in 2019-2021.

8 billion, 7.

5 billion, 9.

800 million, PE is 38 times, 29 times and 22 times, giving a “buy” rating.

  Risk warning: company orders are lower than expected, new product sales are lower than expected