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Dahua Co. (002236): Continue to cash in the third quarter to improve the quality of logical operations significantly improved

31/03/2020

Dahua Co. (002236): Continue to cash in the third quarter to improve the quality of logical operations significantly improved

The growth rate of Q3 performance increased marginally, and the logic of management improvement continued to materialize the company’s disclosure of the quarterly report for 19 years.

In the first three quarters, the company’s revenue increased by 9 per year.

30%, net profit attributable to mothers increases by 20 per year.

06%, located in the middle of the guideline of 10?
The 25% median is on the upper side, in line with market expectations.

Among them Q3 income grows by 7 every year.

76%, ranking improved in the second quarter, net profit attributable to mothers increased by 32 each year.

53%, significantly higher than the growth rate of income.

  Q3 gross profit margin 42.

13%, 青岛夜网 down from the previous month.

22pct, an increase of 6 per year.

04pct, maintaining a good level of Q2.

The first three quarters of sales received a ten-year increase in cash.

7%, significantly faster than revenue growth, the first three quarters of operating net cash flow increased by 67 per second.

7%.

At the end of Q3, the company had cash in hand 35.

6 ten percent, an annual increase of 82 in real terms.

3%.

The domestic business is stable and good. The overseas market is under pressure for a short period of time. The domestic business of Q3 companies is progressing steadily. Large enterprises and government business continue to grow. The channel business has also improved from the first half of the year.

Looking forward to the fourth quarter and next year, large enterprise business is expected to continue to maintain higher growth. Government business is recovering driven by the continuous upgrade of Xueliang project assessment counters and more emergency system construction. At the same time, the company’s destocking of channel businessThe adjustment of product structure and customer structure is basically in place, and it is expected to contribute flexibility in the future. Therefore, the growth of the company’s internal business will continue to improve marginally.

  In terms of overseas business, with the landing of US entity list sanctions, some wait-and-see overseas customers may diverge, and the pressure on the revenue side is expected to be difficult to improve significantly in the short term.

Expected 19?
The 21-year EPS is 1.

05/1.

32/1.

65 yuan / share, maintain “Buy” rating is expected to 19?
The 21-year EPS is 1.

05/1.

32/1.

65 yuan / share, with reference to the average income level of a comparable company (corresponding to 24 times PE in 2019), calculated at 22xPE corresponding to 2019 performance, the company’s reasonable value is 23.

21 yuan / share, maintain “Buy” rating.

Risks prompt the risk that the national government’s security market is picking up less than expected; the risk of increased competition among new players in the industry; the impact of Sino-US trade friction on the company’s overseas 深圳桑拿网 business