Hengshun Vinegar (600305): Stable Revenue Growth, Improved Gross Margin, Improved Profitability

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Hengshun Vinegar (600305): Stable Revenue Growth, Improved Gross Margin, Improved Profitability

Hengshun Vinegar (600305): Stable Revenue Growth, Improved Gross Margin, Improved Profitability

Investment Highlights: Event: The company released three quarterly reports and achieved operating income for the first three quarters13.

3 billion, an annual increase of 7.

62%; realize net profit attributable to shareholders of listed companies.

5.1 billion, an increase of 14 in ten years.

81%; deduct non-net profit 1.

83 ppm, an increase of 15 in ten years.

2%, EPS is 0.

32 yuan.

Achieved revenue in the third quarter alone4.

500 million, an annual increase of 4.

24%; net profit attributable to shareholders of listed companies1.

09 billion, an increase of 14 in ten years.

twenty one%.

We forecast a net profit growth of 15% in Q3, which is in line with expectations.

  Investment rating and estimation: Due to the recognition of 41.95 million asset disposal gains in the third quarter, we slightly raised the 19-year forecast and maintained the 20-21-year forecast.

04, 3.

25, 3.

7 billion (previous time was 2).

88, 3.

25, 3.

7 billion), each year increased by -0.

2%, 6.

8%, 13.

8%, corresponding to 2019-21 EPS is 0.

39, 0.

41, 0.

47 yuan (the previous time was 0.

37, 0.

41, 0.

47 yuan), the latest closing price corresponding to the PE of 2019-20 is 37, 35 times, maintaining the overweight level.

  Cooking wine continued to grow in a differentiated foreign market.

In the third quarter, revenue growth accelerated slightly. In terms of products, vinegar alone in the third quarter3.

5.0 billion, an annual increase of 3.

91%, cooking wine 0.

700 million, a 39-year growth of 39.

06%, a significant acceleration from the second quarter.

In terms of different regions, the company’s home base in East China has a single quarter of revenue2.

0.6 billion, a 10-year growth of 3.72%西安耍耍网, continued to maintain steady growth.

  The foreign port market is still differentiated. South China and Central China expanded their performance significantly, increasing in the third and third quarters.

61%, 11.

87%, accounting for 15 respectively.

95%, 17.

89%, an increase of 2 per year.

07pct, 0.

69 points.

The western and northern regions are still undergoing adjustment.

Cash received for sales of goods and services in the third quarter increased by 12.

18%, faster than income, mainly due to the increase in advance receipts of about 10 million.

  Increase in gross profit margin improves profitability.

The improvement in profitability was mainly due to 1) the increase in gross profit margin, which was 44 in the third quarter.

43%, an increase of 3 per year.

72pct, it is estimated that it has reflected 都市夜网 the effect of product structure optimization and early price increase. 2) The asset disposal income was 41.95 million, an increase of approximately 30 million each year, which was due to the income from the disposal of assets of Zhongshan West Road.

Costs during the third quarter are 25.

22%, of which selling expenses are 16.

25%, increase by 1 every year.

7pct; management expense ratio and financial expense ratio reach 8 respectively.

61% (comparable caliber after reducing R & D expenses) and 0.

36%, change in ten years 1.

16 points and -0.

23pct.

Government subsidies have decreased substantially by nearly 27 million compared to last year.

The reduction in asset disposal income and government subsidies basically made up, and the improvement in profitability mainly came from the increase in gross profit margin.

  Catalysts for leading performance: mechanism reform, core product price increase core assumptions risks: performance expected gradually, industry competition intensified

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