CUHK (600704): Expense control significantly increases core advantages of supply chain integration services
Event: CUHK released the 2019 semi-annual report.
2019H1 total operating income is 1602.
94 ppm, an increase of 22 in ten years.
36%, net profit attributable to mother 16.
10,000 yuan, an increase of 28 in ten years.
14%, deducting non-net profit 13.
26 ppm, an increase of 135 in ten years.
Total operating income for the second quarter of 2019 was 879.
0.6 million yuan, an increase of 14 in ten years.
63%, net profit attributable to mother 6.
0.94 million yuan, an increase of 65 in ten years.
Opinion: The decline in expense ratio has driven high growth in performance.
In the first half of 2019, the 南京桑拿网 company’s core main business supply chain integration service segment operating income was 1521.
27 ppm, an increase of 20 in ten years.
52%, accounting for 95% of operating income, and 45% of profit.
The company’s gross profit margin fell by 0.
3 points to 2.
In terms of expense ratio, the selling expense ratio decreased by 0.
1pct to 0.
64%; R & D expense ratio and management expense ratio decreased by 0.
09pct to 0.
7%; financial expense ratio decreased by 0.
31pct to 0.
41%, mainly due to the decline in interest denial, decreased financing costs, reduced interest expenses, and increased interest income.
The core advantages of supply chain integration services are obvious.
The company has metal supply chain, energy supply chain, chemical supply chain, automotive supply chain integration services, steel, iron ore, coal, chemical and other four major means of production. The core products are ranked in the top three nationwide, and the automotive service business is nationwide.The automobile dealer group ranks eighth in comprehensive strength.
At present, the group has gathered more than 3,000 resource suppliers upstream, the midstream connects more than 2,000 logistics and processing service providers, and the downstream serves more than 30,000 terminal enterprise customers, including more than 150 Fortune 500 companies and more than 80 central enterprises.Established extensive, in-depth and close cooperation relationships, and the core advantages of supply chain integration services are obvious.
Accelerate the building of a smart supply chain logistics system and a unique supply chain financial system.
The company actively integrated the intelligent supply chain logistics system. In the first half of 2019, the number of integrated logistics services exceeded 1654 cases, an increase of 77% over the previous year.
The company is the first local circulation enterprise to obtain a double AAA credit rating in the country. The annual credit scale is about US $ 100 billion. The company uses the company’s credit advantage and capital advantage to provide supply chain financial support, so that the company’s overall comprehensive financing cost exceeds the average social financing cost.
Profit forecast: We forecast the company’s net profit for 2019-2021 to be 27.
5.5 billion, an increase of 13 respectively.
7%, 6.9%, 11.
8%, EPS is 0.
76 yuan, maintain “Buy” rating.
Risk warning: macroeconomic fluctuation risk, financial risk, high-end industrial risk.