Anhui Heli (600761) 2019 Third Quarterly Report Review: Industry Segmentation Does Not Change the Company’s Leadership, Consolidated Operating Cash Flow is Good

Anhui Heli (600761) 2019 Third Quarterly Report Review: Industry Segmentation Does Not Change the Company’s Leadership, Consolidated Operating Cash Flow is Good

The company released the third quarter report of 2019: After adjusting the caliber, the company achieved revenue of 74.

8.4 billion, an annual increase of 0.

31%; net profit attributable to mothers4.

84 ppm, a ten-year increase4.

15%; net profit after deduction to mother 4.

08 million yuan, an increase of 4 in ten years.

76%; expected average return on equity is 10.

22%, an increase of 0 every 无锡桑拿网year.

45 units.

In December 2018, the company completed the acquisition of 66% equity of Ningbo Lida in cash, and the company made subsequent adjustments to the financial data for the same period last year.

In the first three quarters of 2019, the company’s operating income maintained a steady growth trend, surpassing the rapid growth of revenue in the past two years, and the revenue growth rate changed slightly. First, after experiencing rapid growth in the previous two years, the overall procurement scale of the industry declined.

The number of forklift sales increased from January to September 20191.

76%.

The company achieved operating income of 24 in Q3 in a single quarter.

71 ppm, a ten-year increase3.

91%; net profit attributable to mothers1.

34 ppm, an 18-year increase.

67%, ranking Q2 single quarter operating conditions have improved.

The company’s profitability increased slightly.

The company’s gross profit margin for the first three quarters of 21.

36%, an increase of 1 each year.

43 averages; Q3 single quarter gross margin of 20.

44%, an increase of 0 every year.

54 units.

Expenses during the first three quarters of the company9.

USD 5.9 billion, an annual increase of 18.

69%, accounting for 12% of operating income.

82%, an increase of 1 each year.

99 units.

The company’s high-level R & D occupation accounts for about 4% -5% of operating income.

The company’s credit impairment losses amounted to 557 million, a year-on-year decrease of 3159 million. First, the company’s account receivables account for bad debts decreased.

Net cash flow from company operating activities 5.

900,000 yuan, an increase of 16 in ten years.

61%, the first is the company’s purchase of goods, receiving cash for labor services fell.

27%; net cash flows from investing activities1.

2 billion, an increase of 6 every year.

85 ppm, the first and foremost is an increase in the company’s recovery of investment; net cash flow from financing activities3.

41 trillion, a reduction of 0 a year.7.4 billion.

We adjust our profit forecast and expect the company’s net profit for 2019-2021.

72/7.

92/9.

27 trillion, EPS is 0.

91/1.

07/1.

杭州桑拿 25 yuan / share, corresponding to the closing price of PE on October 28 is 10.

0/8.

5/7.

3 times, maintaining the level of “prudent increase”.

Risk warning: The industry’s sales volume is less than expected, and industry competition is intensifying.