Antong Holdings (600179): Significant changes in 2018Q4 and 2019Q1 results

Antong 西安耍耍网 Holdings (600179): Significant changes in 2018Q4 and 2019Q1 results

Investment Highlights Event: Antong Holdings released the 2018 annual report and the 2019 first quarter report.

Operating income for 2018 was 100.

6 ppm, an increase of 48 in ten years.

8%; net profit attributable to mother 4.

9 trillion, a year-on-year decrease of 11%, equivalent to 0 EPS.

41 yuan, net profit after deduction 3.

4 ‰, a decrease of 31 per year.

2%, lower than expected results.

Operating income for the first quarter of 201915.

3 trillion, down 20 a year.

3%; net profit attributable to mother 0.

2 trillion, a year of 85.

6%, equivalent to 0 EPS.

02 yuan; 0 after deduction is expected.

200 million, one year less.

600 million, lower than expected performance.

Opinion: Gross profit margin decreased significantly in the fourth quarter of 2018, and performance began to decline significantly.

In the first three quarters of 2018, the company’s operating income was 73.

500 million, a 64-year growth of 64.

4%; comprehensive gross profit margin 12.

9%, a decrease of 3 per year.

5pct; net profit attributable to mother 5.

10,000 yuan, an increase of 39 in ten years.

9%.

In the fourth quarter of 2019, the company’s operating income was 27.

10,000 yuan, an increase of 18 in ten years.

3%; comprehensive gross profit margin 8.

3%, a decline of 7 per year.

2 points; net profit attributable to mother may be 0.

200 million, a sharp decrease of 2 previously.

10,000 yuan, the fourth quarter of 2018 results show a downward trend.

In the first quarter of 2019, the company’s operating income was 15.

3 trillion, down 20 a year.

3%; comprehensive gross profit margin 8.

2%, a decline of 8 per year.

2pct.

The company mentioned in the first quarterly report that due to the impact of changes in the macroeconomic cycle and the economic cycle of the upstream industry, abnormal market conditions in the first quarter of 2019 caused changes in the company’s first quarter performance in 2019, which may cause the company’s first half of 2019.Performance is expected to drop by more than 50% each year.

Bad debt losses increased significantly in 2018.In 2018, the company accrued bad debt losses of 78.23 million yuan, an additional 67.53 million yuan a year.

The amount of bills receivable and accounts receivable of the company was 15 at the end of 2018.

900 million, an annual increase of 6.

800 million; 15 at the end of March 2019.

500 million, need to pay attention to bad debt risk.

Occupation of non-operating funds by the controlling shareholder of the company occurred in 2018, and all the annual reports were issued in full.

In order to avoid the fact that the controlling shareholder of the listed company’s stock pledged a liquidation and caused the company’s actual control to change, and the long boots affected the company’s operating stability, the controlling shareholder’s non-operating capital occupation by the listed company occurred in 2018.

As of December 31, 2018, the total principal and interest of the occupied funds11.

US $ 300 million. As of the date of the annual report, Antong Holdings has received all the occupied funds and indexes, including the principal of the occupied funds after the period and the interest after the period of approximately 4.

10,000 yuan.

The company has pending lawsuits.

On April 11, 2019, the Henan Provincial Higher People’s Court opened a trial to hear the plaintiff Anmou and the defendant Guo Dongze, Antong Holdings and a third party Renjian International Trade (Shanghai) Co., Ltd. business trust dispute.The external guarantee is subject to a maximum of 2 trillion yuan and the corresponding index and breach of contract. The relevant court has not yet judged.

The actual controller of Antong Holdings, the former chairman and former legal representative Guo Dongze was called the company’s board of directors, and the shareholders’ meeting agreed to sign a “guarantee contract” with Anmou in the name of Antong Holdings, thereby providing joint guarantee for personal debts.

Based on comprehensive and comprehensive judgment, Antong Holding believes that the matter will not cause economic loss to the company, and the auditors believe that the matter is uncertain and the amounts do not match.

The approval of the company’s non-public offering of shares has expired.

On November 9, 2018, the company received the “Review on Approval of the Non-public Issuance of Shares by Antong Holding Co., Ltd.” issued by the China Securities Regulatory Commission, and approved the company’s non-public issuance to not exceed approximately 2.

9.7 billion new shares will be valid for 6 months from the date of approval for issuance (October 29, 2018).

The company completed the arrangement for the non-public issuance of shares within 6 months from the date of approval of the issuance by the China Securities Regulatory Commission. Therefore, the approval of the company’s non-public issuance of shares was invalid.

According to relevant regulations, if the company restarts its equity financing plan in the future, it will need to re-establish the board of directors and shareholders’ meeting to change the issuance plan, and report to the CSRC for approval after making disclosure as required.

The company is expected to receive special funding for logistics industry development provided by Quanzhou state-owned enterprises.

On April 26, 2019, Antong Holding Co., Ltd. (hereinafter referred to as “Party A”) and Quanzhou Financial Holding Group Co., Ltd. (hereinafter referred to as “Party B”), Quanzhou Transportation Development Group Co., Ltd. (hereinafter referred to as “Party C””)”) And Quanzhou Fengze State-owned Investment Group Co., Ltd. (hereinafter referred to as “Ding Fang”) changed the “Cooperation Framework Agreement on Promoting the Development of Modern Logistics Industry Together”. B, C, and D are the state-owned enterprises in Quanzhou.We will establish strategic cooperation with Party A (and / or Party A’s subsidiaries) through the establishment of a special fund for the development of modern logistics industry with a scale of USD 2 billion.

Relying on the logistics industry platform of Party A, the special funds will be invested in such fields as container logistics, supply chain management, logistics park construction, logistics informatization, and port development to jointly promote the strengthening and expansion of the local logistics industry.

The initial phase of the special fund was 700 million U.S. dollars, and it will be in place at the beginning of the year. The follow-up cooperation methods will include, but will not include, equity investment in the company’s subsidiaries, and working capital loans.

This agreement serves as a framework agreement to guide the cooperation between the two parties. The specific cooperation issues involved need further communication and participation between the two parties, and there are still uncertainties regarding the implementation details.

The highest level of the agreement does not involve changes in the scale of equity of listed companies, nor does it lead to changes in corporate control.

Subsequent companies will implement the agreement in accordance with relevant regulations, as well as the corresponding decision-making and approval procedures, and perform information disclosure obligations in a 深圳桑拿网 timely manner.

Profit forecast and rating.

The company’s 2018Q4 performance began to show a clear downward trend, and we set the company’s EPS forecast for 2019-2020 from 0.

64, 0.

The 79 yuan is reduced to 0.

13, 0.

15 yuan, the company’s 2019-2021 EPS is expected to be 0.

13, 0.

15, 0.

16 yuan, the company incorporated on May 5, 2019, the corresponding PE for 2019-2021 is 59.

5, 52.

4,47.

7 times, downgrading the company’s rating from “prudent overweight” to “neutral”.

risk warning.

The internal supply and demand relationship of domestic trade has deteriorated, the development of multimodal transport business has exceeded expectations, maritime security accidents, the company ‘s actual controller ‘s equity quality mortgage risk, the company ‘s debt repayment and capital turnover risks, the company ‘s receivables ‘bad debt risk, etc.