Hang Seng Electronics (600570): A rebound in the capital market and policies to promote steady revenue growth The innovative business continues to make breakthroughs

Hang Seng Electronics (600570): A rebound in the capital market and policies to promote steady revenue growth The innovative business continues to make breakthroughs Event: Company revenue 15 in the first half of 2019. 24 ppm, an increase of 11 years. 97%; net profit attributable to mother 6. 780,000 yuan, an increase of 125 in […]

Po Laiya (603605) 19Q1 financial report comments: The construction of all categories and multi-brands is making good progress and the net profit has increased by 30.

4% meet expectations Po Laiya (603605) 19Q1 financial report comments: The construction of all categories and multi-brands is making good progress and the net profit has increased by 30. 4% meet expectations Event: The company released the first quarter of 2019 financial report on 4/19. At the core of the report, the company achieved operating […]

索菲亚(002572):增速放缓 重构终端竞争力

索菲亚(002572):增速放缓 重构终端竞争力 2018Q4毛利率下滑,全年归母净利润增速低于预期 公司2018 年实现营业收入73.11 亿元,同比增长18.66%;归母净利润9.59 亿元,同比增长5.77%。其中,四季度营业收入22.05 亿元,同比增长15.42%,归母净利润2.67 亿元,同比增长-19.26%,利润增速较预期有所下滑无锡夜网,公司拟向全体股东每10 股派发现金红利5.00 元(含税)。 司索联动提升渠道效率,橱柜业务逐步实现盈利 2018 年司米橱柜实现营业收入7.09 亿元,同比增长20.05%,毛利率提升2.66pct 至27.98%,橱柜业务扭亏为盈进入利润拐点,逐步实现盈利。 2019 年司米橱柜计划再新开100 家独立门店,并把橱柜产品融入更多的索菲亚专卖店,构建司索联动销售网络,提高单店产出。 公司智能化、自动化、数字化优势进一步突出产品高性价比特征 报告期内公司板材利用率已接近84%,一次性安装成功率达90%,提高客户体验的同时降低生产成本。公司未来将重点打造数字化生态系统,通过构建集消费者、家居设计师和商家一体的开放式3D 协同平台,实现公司高效益生产、资源高效利用、提高人均产能的目标。 盈利预测与投资评级 公司持续推动大家居战略,渠道下沉加密奠定收入增长基础,回购计划彰显公司信心。随着销售网点拓展、橱柜业务改善、新营销手段推进,预计公司2019-2021 年实现营收86.43、102.10、120.43 亿元,归母净利润为11.08、12.77、14.68 亿元,当前对应2019 年PE16.68 倍,参照可比定制家具公司估值,根据wind 一致预期,公司估值低于行业平均值,考虑一线品牌估值溢价,给予2019 年20xPE 合理估值,维持公司买入评级。 风险提示 房地产市场调控超预期紧缩导致家具行业景气度低迷;原材料价格大幅上涨或行业竞争加剧影响公司盈利;家具新品类拓展和盈利不达预期。

Wanhua Chemical (600309): The integrated industry map has initially improved its operations and maintained steady growth.

Wanhua Chemical (600309): The integrated industry map has initially improved its operations and maintained steady growth. Event: The company released its annual report: In 2018, it achieved operating income of 606. 2.2 billion, an increase of 14 every year. 11%; Net profit attributable to shareholders of listed companies 106. 10ppm, an average of 4 in […]

China Life Insurance (601628) Annual Report Comment: Profit and NBV are expected to continue to lead the industry

China Life Insurance (601628) Annual Report Comment: Profit and NBV are expected to continue to lead the industry Investment points: Benefiting from the growth of the stock market, the increase in equity investment income, China Life’s profit growth and growth in the first quarter, and its net assets increased significantly compared to earlier periods. The […]