Ewushang A (000501) 2019 Third Quarterly Report Review: Performance Meets Expectations Expense Control Capability 深圳桑拿网 Steadily Strengthened
1-3Q2019 company revenue is reduced by 0 every year.42%, net profit attributable to mothers increases by 4 per year.52% 1-3Q2019 achieved operating income of 128.81 ‰, a decrease of 0 per year.42%; realized net profit attributable to mother 8.180,000 yuan, which translates into a fully diluted EPS of 1.06 yuan, an annual increase of 4.52%; net profit deducted from non-attributed mothers7.99 ppm, a 10-year increase3.28%, performance is in line with expectations. In terms of single quarter breakdown, the operating income of the third quarter of 2019 was 40.0.6 million yuan, one year less.87%; net profit attributable to mothers2.180,000 yuan, converted into a fully diluted EPS of 0.28 yuan, an annual increase of 5.78%; net profit deducted from non-attributed mothers2.10,000 yuan, decreased by one year.28%. Overall gross profit margin decreased by 0.32 averages, during which the rate of expense fell to 0.The company’s comprehensive gross profit margin for the 64 grades in the first three quarters of 2019 was 21.59%, a decline of 0 every year.32 units. 1-3Q2019 company period expenses12.19%, a decline of 0 per year.There are 64 singles, of which the sales / management / financial expense ratios are 10 respectively.87% / 1.31% / 0.00%, change -0 each year.44 / -0.15 / -0.06 averages. Regional retail leader, fee control capability has steadily strengthened the company’s diversified business formats, with the provincial capital Wuhan as its core, and its influence has spread to second- and third-tier cities in Hubei Province. Under the circumstances that the development potential of the central market represented by Wuhan has been generally recognized, major commercial projects have landed, and competition is intensifying, the company has continued to promote transformation and upgrade to cope with competition while achieving continuous improvement in the expense ratio during the period.It shows that the company has gradually strengthened its ability to control expenses.With the completion of the company’s Dream Times project in the future, the company’s regional competitiveness is expected to be consolidated. We maintain our profit forecast and maintain the “overweight” rating of the company’s regional leaders, which are relatively stable, and the ability to control fees has shifted. We maintain a fully diluted EPS for the company for 19-21 of 1, respectively.37/1.39/1.With a forecast of 42 yuan, the company’s PE is 8X (2019E) lower than the average of 11X in the past three years. Maintaining the “overweight” rating risk reminder: The project progress of Dream Times gradually exceeded expectations, and competition in the retail market in Hubei has intensified.