Supor (002032): Steady Growth Through Cycle

Supor (002032): Steady Growth Through Cycle
Performance summary: The company released the third quarter report of 2019, reporting and realizing operating income of US $ 14.9 billion, an annual increase of 11.2%; realize net profit of return to mother 12.500 million, an increase of 13% in ten years.In Q3, the operating income reached 50 in a single quarter.6 ppm, an increase of 11 in ten years.4%; net profit attributable to mother 4.10,000 yuan, an increase of 12 in ten years.4%. The company’s revenue and net profit attributable to mothers have maintained a growth trend for 7 consecutive years and 28 quarters. Among them, net profit attributable to mothers has maintained a growth rate of more than two figures for 28 consecutive quarters. New products were introduced, and net income increased rapidly.In total, the company’s revenue continued to grow steadily. Since the beginning of this year, the company has introduced new products such as this kettle series IH rice cooker, full-speed silent wall breaker, flaming point titanium diamond soot-free wok, and other areas in the future are expected to further develop in the areas of mother and baby plates, water heaters and other fields.The report is first-rate, and the company’s accounts receivable are 24.6 trillion, an earlier increase of 42.6%.We think this is mainly due to the e-commerce account for the funds. The company actively deployed e-commerce channels, and the channel proportion increased. Profits have grown steadily.The number of reports, the company achieved a gross profit margin of 30.7%, increase by 0 every year.5pp, of which Q3 achieved a gross profit margin of 30 in a single quarter.5%, increase by 1 every year.2pp, profitability has steadily improved.In terms of expenses, the company’s sales 重庆耍耍网 expense ratio and management expense expenses15.8% and 3.8%, a year growth of -0.3pp and 0.3pp.Among them, financial expenses have dropped by 821 every year.5%, mainly due to the increase in bank deposit interest.Taken together, the company achieved a net interest rate of 8.4%, an annual increase of 0.2pp. Cash flow has declined and turnover has increased.For reporting purposes, the company’s net operating cash flow is 1.9 trillion, a decrease of 61 a year.3%.In itself, the company’s purchase of goods, labor services’ cash growth, reorganization, and the company’s strengthening of e-commerce channel construction were affected by e-commerce repayment.Report intelligence, company inventory 15.1 ‰, an earlier decline of 36.1%.The company strengthened inventory management and accelerated inventory turnover.The report totals the company’s inventory turnover investment5.3, 4 in the same period last year.6 has improved. Profit forecast and investment product recommendations.We adjusted the EPS for 2019-2021 to 2.32 yuan, 2.65 yuan, 3.02 yuan, maintaining the “overweight” level. Risk Warning: The price of raw materials may fluctuate greatly, and the exchange rate may change.