The company released its semi-annual report in 2019, with an operating income of 477 million yuan, an increase of 67.74% over the same period last year, a net profit of 47 million yuan, an increase of 37.45%, and a net profit of 42 million yuan after deduction, an increase of 37.82% over the same period last year. Taking the company's existing total share capital of 275034744 shares as the base, a cash dividend of 1.00 yuan (including tax) will be distributed to all shareholders for every 10 shares, with a total proposed cash dividend of 28 million yuan.
Achieve breakthroughs in both the pharmaceutical industry and overseas business. Guangzhou Pharmaceutical Co., Ltd. Guangzhou Pharmaceutical Biopharmaceutical City Baiyun Base Logistics Project (Phase I) is the company's first large-scale project in the pharmaceutical field, which has a benchmarking effect on its future business development in the pharmaceutical field. So far, the company's industry layout has been extended to tobacco, new energy, e-commerce, supermarkets, oil, medicine and other fields, the strong demand for industry automation and the company's strong technical strength and execution have led to the continuous landing of cross-industry orders. At the same time, we have made a breakthrough in overseas orders.
The cost was controlled in an orderly manner and the gross profit margin of the new energy industry declined. The company's gross profit margin was 28.33% in the first half of 2019, compared with 34.19% in the same period last year, due to a decline in gross profit margins in the new energy industry. The company's sales expense rate was 3.76%, compared with 7.03% in the same period last year; the company's sales and management expenses decreased by 9.19% compared with the same period last year, and R & D expenses increased by 32.19%.
The increase of major shareholders' holdings shows confidence. On August 7, 2019, the chairman of the company announced that the chairman promised to use his own funds to increase his holdings of the company's shares within six months, with an increase of not less than RMB 10 million and a proportion of no more than 1%. The commitment to increase holdings at the expiration of the ban on August 22, 2019 fully demonstrates confidence in the company.
Investment advice: the company's cross-industry expansion is carried out in an orderly manner, and the growth path is clear. The research and development of new products such as robots and industrial cloud platforms is conducive to the expansion of the company's product sales scope and the improvement of competitiveness. It is estimated that the EPS from 2019 to 2020 will be 0.51 yuan and 0.69 yuan respectively, maintaining the "buy-A" rating, with a six-month target price of 17 yuan.
Risk tips: the landing of cross-industry expansion is not as expected; the demand of the tobacco industry is not as expected; the landing of innovative products is not as expected.
