The company's performance is in line with expectations. In the first three quarters of 2019, the company achieved operating income of 15.808 billion yuan, an increase of 20.06% over the same period last year; the net profit of shareholders belonging to listed companies was 296 million yuan, up 13.63% over the same period last year; and the net profit of shareholders of listed companies was 294 million yuan, an increase of 14.54% over the same period last year, corresponding to EPS1.01 yuan. Of this total, Q3's revenue in a single quarter was 5.566 billion yuan, up 19.86% from the same period last year; the net profit of shareholders belonging to listed companies was 84 million yuan, up 12.75% from the same period last year. The company's performance is in line with expectations.
The proportion of shares held by major shareholders has increased significantly. During the reporting period, the company completed the non-public offering of shares to Everbright Group, the actual controller, with an issue price of 14.45 yuan per share, issued 41.18 million shares and raised 59500 yuan, all of which will be used to supplement working capital and will further optimize the company's capital structure. reduce financial risk. After the private completion of this time, the total shareholding ratio of Everbright Group has increased significantly from 16.72% to 28.47%. The significant increase in the shareholding proportion of controlling shareholders is conducive to the long-term and healthy development of the company and the rapid expansion of the company's main business.
The operating efficiency of the company has improved steadily. During the reporting period, the company's equipment consumables wholesale business is expected to maintain a rapid growth of about 30%, and drug wholesale business to maintain a steady growth of about 10%; the company's sales gross profit margin is 10.28%, up 0.35 ppm from the same period last year; the net sales profit rate is 3.22%, down 0.22 ppp from the same period last year; the company's sales expense rate is 3.79%, up 0.86 ppm from the same period last year; the management expense rate is 1.00%, down 0.08pp from the same period last year The financial expense rate was 0.91%, a decrease of 0.10pp compared with the same period last year. During the reporting period, the net cash flow of the company's operating activities was 369 million yuan, a significant improvement compared with-433 million yuan in the same period last year, mainly due to the company's strengthening the management of accounts receivable, the increase in payment recovery and the conversion of advance payment to account payment.
Profit forecast: we predict that the company's net profit attributable to the parent company from 2019 to 2021 will be 439 million yuan, 568 million yuan and 686 million yuan respectively, and the corresponding EPS will be 1.51,1.95 yuan and 2.35 yuan respectively. The current stock price corresponds to 6.6 times PE, maintaining the "recommended" rating.
Risk tips: the risk of reducing the price of equipment consumables; the risk of cross-regional operation and management.
