The company's 1-3Q2019 revenue increased by 6.16% compared with the same period last year, and the home net profit increased by 90.97% compared with the same period last year.
1-3Q2019 realized operating income of 2.023 billion yuan, an increase of 6.16% over the same period last year; realized net profit of 118 million yuan, equivalent to 0.28 yuan of fully diluted EPS, an increase of 90.97% over the same period last year; and realized net profit of 85 million yuan, an increase of 31.29% over the same period last year, and the performance was in line with the performance forecast issued earlier. The company also issued a forecast for 2019 annual results: 2019 return net profit is expected to achieve 1.17-163 million yuan, corresponding to a year-on-year increase of 29.58% 80.53%.
In a single quarter, 3Q2019 achieved an operating income of 648 million yuan, an increase of 3.02% over the same period last year, a net profit of 30 million yuan, an increase of 35.24%, and a non-return net profit of 28 million yuan, an increase of 27.43% over the same period last year.
The comprehensive gross profit margin increased by 0.47 percentage points, and the expense rate decreased by 2.63 percentage points during the period.
The comprehensive gross profit margin of 1-3Q2019 was 19.59%, up 0.47% from the same period last year. The period expense rate of 1-3Q2019 company was 11.09%, down 2.63% from the same period last year. Among them, the sales / management / financial expense rate was 1.82%, 9.62% and 0.35%, respectively, and the year-on-year change was-0.17 /-2.29 and 0.16% respectively.
Market-oriented management has been steadily promoted and operational efficiency has been improved.
With Fangda Group becoming the controlling shareholder of the company, the market-oriented management model introduced by Fangda Group has injected cardiotonic agent into the company's operation. It is expected that under the influence of "Fangda Gene", the company's management system will improve the level of fine management at the middle and senior levels and the enthusiasm of grass-roots employees. With the completion of the upgrading of the main stores, the company's revenue and profit levels are expected to continue to improve.
Maintain profit forecast and maintain "overweight" rating
The company has a certain regional market competitiveness, we are optimistic about the gradual improvement of operating efficiency after the completion of the mixed reform, maintain the forecast of the company's comprehensive dilution EPS of 0.35 / 0.30 / 0.31 yuan in 19-21, and maintain the "overweight" rating.
Risk Tips:
The operation of the main store did not meet the expectations, and the operation improvement after the mixed reform did not meet the expectations.