Events:
The company announced on March 7 that it achieved fast results in 2019, with a total operating income of 2.508 billion yuan in 2019, an increase of 9.01% over the same period last year, a net profit of 141 million yuan, a year-on-year increase of 23.19%, a basic EPS of 0.78 yuan and a weighted average ROE of 9.6%.
Comments:
The annual performance grew steadily. The revenue for the four quarters was 4.90Universe 5.50, 6.22 / 845 million, 8.09%, 8.58, 22.70, 14.51%, 12.25%, 13.15, 35.77%, respectively. The operating profit also maintained a rapid year-on-year growth rate of 2924, 3440, 5132, and 52.92 million yuan, respectively, 24.56%, 19.54, 28.52, 39.05%. The net profit of the shareholders belonging to the listed company was 2132max, 3220, 4618 / 41.03 million yuan respectively, which was 0.38%, 11.73%, 26.59% and 14.32% respectively compared with the same period last year.
There are plenty of orders. In 2019, the company signed a new order of 4.029 billion yuan, an increase of 29.38 percent over the same period last year, and an on-hand order of 5.129 billion yuan, an increase of 23.53 percent over the same period last year.
The leader of interior design is obviously underestimated. Interior design business is different from other similar listed companies. The company announced on December 30, 2019 that it plans to change its name to "CCD,Cheng Chung Design" in the future. In 2019, CCD became the only creative brand on the list of "Top 500 Asian Brands" and ranked in the "2019 Global Top 100 Hotel Design list" by Interior Design, an authoritative professional interior design magazine in the United States. The comprehensive strength of interior design of CCD Hotel ranks third in the world. CCD design capability has been recognized by Reggie, Intercontinental and many other top international hotel brands, providing services for more than 50 international hotel management brands, and project works are spread throughout Greater China, Southeast Asia, Europe and the United States. According to the company's announcement data in 2018, the design business provides all the operating profits of the company. We think that the company is obviously underestimated as the leader of interior design, and according to the logic of small and beautiful, we think that the company's PE in 2020 should not be at least 20 times.
Give the company a "buy" rating for the first time. We estimate that the net profit of the shareholders belonging to the listed company in 2019, 2020, and 2021 will be 1.41, 1.78 / 231 million respectively, an increase of 23%, 27%, 29%, and 0.78, 0.99 and 1.28 respectively over the same period last year. The target price for 6 months is 20 yuan.
Risk hints: the market systemic risk, the performance is not up to expectations, and the duration of the epidemic exceeds expectations.
