Liuyao shares (603368): first quarter reported high growth cash flow improved significantly

Liuyao shares (603368): first quarter reported high growth cash flow improved significantly

The company released the first quarter report of 2019 and achieved rapid growth.

The company released a quarterly report and realized revenue of 33.

USD 8.6 billion, an annual increase of 24.

89%, net profit attributable to mothers1.

60 ppm, an increase of 41 in ten years.

68%, net profit after deduction is returned to mother 1.

55 ppm, an increase of 36 in ten years.

56%, in line with the company’s democratic disclosure, achieving rapid growth.

The overall endogenous growth rate exceeded expectations, and the wholesale business ushered in the last two-vote bonus period.

The company’s Q4 2018 merger with Metrohm is expected to affect net profit of about 7 million after offsetting financial expenses. Therefore, the company’s end-of-year non-deduction net profit growth rate was about 31%.

We estimate that the company’s performance business has maintained rapid growth: 1) Wholesale business: The revenue growth rate is estimated to be more than 20%. In the last two votes, the small circulation enterprises accelerated their exit, and the company’s supply chain services strengthened their own competitiveness.The business is accelerating to the right; 2) Retail business: We expect the revenue growth rate to be about 35%, a continuous high growth rate; 3) Industrial sector: Due to the relatively large base of Chinese medicine decoction pieces, we estimate that the sintering market will continueTimes.

The three fees were improved due to the impact of business structure, and cash flow 武汉夜网论坛 improved significantly.

The company’s Q1 2019 sales, management, and financial expense ratios were 2 respectively.

37%, 2.

17%, 0.

87%, respectively +0 from the same period last year.

45pp, +0.

62pp, 0.

58pp, we believe that it is mainly due to the relatively high gross of retail business, due to the increase in the proportion of industrial sectors; the company’s Q1 cash flow improved significantly, from -8 in the same period last year.

3.4 billion improved to -3.

5.0 billion, in line with the 19 years of our democratic trial, is the turning point of the company’s cash flow, and we expect that there will still be relatively good improvements gradually.

The company’s fundamentals are of high quality, and it is currently estimated to be possible.

We expect to achieve a net profit growth rate of about 30% 深圳spa会所 in 2019, corresponding to the current estimate of only 13x.

From an industry perspective, we believe that 2018 is the bottom of the influencing factors for the evaluation of circulation companies. The impact of the two-vote system, zero markup, and credit spreads has been improved in 2019. From a company perspective, in ourIn the model calculation of the circulation enterprise (seeing the growth rate of the existing business support and the growth rate of external financing in two, and giving different PEGs, specific expectations are welcome to discuss), the company’s reasonable estimate is 17-18x, and currently it is still estimatedUpside.

Earnings forecast: We estimate the company’s net profit attributable to its parent to be 6-2019.

91, 8.

54, 10.

6.1 billion, an annual increase of 30.

7%, 23.

7%, 24.

2%, the current sustainable corresponding PE is 13x, 11x, 9x, maintain “Buy” rating.

Risk reminder: The integration of the distribution industry in Guangxi Province is less than expected; the pressure on medical insurance control fees continues to increase risks; the company’s pharmacy business expansion is less than expected.