Rui Maotong (600180) 2019 third quarterly report comment: the third quarter net profit achieved positive growth, fund management efficiency has improved

Rui Maotong (600180) 2019 third quarterly report comment: the third quarter net profit achieved positive growth, fund management efficiency has improved

The company disclosed the third quarter report of 2019: realized operating income of 259.

100 million (-8.

3%), net profit attributable to shareholders of listed companies.

600 million (-4.

1%), net profit after deduction is 1.

100 million (-74%).

The initial gain is zero.

36 yuan (-4.

1%), with an expected average ROE of 6.

2% (reduction of 0 per year).

83 pct).

The business has been adjusted. Sales revenue has decreased in the first three quarters, but the gross profit margin has improved. Since then, coal prices have improved. Overlapping companies have continued to implement strategies to shrink non-coal bulk trade and supply chain finance business, which has resulted in company revenue.Decline.

As of the end of the third quarter of 2019, the company’s factoring receivable balance was 42.

30,000 yuan, 68 over the beginning of the period.

9 trillion, a year down 38.

6%, the company achieved operating income of 259 in the first three quarters.

100 million (-8.

3%).

The company focuses on the coal business. This year, it has increased the scale of its international coal and coal coke businesses. Although its revenue has declined, its profitability has improved.
.

96% increased to 8.

26%. At the same time, the company has successively established joint ventures with Shaanxi Coal and Shanxi Coal to expand its resource development 南宁桑拿 capabilities. The coal trading business is expected to continue to grow.

During the first three quarters, the company’s expense ratio increased, and its net profit margin was flat compared to the first three quarters. The company’s selling expenses were 13.

80,000 yuan (+89.

2%), administrative expenses 2.

400 million (+33.

4%), financial expenses 4.

2 ‰ (-27.

7%).

The increase in sales expenses was due to the increase in the scale of the reported international coal and coal coke business, the increase in management expenses was due to the report and the expansion of staff recruitment, and the decrease in financial expenses was due to the decrease in the reported budget financing scale compared to the same period last year.

Expenses for the three periods in the first three quarters7.

9%, an increase of 2 over the same period last year.

6 units.

Although the company’s gross profit margin increased, the expense ratio also increased during the period, and the net profit margin was basically the same as the same period of the previous year, both being 1.

4%.

The company’s fund management efficiency and debt repayment ability achieved a certain degree of reporting improvement. The company focused on improving the coal supply chain fund management efficiency, and net cash flow from operating activities52.

6 ppm, a 72% increase over ten years, and net cash flows / liabilities from operating activities were zero.

34, increasing by 0 every year.
14 points, earned interest multiple (EBIT / interest expense) is 1.
97, increasing by 0 every year.

22 levels, the company’s funds management efficiency and debt repayment ability to achieve a certain optimization.

Earnings forecasts and estimates Based on the company’s short-term business adjustments and the first three quarters of performance, we adjusted our earnings forecasts and expect the company to achieve net profit attributable to shareholders of the parent company in 2019/20/21 of 5, respectively.

0/6.

14/7.

2.4 billion (aging to 6).

2/7.

6/8.

9), at least +5 respectively.

2%, +22.

7%, +18.

0%, the equivalent eps are 0.

49/0.

60/0.

71 yuan / share, currently 7.

44 yuan corresponding to PE is 15/12/10 times, maintaining the “overweight” level.

Risk warning: macroeconomic downturn; tight interest rate market.