Everbright Securities buy Longma sanitation-纪元1701

Everbright Securities: buy buy Longma Ryoma sanitation sanitation first half of 2016 the company achieved operating income of 1 billion 18 million yuan, an increase of 33.92%; attributable to owners of the parent company net profit of 102 million yuan, an increase of 26.11%. The first half of the cost of sales was 126 million yuan, an increase of 52.56%, the main reason is the company to open up new areas and sanitation services leads to the recruitment of sales staff and workers pay travel expenses increased, corresponding to the service charge, sanitation orders publicity service fees, agency fees, business entertainment expenses increased. Companies around the sanitation equipment manufacturing + sanitation industry services, collaborative development strategy, focusing on the development of environmental sanitation industry services. 2016-2018 is expected to return to the parent net profit of 2.01 yuan, respectively, corresponding to PE was 463525 times, the company’s competitiveness is prominent, sanitation operations into a rapid growth period, maintaining a buy rating of. Buy the Songcheng Academy for performing arts in the first half the company achieved operating income of 1 billion 186 million, an increase of 106.96%, benefiting from six rooms in 2015 and August, the low base last year, after excluding other business income 664 million, an increase of 15.84%. Attributable to shareholders of listed companies net profit of 432 million, an increase of 56.09%, earnings per share of $0.30, in line with expectations. Net profit growth is lower than the main reason for the growth rate and low gross margin, high cost of sales rate of six rooms led. Gross profit margin decreased year on year, the cost of sales increased significantly. Jiuzhaigou, Lijiang project the high growth rate of six, the real business growth, active layout of the pan entertainment industry chain. The steady growth of the company line of business, asset light model to two or three line city promotion, improve women’s launch of the pan entertainment industry chain. Forecast 161718 years EPS were at 0.65 0.90, the current 16PE is 37 times, giving a buy rating (). Risk warning: six room liquidity volatility. Recommended holdings conch profile 1-6 months of 2016 the company achieved operating income of 1 billion 460 million yuan, down 10.1%, attributable to shareholders of listed companies net profit of 57 million yuan, an increase of 28.7%, earnings per share 0.16 yuan; overall gross margin of 17.6%, an increase of 2.6 percentage points; sales expense ratio, management fee rate were 5.1%, 6.4%, an increase of 0.8 and 1.2 percentage points, financial expenses was 1.3%, down 0.13 percentage points, while the rate was 12.8%, an increase of 1.9 percentage points. The concept of downward pressure on the economy, overcapacity and lack of demand led plastic material industry boom is poor; first half revenue fell, product gross margin and operating income factors causing growth performance. The major shareholder of the company for Anhui Conch Group Limited, the shareholding ratio of 30.6%, the actual control of Anhui province SASAC, may be concerned about the progress of the reform of state-owned enterprises in Anhui. EPS is expected to 16-18 0.34, respectively, 0.39, $0.41, the target price of $11.5, overweight rating.相关的主题文章: