Supor (002032) company comment: the company’s revenue steadily increased H1 performance in line with expectations

Supor (002032) company comment: the company’s revenue steadily increased H1 performance in line with expectations
The event company released a quick report on 2019H1 performance and achieved revenue of 98.3.6 billion, an increase of 10 years.2%, net profit attributable to mother is 8.40,000 yuan, an increase of 13 in ten years.4%; of which, in Q2 2019, the income reached 43.600 million, an increase of 10 in ten years.1%, net profit attributable to mother is 3.2 ‰, an increase of 12 in ten years.6%. The domestic and foreign sales markets have grown steadily, product market share has improved, and Q2’s overall revenue has improved month-on-month, but it has maintained steady growth of more than 10%.Looking at the data from Taobao alone, the market share of Q2’s products has remained stable, and some categories have been further improved. Among them, the market share of sales of rice cookers, juicers and smoke stoves is 23.2%, 10.8%, 9.6% a year -1.0, +1.2, -0.3 points.We expect that the company ‘s kitchen appliance business revenue growth will continue to increase steadily in the first half of the year. Last year ‘s fast-growing kitchen appliances were affected by the high base and the impact of the real estate post-cycle on revenue contribution. The export business is expected to maintain a certain growth. The performance growth rate is in line with expectations, and the short-term yield will affect the net profit. From the perspective of operating profit and profit margin, the company’s operating profit in 2019H1 is 11.10,000 yuan, an increase of 18 in ten years.9%, with a total profit of 11.0 million yuan, an increase of 16 in ten years.6%, mainly benefited from better control of the expense ratio during the period and improved capital utilization efficiency, sales expense ratio, and management expense ratio reached -0.57, -0.23pct.Q2’s operating profit was 4.30,000 yuan, an annual increase of 30.0%, total profit is 4.20,000 yuan, an increase of 23 in ten years.6%, in line with our expectations for the company. Due to the time lag between the company’s certification of emerging companies and the expiration of its certificate, the short-term company’s net profit is affected by changes in tax rates.Compared with the budget policy of the same period of last year, the subsidiary’s subsidiary Shaoxing Life Electric Co., Ltd.’s 19-year yield has changed from 15% to 25%. In 2018H1, the subsidiary’s revenue accounted for 41 of the overall revenue.8%, operating profit accounted for 49% of the whole.4%.According to our calculations, the increase in the fractional rate in the short term may have an impact on the net profit side of about 50 million. 杭州桑拿 Investment suggestion The company is a leading domestic kitchen cooker and kitchen small household appliance company. It is still optimistic about the consumption upgrade of the small household appliance market in the long term. The company’s new brands and new categories such as WMF and SEB will continue to provide growth momentum for the company.It is only temporary, and it will have a certain impact on net profit in the short term. We maintain the revenue of 209 in 19-21.8, 245.5, 286.50,000 yuan, an increase of 17 in ten years.5%, 17.0%, 16.7%; net profit attributable to mother is 19.7, 23.2, 27.20,000 yuan, an increase of 18 in ten years.1%, 17.8%, 17.3%.Currently, the corresponding PE for 19-21 is 28.6x, 24.2x, 20.7x, maintain “Buy” rating. Risk warning: WMF sales do not meet the expected risk, and the original price rise 杭州桑拿 risk.