Golden Mantis (002081): Q3 revenue increased 17% during the period

Golden Mantis (002081): Q3 revenue increased 17% during the period
In the first three quarters of 2019, the company gradually entered a new transition order 334.2.4 billion, an annual increase of 17.30%.The company’s public installation, residential, and design businesses were each newly extended by 185.600 million, 126.500 million, 22.1 ‰, an increase of 15 in ten years.6%, 17.9%, 29.9%, residential order growth potential to improve. The company achieved operating income of 227 in the first three quarters of 2019.41 ppm, an increase of 22 in ten years.66%.The company’s Q1, Q2 and Q3 revenues increased by 19 respectively.57%, 32.56%, 17.16%, Q3 revenue growth has improved; the parent company, the subsidiary increased by 19 respectively.42%, 28.25%. The company’s period expenses accounted for 5 in the first three quarters.99%, a decrease of 0 every year.43%.The proportion of sales expenses and management expenses decreased by 0 each year.41%, 0.11%, mainly due to the rapid expansion of home improvement business and fine decoration business; financial expenses accounted for 0%.44%, an increase of 0 compared with the same period last year.35%, mainly due to the increase in corporate loan interest rates and bill discount fees. The company achieved a comprehensive gross profit margin of 18 in the first three quarters of 2019.58%, a decline of 0 every year.79%, mainly due to the decline in the gross profit margin of the home improvement 淡水桑拿网 business and the increase in the proportion of fine decoration business with a low gross profit margin.The company’s Q1, Q2, and Q3 gross profit margins decreased by 0, respectively.43%, 0.22%, 1.61%; gross profit of parent and subsidiary decreased by 0 respectively.27%, 1.48%. In the first three quarters, the company’s asset impairment + credit impairment loss accounted for zero.79%, a year up 0.42%; net operating cash flow is -0.30 yuan, an increase of 0 every year.05 yuan / share. Earnings forecast and rating: We have lowered the company’s earnings forecast. The company’s EPS for 2019-2021 is 0.89 yuan, 1.04 yuan, 1.21 yuan, the PE corresponding to the closing price on October 25 is 9 respectively.3 times, 8.0 times, 6.8 times, maintaining the level of “prudent overweight”. Risk warning: macroeconomic downside risks, new 杭州桑拿 growth orders fail to meet expectations, orders fall below expectations, home improvement business expansion expectations, cash flow conditions deteriorate, and accounts receivables bring bad debt losses beyond expectations