We mentioned in the previous in-depth “When to Reshape the Pattern and Wait for the Return of the King” that the needs of the changing industry continue to weaken, and leading companies have the intention to be able to participate in competition and obtain more improvements through modest price reductions.杭州妃子阁
At the same time, based on the abundant surplus grain reserves, performance certainty is still guaranteed.杭州品茶
In September, Amoy’s online Gree share surpassed Oaks. We believe that it has overlapping signal meanings, indicating that the leading barriers are still deep and that it has the initiative to master the layout.
Profitability: The profit margin is still stable, basically 10% profit growth worry-free company 19Q3 gross profit margin 29.
4% a year -1.
35pct, single season sales expense rate -0 per second.
At 34pct, the gross sales difference fell by 1pct in ten years, and other circulating debts fell slightly by 1.3 billion.
Combining financial expenses, investment income and fair value changes, the exchange rate has a small overall impact on single quarter profits.
Replacement of the new consolidated low-margin business, the gross profit margin is estimated to decrease slightly, mainly due to the heavy volume of the Q3 special offer form and the moderate price reduction of the main products.
Looking to the future, due to the breakdown of the profit margin base in 18Q4, a high probability of 14 will be achieved.
Net profit margin above 5% and profit growth around 10%.
The company’s operating net cash flow in the first three quarters was 32.7 billion yuan, a significant improvement over the same period last year of 15.1 billion yuan.
The main factor adjustment, we estimate that the company did not adjust the upstream price, but the account period was appropriately extended, and the response to the subject extension increased by 32.8 billion, reflecting the strong control of the industrial chain.
The fundamentals are stable, and the short-term focus is still on the reform and promotion of the company. This financial report is fully in line with the industrial prosperity and actual operating conditions. Although the performance is relatively flat, the shift in operating policies has released more positive signals, indicating that Gree is completelyAbility to control competitive dominance.
With the implementation of the equity transfer plan, the focus of the merger will return to mid- and long-term operations, bringing sustained and stable performance.
In addition to the financial report, at this stage, the company is gradually performing more or mixed reforms.
After the previous announcement, Zhuhai Mingjun began to reorganize the “Share Transfer Agreement” with Gree Group within 10 working days (after the approval of the SASAC, etc.), and disclosed details of cooperation with related parties.
Further binding of the interests of leaders and shareholders will strengthen Gree’s stable and high dividend expectation.
Gao’s entry expanded Gree retail gradually and opened up the imagination space for the second track, which brought the company a second take-off.
The profit forecast, assessment and rating are in line with the company’s performance, the business strategy behind the dull performance is positive, and the modest price reduction brings the share back up, which reflects the company’s deep barriers and the ability to deploy.
With a low base in Q4, it is expected that the expected profit will have a stable growth of more than 10%.
The company’s short-term outlook is still the continuous implementation of mixed reforms. As a scarce domestic high-ROE cash flow asset, the current price is significantly undervalued. We are optimistic about the estimated improvement after the mixed reform.