Huibopu (002554): Sufficient orders lead to stable growth in company performance
Event: 杭州夜网论坛 On August 25, the company released its 2019 Interim Report.
The company achieved operating income in the first half of 201910.
24 ppm, an increase of 34 per year.
44%; Net profit attributable to shareholders of listed companies was 0.
78 ppm, an increase of 33 per year.
Comments: (1) The company’s operating performance has rebounded significantly, and Anton expects the change will affect the investment income of the company in the first half of the year to achieve operating income.
24 ppm, net profit attributable to shareholders of listed companies.
7.8 billion, an increase of 34 each year.
44% and 33.
The net profit of alternative non-recurring gains and losses previously attributed to shareholders of the listed company was 3821.
470,000 yuan, including 2264 in the second quarter.
40,000 yuan, an increase of 45.
In the non-recurring gains and losses in the first half of the year, the investment income brought about by the change in the fair value of the shares of Anton Group held by the company was 3802.
860,000 yuan, an increase in investment income compared with the first quarter.
(2) The company changed the actual controller and dated the background of state-owned assets to optimize the capital structure. On May 9, this year, the company issued an announcement that Changsha Water Industry transferred 107,275,951 shares of the company and subscribed for all 214,000,000 shares issued in private.25 of the total share capital.
On August 20, the company announced that the transfer registration procedures for the transfer of shares agreed above had been completed.
The company’s actual controller was changed to Changsha State-owned Assets Supervision and Administration Commission, using its additional capital strength to optimize the equity structure and promote the company’s sustainable and healthy development in the future.
(3) New orders continued to grow rapidly, and the company had ample orders in hand.
In the first half of 2019, the transformation industry continued to pick up, the company’s new leapfrogs grew rapidly, and orders in hand were abundant.
Among them, the new millennium single 7.
700,000 yuan, an increase of 309 over the same period last year.
57%; 36 orders in hand.
370,000 yuan, an increase of 323 over the same period last year.
With the company’s market layout and accelerated brand building, it is expected that there will be continuous breakthroughs in overseas regions in the second half of the year.
Profit forecast and investment advice: As the internal transition of the Anton Group will also have 北京夜网 a distorted effect on investment income, taking into account the decline in investment income in the second quarter, the forecast is gradually based on the level of investment income in the second quarter.
We lower the company’s profit forecast for 2019-2021, and expect the company’s net profit for 2019-2021 to be 1.
72 trillion, equivalent to 0 EPS.
However, considering the company’s abundant orders and operating results gradually picking up, we maintain the “overweight” rating.
Risk factors: Anton Group continues to expand; oil prices have fallen sharply; the oil service industry’s recovery has fallen short of expectations; the company’s order execution has fallen short of expectations.