Diou Household (002798): The net return to mothers increased by 48 year-on-year.

18% European Connaught strengthens channel advantage

Diou Household (002798): The net return to mothers increased by 48 year-on-year.

18% European Connaught strengthens channel advantage

Event: The company released its semi-annual report for 2019 and achieved revenue of 24.

98 ppm, an increase of 30 in ten years.

13%; net profit attributable to mother realized 2.

33 ppm, an increase of 48 in ten years.

18%; net profit after deducting non-attribution to the mother realized 2.

500,000 yuan, an increase of 33 in ten years.

33%, performance basically in line with market expectations.

The gross profit margin of the sanitary ware business has risen sharply, and the selling expenses have increased rapidly: the company’s overall gross profit margin is 35.

46%, an annual increase of 1.

15 units, an increase of 1 from the previous quarter.

83 averages; overall net margin is 9.

22%, an annual increase of 1.

13 units.

In terms of products, the gross profit margin of bathroom products was 39.

67%, an increase of 8 over the previous year.

44 units; gross margin of ceramic wall and floor tiles is 35.

45%, an increase of 0 from the previous year.

05 averages.

The proportion of operating expenses increased, of which sales expenses increased by 44 each year.

77%, mainly due to the increase in logistics costs and engineering services costs of 51.

35% and 71.

58%; management costs fall by 6 per year.

04%, which is controlled by the merger of projects such as employee compensation and hospitality expenses; R & D expenses continue to increase47.

56%, mainly due to the increase in development costs of ceramic wall tiles and network platforms; financial expenses increased by 106 in ten years.

13%, the expected increase in interest rate and discount rate fees.

Operating cash flow has improved, and pressure on long-term borrowing to allocate funds: As of June 30, the company’s net cash flow from operating activities was 1.

33 ppm, a 44-year increase of 44.

90%, the cash flow situation has improved controversially.

The company’s current accounts receivable is 17.

510,000 yuan, an increase of 16.
.

twenty two%.

The company’s asset-liability ratio rose to 45.

73%, in a relatively reasonable range, of which the short-term extension dropped 14 at the end of 18th.

68%, long-term loans increased by 36 compared with the end of 18.

56%, the replacement of short-term borrowing by long-term borrowing is conducive to the company’s apportionment of debt repayment pressure.
Osgenolus continued to expand its channels, and the national layout of the supply chain formed a cost advantage: in the first half of the year, the company achieved revenue.
460,000 yuan, an increase of 37 in ten years.

44%; realized net profit1.

96 ppm, an increase of 19 years.

89%.

The report’s marketing channels for Eurotherm continued to develop. In terms of tooling customers, in addition to the existing large-scale real estate partners such as Country Garden, Vanke, Evergrande, Agile, and other large and medium-sized real estate such as Agile Real Estate, Helenburg, Hezheng Real Estate, OCTIn terms of retail channels, the company has more than 800 dealers, with an annual increase of 14.

29%, more than 2,400 terminal stores, a year-on-year increase of 41.

18%.

Ossino has established a tooling self-service service team 杭州夜网 that can quickly respond to the needs of real estate developers; the nationwide production base and supply chain can effectively reduce the company’s product costs and form the advantage of rapid development of B-side business.

Investment advice: We expect the company’s revenue growth from 2019 to 2021 to be 30.

4%, 30.

6%, 30.

7%, net profit growth rate was 45.

3%, 32.

2%, 31.

8%, continue to give buy-A investment rating, 6-month target price of 24 yuan.

Risk reminder: the development of engineering customers is not up to expectations, and the uncertainty of the impact of raw material price fluctuations on performance

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