Supor (002032) 2018 Annual Report Comments: Steady Operation Still Improves Profitability

Supor (002032) 2018 Annual Report Comments: Steady Operation Still Improves Profitability
Event: The company released its 2018 annual report.The company achieved operating income of 178 in 2018.5.1 billion, an increase of 22 in ten years.75%; net profit attributable to mother 16.70 ppm, an increase of 25 in ten years.91%, net profit after returning to the mother after deduction 15.13 ppm, an increase of 25 in ten years.30%.Rationale benefits 2.043 yuan, an annual increase of 25.88%.Q4 achieved operating income of 44.580,000 yuan, an increase of 17 in ten years.23%; realized net profit attributable to mother 5.65 ppm, an increase of 34 in ten years.80%; net profit after deduction 4610,000 yuan, an increase of 34 in ten years.51%. Viewpoint: The product structure is continuously optimized, and product competitiveness is further improved.Revenues from Supor cookware and electrical appliances increased further, while sales of cookware products increased by 16%.87%, sales of electrical products increase by 19 each year.64%.With the upgrade of the company’s products, the company’s gross profit margin is 30.86%, an increase of 1 each year.30%, of which the gross profit margin in the fourth quarter was 32.82%, an increase of 3 per year.28%.At the same time, the company is committed to R & D investment and actively promotes technological innovation. In 2018, R & D investment accounted for operating income.26%, so the R & D 杭州桑拿网 expense ratio increases by 1.26%. The foreign trade business has grown steadily, and domestic and foreign sales have further developed in a balanced manner.Since 2006, the French SEB Group has entered into strategic cooperation with Supor.SEB actually holds Supor up to 81.18% of the shares have become the actual controller of Supor.In 2018, international trade frictions continued, but thanks to the continued transfer of orders from the SEB Group, exports were 47 in 2018.The company’s main foreign trade income of the company reached 4.2 billion US dollars.73%. Net cash increased significantly and turnover efficiency improved significantly.The company’s net increase in cash and cash equivalents in 2018 was 5.4.7 billion yuan, an increase of 25,014 per year.41%, which was mainly due to the increase in cash paid for labor services 深圳桑拿网 and purchases of goods in cash inflows from operating activities in 2018.The company’s inventory turnover implanted in 20185.43, rises by 0 every year.28 assets; total assets turnover investment1.80, rising by 0 every year.13 fines can grind the company’s operating capabilities steadily improving. The construction of channels led to an increase in selling expenses, and the company’s operations continued to be stable.The company’s operating cost in 2018 was 123.4.2 billion yuan, an increase of 22 per year.13%.Among them, the cost of the electrical industry increased the most, with an increase of 24.37%.For the report scale, the company has been deepening the market development strategy of the third and fourth tiers, thereby increasing market resources and channel customer expenses, resulting in an annual internal sales expense of $ 2.8 billion, an increase of 26.74%.Management expenses were 3 in 2018.4 billion, an annual increase of 43.42%, which was caused by the budget incentive costs for the current period. Summary: The report predicts that the company will continue to promote product innovation strategies and new category development strategies to further increase the market share of small household appliances.In the fields of kitchen and bathroom appliances, the company’s market has been further consolidated.The company accelerated the deployment of third- and fourth-tier markets and e-commerce channels.In the context of unstable international trade, Counterpoint actively cooperates with SEB strategically, resulting in stable domestic and foreign sales.At the same time, the company’s operating capacity has been steadily improved, and it will continue to be included in the development space in the future. We expect the company’s operating income for 2019-2021 to be 207 respectively.78 ppm, 239.71 ppm and 273.7.6 billion; budget benefits are 2 respectively.60 yuan, 3.05 yuan and 3.55 yuan, the corresponding PE is 25.49, 21.67 and 18.62. Maintain the company’s “recommended” level. Risk warning: regional market sales are less than expected, new business development is uncertain, and industry policies are further tightened