Jiangshan Oupai (603208): Engineering channels grow rapidly

Jiangshan Oupai (603208): Engineering channels grow rapidly

On August 13th, Jiangshan Europai issued the 2019 Interim Report, and the company achieved total operating income of 19H1.

30 ppm, an increase of 52 in ten years.

01%, mainly due to the increase in sales revenue of the 2019H1 engineering channel;

820,000 yuan, an increase of 41 in ten years.

2%; net profit after deduction is 0.

71 ppm, an increase of 45 in ten years.


By quarter, the company’s 19Q1 / Q2 single quarter revenue was 2 respectively.


8.8 billion yuan, with a change of +21 each year.

5%, +73

6%; net profit attributable to mothers is 0.

10, 0.

710,000 yuan, +9 changes each year.

7%, +47.


The performance of the short review is rapidly increased, and future growth is expected.

In terms of products, the revenue scale of 19H1 moulded doors / solid wood composite doors plus +47 respectively.

5% / 43.

7%, accounting for 53.

7% / 37.

2%; gross profit margins are 34.

3% / 29.

0%, down by 1 every year.

7pct / 3.

1pct, mainly due to the increase in the proportion of engineering business.

The company specializes in the manufacture of wooden doors, has multiple production bases, has a rich production line layout and novel product styles. The main products are solid wood composite doors and plywood molded doors, which have gradually extended to new products such as entrance doors, fire doors, and cabinets.

In 19H1, the linear UV roller coating project was completed, and the “Project with an Annual Output of 1.2 Million Sets of Wooden Doors” is progressing as planned, and it is still in the infrastructure stage.

At the same time, we insist on improving product technology, upgrading technology, and automating production lines, continuously increasing production capacity and per capita replacement; and continuously increasing investment in research and development of materials, equipment and products.

The integration trend is obvious, and engineering channels contribute the main force of performance.

The company’s competition in the wooden door industry is facing a new round of reshuffle, from product price competition to competition in brand quality and design services. The company accounts for less than 1% in some cities and has broad development space.

In 19H1, the company completed the construction of the “marketing network construction project” and strengthened the multi-channel marketing model of distributors, engineering customers, foreign trade companies and exporters.

In terms of engineering, it has established strategic cooperative relations with a few local real estate developers such as Evergrande, Vanke, Poly, etc., and won the honor of “Top 500 Preferred Suppliers 武汉夜生活网 and Categories of China Real Estate Development Enterprises” issued by China Real Estate Association.

In terms of retail, the company’s sales network has covered 31 provinces and regions across the country, becoming a wooden door manufacturing company with a wide domestic sales network coverage.

The future engineering business is the highest development direction. The company has a professional engineering service team, strong customer resources, large-scale production advantages, stable product quality, and a good brand image. In the future, the engineering end will become the company’s core competitiveness.

The gross profit margin decreased slightly, and the expense ratio was well controlled.

In 19H1, the company’s overall gross profit margin fell and fell2.

9 points to 31.
06%, mainly due to the lower gross profit margin of the engineering business revenue share increased.
The sales expense ratio, management 西安耍耍网 expense ratio, R & D expense ratio and financial expense ratio are -0, respectively.

24pct / -1.

98pct / -1.

35pct / + 0.

39 points to 9.

28%, 3.

48%, 4.

13%, 1.

12%; sales expenses increase by 48 per year.

19%, which is related to the increase in sales personnel’s salary and transportation maintenance costs, and the financial costs increase by 134 each year.

99%, mainly due to the increase in factoring expenses and Henan Evergrande European loan interest.

Net margin increased by 0.

74pct to 11.


19H1 The company achieved net operating cash flow of -1.

07,000 yuan, operating cash flow / net income is -1.

32, compared with 2 in the same period last year.

05 ppm and 1.

21. Net operating cash flow was negative mainly due to the increase in bills payable due.

Investment suggestion: We expect the company’s main business income from 2019 to 2020 to be 17 respectively.

9.4 billion and 22.

92 trillion yuan, an annual increase of 39.

8% and 27.

8%; net profit attributable to mothers is 2.

09 billion and 2.

63 trillion yuan, an annual increase of 36.

7% and 25.

6%, corresponding to PE of 12.

6x and 10.

0x, maintain “Buy” rating.

Risk factors: increased competition in the industry, fluctuations in raw material prices, and fluctuations in the real estate industry.