Wanye Enterprise (600641) 2019 Interim Report Review: Stable Development of Real Estate Business Continues Deepening Strategic Transformation
Core point of view The real estate business has developed steadily and the profitability has been slightly reduced.
The company released its semi-annual report for 2019 and achieved revenue of 16 in the first half.
3 ‰, 31 years ago.
2%, to achieve net profit attributable to mother 5.
3 ‰, 40 years ago.
7%, to achieve deduction of non-net profit4.
5 ‰, 48 years ago.
Due to Baoshan, the Suzhou project entered the late stage, and the overall settlement income overlapped with the same period last year.
At the same time, the profitability of the real estate business also decreased slightly, and the gross profit margin in the first half of 2019 was 46.
4%, down 11.
3 units; net profit 杭州桑拿 attributable to mother in the first half of the year 32.
4%, a decrease of 5 compared with the same period last year.
The two average values, the decrease margin that is lower than the gross margin are mainly due to changes in fair value.
In the first half of the year, the trading financial assets of the company increased by 35.39 million yuan, mainly due to the increase in the price of equity assets invested by the company.
Explore the innovation of the “integrated equipment + local” model, and accelerate the merger and acquisition transformation by relying on domestic and foreign markets.
In the first half of 2019, relying on the establishment of a semiconductor industrial park base, the company actively carried out innovative exploration of the “integrated equipment + local” model, strived to achieve the optimization 深圳桑拿网 and upgrade of the two-way industrial structure of semiconductors, comprehensively promoted the development of industry-city integration, and ensured the stable digestion of real estateAt the same time ensure a soft landing for the transition.
At the same time, the company regards the extensional development strategy as an important work goal, and further deepens its strategic transformation to the integrated circuit industry. It continues to promote the upstream and downstream mergers and acquisitions of the industry to increase the sales revenue and proportion of integrated circuits in the overall business and improve the company’s integration.Core competence of the circuit.
We believe that in the future, through the establishment of integrated circuit equipment groups and mergers and acquisitions of assets at home and abroad, the company will promote the integration of “scientific research, finance, and industry” in the integrated circuit equipment industry, promote the improvement of the domestic substitution level of integrated circuit equipment, and gradually promote the company toThe strategic transformation of the integrated circuit industry has taken an important step.
Financial forecasts and investment recommendations maintain an Overweight rating, corresponding to a target price of 12.
We predict that the company’s estimated revenue for 2019-2021 will be 0.
92 and 1.
19 yuan, according to the estimated level of comparable companies, we believe that the current company’s reasonable estimated level is 15 times in 19 years, and the corresponding target price is 12.
45 yuan to maintain the overweight level.
Risks suggest that real estate sales are lower than expected.
Capstone sales were lower than expected.