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Shuangchuang Electronics (600990) 2019 Third Quarterly Report Review: Non-core business continued to compress shares and transfer of shares was approved by Dianke

The company released the third quarter of 2019: revenue of 15.

1.5 billion, an annual decrease of 26.

27%; net profit attributable to mothers-72.37 million yuan, -4.72 million yuan in the same period last year; net profit attributable to mothers after deduction of -88.85 million yuan, -69.79 million yuan in the same period last year.

  Single-quarter revenue in Q3 2019 5.

1.7 billion, a decrease of 41 a year.

31%.

Non-core businesses continued to shrink and revenues 深圳桑拿网 expanded.

The net profit attributable to the mother in the single quarter of 2019Q2 was-24.85 million yuan. During the same period of last year, the company Bocha Changan confirmed the disposal of land in the old area and received an asset disposal income of 56.76 million yuan.

  Excluding asset disposal gains, the excess amounts in 2019Q3 and 2018Q3 were flat.

The company’s gross profit margin in the first three quarters was 16.

07%, an increase of 4 a year.

63pct, gross margin improved significantly after compressing non-core business.

Total expenses during the first three quarters of 20193.

31 ‰, an increase of 16 per year.

73%, period expense growth has become the main factor in reducing net profit.

The original shares were transferred free of charge and were approved by China Electronics Technology, and the pro forma assets increased.

CLP Bowei is a group of second-tier member units based on the eighth, 16th, 38th and 43rd branches of CLP. After the allocation and transfer, Shichuang Electronics will serve as the future operating and development capital of CLPOperational platform listing platform.

The total profit of the four research institutes of the Boweizi Group in 2017 was about 9.

49 million, which is 4 of the net profit of listed companies in 2017.

6 times, if the implementation of injection in the future can significantly enhance the performance of listed companies and increase the performance of listed companies.

Earnings forecasts and investment advice.

The company focuses on the three major industries of radar, intelligence (public safety products), and energy (power products), and promotes a new pattern of business development. Growth and profitability are expected to improve.

We adjust our profit forecast for the company and expect the company to achieve net profit attributable to mothers in 2019-2021.

50/2.

89/3.

33 trillion, corresponding to the closing price of PE on October 25 is 30/26/23 times, maintaining the “prudent increase” rating.

  Risk 杭州桑拿 reminders: Expenses grow too fast during the period; intensified competition in the public safety industry leads to a decline in profit margins; military procurement is gradually expected.