Boss Electric (002508): Industry decline narrows, leading slider is stable

Boss Electric (002508): Industry decline narrows, leading slider is stable
Performance summary: In the first half of 2019, the company achieved operating income of 35.300 million, an annual increase of 0.9%; net profit attributable to mother 6.7 ppm, an increase of ten years.5%; net profit after deduction is 62 ‰, an increase of 4 in ten years.4%.Q2 achieved revenue of 18 in a single quarter.700 million, the previous interest rate was 2%; net profit attributable to mothers3.5 ‰, the ten-year average of 2.1%; net profit after deduction of non-return to mother 3.5 ppm, an increase of ten years.3%. The decline in the industry narrowed, and the leader was solid overall.The average value of the report shows that the demand side of the kitchen appliance industry has picked up. According to the data of Zhongyikang, the retail sales of hoods, gas stoves and disinfection cabinets in 2019H1 increased by -5 respectively.9%, -4.1% and -17.7%, a narrower decline than the 2018H2.The company’s operating situation is likely to be in the industry. The company’s main products are range hoods, gas stoves and embedded products.In terms of products, the company’s disinfection cabinets achieved revenue2.5 ‰, an increase of 8 in ten years.7%.Together with the construction of the tableware self-made production line, the tableware realized revenue of 6,132.70,000 yuan, an increase of 21 a year.2%. The price of raw materials 武汉夜网论坛 fluctuated and the level of profitability recovered.The total number of reports is 54.7%, increase by 1 every year.3pp, mainly due to the decline in raw material prices and lower costs.On the expense side, due to the increase in advertising, the company’s selling expenses were 28.1%, increasing by 0 every year.5pp.The company achieved a net profit margin of 19.2%, a year to raise 0.3pp. Accounts receivable increased, and operating net cash flow decreased significantly.The increase in revenue from e-commerce and engineering channels has driven the company’s receivables to increase.Reporting information, the company receivable account 19.60,000 yuan, an increase of 35 in ten years.2%.Growing demand for kitchen appliances, increased competition, and the decline in the efficiency of collections brought by the increase in e-commerce and 无锡夜网 engineering channels have resulted in a significant reduction in the company’s net operating cash flow.Reporting the average, the company’s net operating cash flow was 6.600 million, a decrease of 41 every year.1%.In essence, the company’s inventory turnover efficiency is replaced. The rapid growth of engineering channels has realized the integration of multiple channels.Facing the overall downturn in the KA channel, the company strengthened the integration of multiple channels.In terms of e-commerce, the company actively embraced changes in customer demand and optimized operating efficiency.Benefiting from the real estate fine decoration policy, the company deepened its cooperation with real estate manufacturers, and the engineering channel continued to grow by 80%.The company actively explores new retail models, in-depth cooperation with cabinet companies and home improvement companies to expand new channel outlets and stimulate the vitality of the home improvement market. Earnings forecasts and investment advice.The EPS for 2019-2021 is expected to be 1.72 yuan, 1.90 yuan, 2.11 yuan, maintaining the “overweight” level. Risk Warning: The price of raw materials may fluctuate greatly, and the actual terminal sales volume may vary greatly.