Weixing shares (002003) quarterly report comments: Q3 2019 single quarter performance growth improved month-on-month

Weixing shares (002003) quarterly report comments: Q3 2019 single quarter performance growth improved month-on-month

The company announced three 杭州桑拿网 quarterly reports. As of 2019Q3, the company achieved revenue of 20.

52 ppm, a 10-year increase3.

05%, net profit attributable to mother 2.

80 ppm, a decrease of 7 per year.

39%, net profit after deducting non-return to mother 2.

71 ppm, a decrease of 8 per year.

83%.

The growth rate of the company’s revenue and net profit attributable to mothers in Q3 2019 improved month-on-month.

36 ppm, an increase of ten years.

47%, net profit attributable to mother 1.

1.4 billion, down 6 every year.

24%. In the second quarter of 2019, the company’s single quarter revenue and net profit attributable to mothers continued to decline by 4 respectively.

85% and 10.

80%, the company’s third-quarter revenue and net profit attributable to mother have improved on a sequential basis, it is expected that the order situation has improved.

The gross profit margin of Q3 2019 decreased, and the expense ratio remained basically stable during the period.

45%, down 2 every year.

9 units.

2019Q3 company selling expenses expenses 9.

35%, a decline of 0 every year.

A total of 48 subsidies for management and R & D expenses11.

34%, an annual increase of 0.

03 per share, financial expenses 0.

11%, an annual increase of 0.

32 budgets, period expenses 20.

80%, a decline of 0 every year.

Thirteen totals, during which the expense rate remained stable overall.

Earnings forecast and 合肥夜网 investment rating EPS is expected to be 0 in 19-21.

39/0.

43/0.

48 yuan / share, the current price corresponds to 15 times PE in 19 years. The company is the leader in the auxiliary materials industry. Although it is under short-term pressure, orders in Q3 2019 have improved.The 5-year average PE (TTM) assessment is 19 times, taking into account the short-term performance pressure, the 19-year PE assessment is given 17 times, a reasonable value6.

63 yuan / share, maintaining the “overweight” rating.

Risks indicate the risk of price increases of raw materials; the risk of price cuts involved in products; the performance of military industries is lower than expected risks.