Southern Media (601900) Commentary Report: Revenue growth is dazzling
The company released the third quarter report of 2019 and achieved revenue of 47.
34 ppm, an increase of 17 in ten years.
92%, net profit attributable to mothers was 6.
$ 2.5 billion.
67%, net profit deducted from non-attributed mothers4.
37 ppm, an increase of ten years.
Endogenous growth + changes in the settlement of textbook issuance, Q3 single-quarter revenue increased by 23%, the highest growth rate in revenue since 2018.
Issued by the growth of endogenous business (materials trade, teaching aids, government organizations, library distribution, etc.), and changes in the textbook distribution policy (originally issued by the publishing house outside the stock merger through the education bookstore, the report was replaced by the company first)Group settlement, issuer group and education bookstore settlement) led the company’s revenue growth in the first three quarters of 17.
Q3 single-quarter revenue increased by 23% in ten years, setting a new single-quarter revenue growth rate since 2018.
The company’s overall gross profit margin was reported as 30.
14%, down 2 from the same period in 2018.
15 points, benefiting from the improvement of the company’s operating capabilities, the period expense ratio was reduced by 1 in the third quarter of 2018.
45pct, the company’s net interest rate during the period increased by 0.
Benefiting from the successful listing of the Great Wall Securities Co., Ltd. of the company ‘s Air Force Investment, the company ‘s equity investment has increased significantly. The report confirms that the company ‘s promised value change in net income is nearly 1.
2 ppm (Because the Great Wall Securities Consolidation improved at the end of the third quarter as compared with the end of the second quarter, the profit and loss of changes in fair value recognized by the Q3 company was 1 compared with H1.
(6.6 billion 佛山桑拿网 down).
In the report, the company made a total of 47.38 million asset impairment reserves and 30.63 million credit impairment losses, mainly due to the inventory price and the age of the library to drive the price reduction provisions, and the increase in the size of accounts receivable and the ageing of individual customers led to bad debts.increase.
It is planned to sell the shares of Great Wall Securities, improve asset efficiency and improve financial structure.
The company holds 24.42 million shares of Great Wall Securities, and H1 and Q3 respectively recognize gains and losses from changes in fair value1.
200 million US dollars, bringing generous investment income to the public, but also due to the gradual transformation of Great Wall Securities, high-speed fair value changes in profit and loss of conduction 深圳桑拿网 fluctuations.
Considering high asset liquidity and its use efficiency to improve the company’s financial structure, the company intends to sell Great Wall Securities shares through centralized transactions and block transactions, aiming to lock in investment income, improve asset liquidity, and reduce the impact of changes in fair value gains and losses on the income statement.
Earnings forecast and estimation: For the time being, the company’s other investment assets may not be recognized for the fair value gains and losses caused by the company’s future listing, and it is assumed that Great Wall Securities brings fair value gains and losses.
$ 200 million is expected to lock in the fourth quarter.
Based on the above assumptions and considerations, we predict that the company’s net profit attributable to its mother in 19-21 will be 8.
93 trillion, the corresponding EPS is 0.
11 yuan / share, the corresponding PE is 9 respectively.
49 times, maintaining a highly recommended level.
Risk reminder: Channel integration fails to meet expectations, digital shocks, and the fair value of financial assets changes dramatically