Shun Xin Agriculture (000860): The profit side surpasses the expected boom in the liquor business

Shun Xin Agriculture (000860): The profit side surpasses the expected boom in the liquor business
Event: The company announced its semi-annual report and achieved operating income of 84.16 ppm, an increase of 16 in ten years.36%; net profit attributable to mother 6.48 ppm, a 34-year increase of 34.64%, net profit after deduction 649 ppm, a 34-year increase of 34.35% is expected to average ROE8.08%. The growth rate of liquor in the second quarter was slightly predicted, and pork performance exceeded expectations.The company’s 2019Q2 revenue growth rate was 11.99%, net profit growth attributable to mother 89.94%, revenue was basically in line with expectations, and profits exceeded expectations. Analyzed from the income side, 2019H company achieved liquor income66.5.8 billion, an increase of 15.31%; Liquor revenue growth in the second quarter alone was about 10%.The growth rate in the second quarter fell month-on-month, mainly due to the advance of the Spring Festival this year, and the starting point of some sales, while the base was higher in the same 上海夜网论坛 period last year.In addition, the second quarter is the off-season for Niulanshan products, which also has a certain impact on the growth rate.The pork industry achieved operating income14.7.7 billion (among which, sales revenue from slaughtering business is 14.310,000 yuan, breeding animal breeding industry sales income 0.46 ppm), an increase of 13 in ten years.97%.The real estate business was 20,000 yuan, an increase of 172.67%.By region, the income of Beijing was 39.5 trillion, the same increase of 37.37%, 44 in outlying regions.46 trillion, the same increase 2.32%.The growth rate in outlying areas is lower than that in the province. The main reason is that the pork business has confirmed replacement in Beijing.On the profit side, the gross profit margin of liquor is 44.59%, a decrease of 3 from the same period last year.07%, mainly due to the adjustment of the company’s marketing expenses processing method, corresponding to the Q2 sales expense ratio fell by 4.7%. The gross profit margin of the pork business increased slightly to 8.twenty four%. Accounts received in advance remained high, and the net profit margin of liquor continued to increase.Report legal company monetary funds 66.800 million yuan, 49 accounts received in advance in the consolidated statement.55 ppm, a 43-year increase of 43.99%, the parent company received 38 in advance.46 trillion, a molecular weight of about 2 ring.40,000 yuan, an increase of 38 in ten years.84%.The company’s net margin for the second quarter of 2019 was 6.12%, an increase of 2 per year.7%, down 2 from the previous month.9%.Among them, the gross profit margin decreased by 0.9%; In terms of period expenses, sales expense ratio, management expense ratio and financial expense ratio changed by -4 respectively.7pct, +0.07pct and -0.25 points.Liquor business structure continued to be upgraded. Profit growth was higher than revenue growth. Liquor net profit margin increased from the end of the previous quarter.The company will continue to focus on liquor and pork businesses, with real estate gradually destocking. Profit forecast: The company’s EPS for 2019-2021 is expected to be 1.76 yuan, 2.42 yuan and 3.05 yuan: P / E ratios are 30 times, 22 times, and 18 times, maintaining the “buy” level. Risk warning: food safety issues, sales are less than expected