Jianlang Hardware (002791) 2019 First Quarterly Report Review: Revenue Growth Exceeds Expected Results, Turning Point Continued to Validate

Jianlang Hardware (002791) 2019 First Quarterly Report Review: Revenue Growth Exceeds Expected Results, Turning Point Continued to Validate

The revenue growth exceeded expectations, and the operating profit was the first quarter of nearly five years in Q1, which normalized the company’s operating income in Q1 2019.

10,000 yuan, an increase of 31 in ten years.

3%, single quarter revenue growth rate rose faster than expected, showing that the company’s ability to obtain orders has continued to improve; operating profit of 766.

630,000 yuan, an annual increase of 126.

61%, which was the first time in the first quarter of Q1 in the past five years.

10,000 yuan, an increase of 123 in ten years.

02%, which is in line with the performance forecast and is in the upper-middle position (pre-announced profit of 20 million to 10 million yuan), mainly benefiting from the obvious increase in revenue and the significant reduction in sales expense ratio.

The profitability has been steadily improved, and the sales expense ratio has greatly diluted the company. The profitability has been steadily improved. In Q1 2019, it achieved a comprehensive 杭州桑拿 gross profit margin of 39.

5%, increase by 1 every year.

85 averages.

The period expense ratio (excluding R & D expenses) increased significantly6.

1 up to 29.

37%, of which the sales expense ratio and management expense ratio are subdivided into 5.

11 digits and 1.

05 per share, the financial expense rate increased slightly by 0 per second.

06 averages.

The company improves R & D investment, and R & D expenses continue to increase every year.

92% to 3755.

430,000 yuan, accounting for 5.

78% (5 in the first quarter of 2018.

twenty four%).

The expansion of production capacity has been advanced in an orderly manner, which is an orderly basis for the continued growth of the future and the scale of expansion. Construction in progress increased by 281 from the end of the year.

16% to 9966.

730,000 yuan, mainly due to the increase in investment in factory construction. One of the fund-raising projects, the “Stainless Steel Construction Components Expansion Project”, is currently under construction and is expected to be finally completed and put into production.76.49 million yuan won the construction land use rights required for “Jianlang Hardware North China Production Base” and “Tangxia Jianlang Hardware Investment and Expansion Project”, and signed the “Transactions” on March 4, 2019 and March 28, respectively.The “Confirmation Letter” is expected to accelerate the progress of subsequent construction, which will serve as the basis for the company’s continued growth in the future.

The performance inflection point logic continued to be verified, and the “Buy” rating was maintained. As a leading company in the field of construction hardware, the company actively develops around the direction of integrated construction hardware suppliers, actively expands channel construction and category expansion, and develops to form “R & D + manufacturing + service”The full-chain sales model has continued to strengthen the industry’s leading position.

At present, the channel expansion has already begun, and the brand building and product category enrichment strategies have achieved initial results. The logic of performance inflection points has been continuously verified. It is expected that EPS in 19-21 will be 0.



50 yuan / share, corresponding to 19 for PE.



6x, maintain “Buy” rating.

Risk Warning: The effect of channel layout exceeds expectations; new product sales expansion is less than expected.