Jialitu (603912): The performance is basically in line with expectations. Triple logic opens the company’s continuous growth space.

Jialitu (603912): The performance is basically in line with expectations. Triple logic opens the company’s continuous growth space.

Event: The company’s 2019 Interim Report reported a series of realized revenue3.

170,000 yuan, an increase of 32 in ten years.

49%, the net profit attributable to shareholders of listed companies is 51.49 million yuan, an annual increase of 1.

88%.

Revenue continues to grow rapidly, and performance is basically in line with expectations of the company’s revenue in 2019H13.

170,000 yuan, an increase of 32 in ten years.

49%, mainly due to the remarkable development of engineering business development. Orders for computer room environmental engineering projects increased, realizing engineering income of 67.69 million yuan, a substantial increase, and gross profit margin of 23.

77%.

In addition, precision air conditioner revenue 2.

Ten percent is 05, which is basically the same for one year.

In 2019H1, the company’s net profit attributable to its parent was 51.49 million yuan, a year-on-year increase of 1.

88%, which is lower than the growth rate of revenue mainly from: 1) Fair incentive expenses affect net profit of 15.13 million yuan (the same period last year affected net profit of 2.33 million yuan); 2) gross profit margin of precision air conditioning business 40.

14%, down by 1 every year.

4 units.

If the impact of share payments is reduced, net profit growth will be 26.

01%, basically matching revenue growth.

The main product precision air conditioner gross margin slightly decreased, and the three expense ratios increased the overall gross profit margin of the company in 2019H137.

97%, down 4 last year.

76 units originated from: 1) The gross profit margin of precision air conditioning business was 40.

14%, down by 1 every year.

4 units; 2) The increase rate of engineering business income increased and its proportion increased, but its gross profit margin was 23.

77% lowered the company’s overall gross profit.

2019H1 company’s three expenses21.

25 %%, increase by 1 every year.

23 totals, of which the management expense ratio (including research and development) is 9.

48%, an increase of 1 per year.

A total of 67 are expected to share part of the share payment expenses; selling expenses expenses11.

35%, a decline of 0 every year.

95 units with a financial expense ratio of 0.

42%, an increase of 0 every year.

89 units.

On the whole, cloud computing, 5G dual-wheel drive + expansion and enhancement, the company is expected to continue to grow rapidly. The company’s main precision air-conditioning equipment and chiller products, mainly data center rooms, communication substrates and other precision environments such as constant temperature and humidity, looking forward to the futureThe following three-fold logic is expected to promote the company’s continued growth: 1) Cloud computing IDC construction and computer room cost reduction and energy saving requirements jointly drive the stable and rapid growth of the precision temperature control market, which directly benefits the company as a leader; 2) The company’s top five customers include: China Telecom, China Mobile, China Unicom, and Huawei will directly benefit the 5G construction of large customers through 5G expansion and promotion; 3) Domestic companies have local advantages and cannibalize the share of overseas brands, and this trend is still intensifying. Jiali strives to be a domestic leader.In terms of cost control capabilities, product differentiation and customization have advantages, and the company’s market share continues to increase.

Profit forecast and estimation: As one of the domestic leading precision temperature control companies, cloud computing + 5G will drive continuous and stable growth of the industry and benefit directly. At 武汉夜网论坛 the same time, the company is expected to further improve the market by taking advantage of costs, customization, and rapid response.
The company is expected to have a net profit of 1 in 2019-2021.

37 billion, 1.

69 ppm and 1.

98 ppm, corresponding to 22 times PE in 19 years, maintaining the “overweight” rating.

Risk reminder: fierce market competition leads to decline in gross profit margin, 5G advances, and industry market expansion exceeds expectations and other risks