Guanghui Automobile (600297) Semi-annual Report 2019 Review: Short-term pressure on profit growth and contrarian growth

Guanghui Automobile (600297) Semi-annual Report 2019 Review: Short-term pressure on profit growth

Companies with revenue growth of + 3% and performance in line with expectations achieved revenue of 807 in the first half.

1 ‰, an increase of 3 per year.

28%, net profit attributable to mother 15.

100 million, down 28 a year.

42%, performance is in line with expectations.

Revenue in the second quarter was 434.

100 million, an increase of 12 every year.

22%, net profit attributable to mother 7.

09 billion, down 28 a year.

61%.

H1 achieved new car sales42.

880,000 units, previously +6.

09%, achieving 401 repairs.

300,000 units, +3 in the past.

21%. Against the backdrop of a 14% decline in industry sales, the company has grown against the trend.

The automobile retail slump, the company’s gross profit margin was under pressure in the first half of the year.

14%, a decline of 0 per year.

62 points.

In terms of business, the gross profit margin of vehicle sales was 3.

9%, a decline of 0 per year.

22pct, the automotive retail environment has deteriorated, and the gross profit margin of vehicle sales has shrunk; the gross profit margin for repair services is 35.

4%, down by 1 every year.

18 points, mainly to increase customer stickiness, control the churn rate and lock customers back to the store for a long time, due to the company’s maintenance expenses for customers; commission agent gross profit margin was 77.

6%, increasing by 0 every year.

38pct, mainly due to the continuous optimization of the commission’s main business structure, and the scale effect has begun to appear; the gross profit margin of car rental is 66.

8%, a decrease of 9% each year.

69pct, due to the continued tightening of the overall funding environment, increased capital costs and increased market competition.

Lean Management, Three Fees Steady Report The ratio of three fees in series.

57%, a slight decrease of 0 every year.

19pct, of which selling expenses cost 3.

18%, increasing by 0 every year.

09pct, in the context of the industry, in order to increase the company’s business scale, the marketing team, marketing 深圳桑拿网 efforts to expand, employee compensation and labor costs, marketing and service fees, commission service fees and other sales costs increased; management costs decreased.

60%, a decrease of 0 every year.

13pct, the company reduced the cost of lease property management, office and travel expenses, business entertainment expenses; financial expenses1.

79%, a decrease of 0 every year.

15pct, exchange rate fluctuations caused a reduction in exchange losses in the current period compared with the previous year.

Leading auto dealers. Maintaining an “overweight” rating. Leading domestic dealers. The market share continues to increase. The brand structure improves. Actively explores the aftermarket business of automobiles. Benefiting from the change in the industry, it is affected by the slump in automobile sales in the short term.We will make a profit for the year 19/20 from 0.

62/0.74 is reduced to 0.

41/0.

46 yuan, the current corresponding dynamic price-earnings ratios are 9 respectively.

3/8.

3x, maintaining the overweight level.

Risk warning: sales volume continues to decline, sales model changes, and goodwill is impaired.