Ruimaotong (600180) quarterly report comments: The supply chain business structure continues to be optimized, focusing on the progress of cooperation with coal state-owned enterprises
Affected by the supply chain financial business interest rate and other pressures on 2018 performance, 19Q1 significantly improved the company’s net profit attributable to mothers in 20184.
75 ppm, down 33 years ago.
5% (7 in 2017.
1.5 billion), equivalent to annual income of 0.
47 yuan, the maximum performance limit is mainly due to the tightening financing environment, the company ‘s supply chain financial business gross profit has continued to decline by about 300 million US dollars, at the same time for overdue accounts receivable, other receivables, small loans and other accrued assets impairmentLosses increase by about 1 per year.
By comprehensively considering the spot and futures, the company’s supply chain management business (coal + non-coal bulk) business performance has further improved, of which the gross profit of spot operations increased by about 100 million US dollars, and futures investment (investment income + fair value gains and losses) increased by about 1.
The company achieved net profit attributable to its mother in 19Q12.
38 ‰, a decrease of 8 per year.
Affected by the adjustment of business structure and the expected scale of non-coal business, the company’s operating profit in 19Q1 continued to decline1.
6 trillion, the period cost increases by 0 every year.
6 trillion USD, investment income + fair value gains and losses increase by 1 every year.
In addition, the chain is 18Q4 (0.
US $ 9.8 billion, the company’s 19Q1 performance has improved significantly.
The business structure of the commodity supply chain continued to be 武汉夜网论坛 optimized, and the scale of the supply chain financial business began to decline. The company’s main business was coal-based supply chain management and supply chain financial business. In 18 years, coal supply chain management, non-coal bulk, and supply chain financial services were realized.Revenue 292.
6 and 8.
0 billion (76%).
1%), and 17 years respectively achieved income of 248.
3 and 11.
200 million (66%).
8% and 3.
According to the company’s annual report, the company proactively prepared the scale of non-coal bulk commodities such as petrochemicals, iron ore, and concentrated core resources to ensure stronger profitability and better business stability of coal, coking coal and coke.
(1) Coal supply chain management: 18 years to achieve gross 都市夜网 profit19.
700 million, an increase of 41 previously.
3%, gross profit margin 6.
8%, an increase of one year.
The company gradually shipped 6,000 coals for 18 years, surpassing value-added8.
5%.Among them, the proportion of self-operated business and platform business shipments in 18 years was 66.
9% and 33.
1%, the self-operated business achieved 4012 shipments.
2 for the first time, higher than the value added 7.
5%, and the platform business was gradually shipped in 1987.
7 initially, once downgraded to 7.
7%, mainly due to more efficient use of funds in self-operated businesses.
(2) Non-coal bulk: 18 years to achieve gross profit2.
400 million, downgraded by 22 every year.
2%, gross profit is only about 3.
Accumulated shipments of 194 petrochemical products in 18 years.
8 Initially, at least 35 downgrades.
Affected by the adjustment of business structure, the non-coal business scale of the company in 19Q1 is still shrinking.
(3) Supply chain finance: gross profit realized in 18 years7.
8 trillion, down 3 trillion or 27 a year.
As of the end of 2018, the balance of factoring receivables of the company was approximately 68.
9 ‰, a decrease of 19 per year.
2%, the balance of receivables receivable in 19Q1 further increased by about 66.
Actively participate in the state-owned enterprise mixed reform and cooperative operation, and gradually increase the development space of the supply chain business. According to the company’s announcement, since the beginning, the company has reached an intent agreement with Shaanxi Coal Industry Co., Ltd. and Jinmei Coal Group on the joint venture and cooperation in equity.
In addition, according to the company’s annual report, the company also cooperated with Pingmei Shenma Group to focus on coking coal and coke business.
The company actively participates in the state-owned enterprise mixed reform and cooperative operation, and is expected to obtain the support of existing enterprises in terms of funds, resources, and core logistics flow charts of the industrial chain, further opening up the supply chain business development space.
Profit forecast and investment rating company is the leader in the supply chain industry. The long-term company’s coal supply chain management business has steadily improved. We are optimistic about the company’s cooperation with coal state-owned enterprises to further expand the growth space.
In addition, through the improvement of the financing environment, the profitability of the company’s supply chain finance business is also expected to improve.
The company’s EPS for 2019-2021 is expected to be 0.
98 yuan / share, corresponding to 19 years of PE is 13.
We believe that the company’s competitive advantage is obvious, giving the company 18 times PE in 2019, corresponding to a reasonable value11.
88 yuan / share, give “Buy” rating.
Risk warning: The development of the supply chain ecological platform is less than expected; the risk of bad debts in the supply chain finance; the progress of the company’s cooperation with coal companies is lower than expected.