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ZTE Business (000715): Achievements in line with advance management expenses

ZTE Business (000715): Achievements in line with advance management expenses

1H2019 revenue grew by ten in ten years.

71%, net profit attributable to mothers grows 121 per year.

61% of operating income in the first half of 2无锡桑拿网01913.

74 ppm, a ten-year increase of 7.

71%; net profit attributable to mother is 0.

880,000 yuan, which translates into a fully diluted EPS of 0.

32 yuan, an annual increase of 121.

61%, realized net profit of non-return to mother 0.

560,000 yuan, an increase of 33 in ten years.

32%, the performance is in line with the previous performance announcement.

The company intends to use capital reserves to increase all shareholders’ shares for every 10 shares.

9 shares.

The company also released the first three quarter results forecast: It is expected that the net profit attributable to mothers will increase by 76 from 1-3Q2019.

17% -92.

75%.

In terms of single quarter breakdown, operating income in the second quarter of 20196.

53 ppm, a ten-year increase of 9.

37%; net profit attributable to mother is 南京夜网论坛 0.

680,000 yuan, an increase of 198 in ten years.

64%; net profit deducted from non-return to mother 0.

3.7 billion, an annual increase of 53.

19%.

Comprehensive gross profit margin rose by 0.

59 averages, during which the expense ratio decreased by 3.

The consolidated gross profit margin of 31 1H2019 companies per share was 20.

12%, an increase of 0 over the same period last year.

59 uniforms.

1H2019 company period expenses 10.

85%, down 3 from the same period last year.

There are 31 single orders, of which the sales / management / financial expense ratios are 1.

87% / 9.

35% /-0.

36%, a change of 0 compared with the same period last year.

03 / -3.

09 / -0.

25 units.

The decrease in management expense rate was mainly caused by the repatriation of some paid out-of-workers in the company, which caused the dismissal benefits of the out-of-workers to be reduced to the management costs.

After the mixed reform is completed, we expect to improve the subsequent operating efficiency. In April 19, Fangda Group became the controlling shareholder of the company, retaining an advanced, efficient and market-oriented management model for the company.With the gradual progress of the improvement of the company’s operating management system, the company’s refined management level and operating development momentum tend to improve.

The company continues to promote the upgrading and transformation of major stores. It is expected that after the transformation is completed, its customer gathering ability and consumer experience will be effectively improved.

Increase the profit forecast and maintain the “overweight” rating after the company’s capital reserve is converted into the latest share capital4.

With 1.6 billion shares as the benchmark, taking into account the growth in the company’s 19-year performance due to the reversal of management expenses and the improvement of future operating efficiency after the completion of the mixed reform, we raised the company’s fully diluted EPS forecast for 19-21 to 0.

35/0.

30/0.

31 yuan (previously was 0.

24/0.

25/0.

26 yuan), the company’s competitiveness in certain regional markets, maintaining the “overweight” level.

Risk reminder: The operating conditions of the main stores did not meet expectations, and the operation improvement after mixed reforms did not meet expectations.