Op Lighting (603515): Q3 performance slightly broken down, profitability stabilized

05/20/2020 0 Comment

Op Lighting (603515): Q3 performance slightly broken down, profitability stabilized

Investment Highlights Performance Summary: The company released the 2019 third quarter report, which is expected to achieve operating income57.

700 million, an annual increase of 3.

3%; net profit attributable to mothers was 60,000 yuan, a year-on-year increase of 5.


Q3 single-quarter operating income 19.

9 ‰, a decrease of 3 per year.

3%; 佛山桑拿网 net profit of 200 million yuan return to mother, a 7% reduction each year; net profit of return to mother after deduction 1

600 million, an annual increase of 7.


Revenue slightly decreased, and the home lighting business was sluggish.

In the third quarter of the single quarter, the company’s operating income and profits have all decreased at least slightly. We believe that it is mainly affected by the downturn of the land. The company’s home lighting business income has changed, and its commercial lighting and lighting control businesses have maintained steady growth.

At the same time, the company’s channel reform continued to advance, and channel changes may cause short-term business disruption.

With the improvement of real estate completion data, the company’s home lighting business will usher in recovery.

In terms of different channels, in reporting performance, the company’s accounts receivable turnover expense was 10, down by 10.

7. We believe that the increase in e-commerce accounted for the longer account period.

We estimate that the company’s e-commerce channels continue to grow and offline channels have improved.

Profitability increased slightly.

Reporting intelligence, the company achieved a gross profit margin of 36.

4%, a reduction of 0 per year.

6pp, of which Q3 gross margin was 37%, which was raised 0 in advance.

9pp, the first preliminary improvement this year; the company’s selling expenses in terms of expenses decreased by 19.

6%, a decline of 0 per year.

6pp; 7% of management cost budget, increase by 0 every year.

5pp comprehensive view, the company’s profitability rose slightly, the net interest rate was 10.

4%, a year to raise 0.


R & D expansion continues to increase, and intelligent lighting continues to deepen.

On January 9, 2019, the company gradually expanded R & D2.

100 million US dollars, R & D expense rate increased by ten in ten years.


Focusing on health lighting, the company continues to launch a number of patented spectra for different groups of people with different functions.

The company’s self-developed true color light with high color rendering, patented spectrum suitable for efficient reading and writing, etc .; actively developing multi-scenario applications based on multi-functional light poles, and exploring integration with 5G services; based on various sub-sectors, continuedLaunched a variety of intelligent lighting control solutions.

The company continuously improves its comprehensive research and development capabilities and maintains its core competitiveness.

Earnings forecasts and investment advice.

The company’s furniture lighting sector has improved. We lower the company’s EPS for 2019-2021 to 1.

30 yuan, 1.

54 yuan, 1.

78 yuan, the net profit attributable to the mother in the next three years will maintain a compound length of 14%.Maintain the “overweight” rating.

Risk warning: the risk of large fluctuations in raw material prices and the risk of fluctuations in actual sales.