Lanyan Holdings (000968): Steady growth in revenue and operating cash flow

Lanyan Holdings (000968): Steady growth in revenue and operating cash flow
Event: The 厦门夜网 company achieved operating income in the first three quarters of 201914.65 ppm, a 10-year increase3.34%; net profit attributable to mother 5.06 ppm, an increase of 5 in ten years.9%; deducted non-attributed net profit 4.98 ppm, a five-year increase of 5.1%; expected reduction in average ROE beyond 1.69pct to 12.37%. Revenue performance increased, ROE decreased by 1.69 points.In the first three quarters of 19, the company realized operating income14.65 ppm, a 10-year increase3.34% in the third quarter, single-quarter revenue increased by 15.55% to 4.7.9 billion; net profit attributable to mother 5.06 ppm, an increase of 5 in ten years.In the third quarter, net profit attributable to mothers increased by 16 in the third quarter.03% to 1.7.3 billion; deducted non-attributed net profit 4.98 ppm, a five-year increase of 5.1%; ROE in Q3 decreased by 0 in a single season.13 points to 4.05%, the company expects the average ROE in the first three quarters to decrease by 1 year-on-year.69pct to 12.37%, available through DuPont analysis of ROE. The company’s net sales margin for the first three quarters was 34.46%, rising by 1 every year.21 points, total assets turnover expenditure 0.18 (times), and then drops 0.01 (times), the equity multiplier was 2 from the first three quarters of 18 years ago.18 dropped to 1 in the first three quarters of 19.98. The expense ratio was basically flat during the period.During the first three quarters of 2019, the company’s period expenses (plus R & D expenses) increased by 3 every year.55% to 2.21 trillion, the cost rate rose during the period.03pct to 15.11%.Among them, sales, management (plus R & D expenses), and financial expenses are reduced by 9 each year.33%, an increase of 16.44%, a decrease of 8.24% to 0.0.6 million yuan, 1.1.9 billion, 0.RMB 960,000; sales, management (plus R & D expenses), and financial expense ratios decreased by 0.06pct, up by 0.92pct, down by 0.83pct to 0.43%, 8.14%, 6.54%. Net cash flow from operating activities increased significantly.1) Net cash flow from operating activities in the first three quarters of 20194.46 ‰, an increase of 61 per year.45%, mainly due to the annual increase in the settlement of notes due during the reporting period; 2) Net cash flow from investment activities -1.87 trillion, a decrease of 152 a year.59%, mainly due to the company’s acceleration of new blockchain exploration and development during the reporting period, the expansion of construction in progress and the purchase of equipment increased; 3) net cash flow from financing activities-013 ‰, an increase of 97 per year.44%, mainly due to debt repayments over the same period. The asset-liability ratio decreased, and operating efficiency improved.The company’s asset and debt restructuring in the first three quarters of 201946.0%, a decrease of 3 per year.98 points, down 4 earlier.75 points.Accounts receivable grows by 26 each year.21% to 15.02 trillion, accounts 天津夜网 receivable turnover days increased by 140 each year.95 days to 336.41 days; inventory decreases by 40 per year.42% to 3.9.6 billion, with inventory turnover days exceeding 105.05 days to 84.01 days; accounts payable 9.5.7 billion, accounts payable turnover days increase by 86 every year.85 days to 345.67 days, reducing the net operating cycle by 50 per month.96 days to 74.74 days. The new gas source is progressing smoothly and the company’s sustainable development capability is enhanced.The company has initially completed the preliminary survey of the Liulin Shixi, Wuxiangnan, Heshunhengling, and Heshunxi four blockchains.Among them, Liulin Shixi and Wuxiang South blockchains have obtained trial mining approvals.As of the end of July, 122 blocks have been phased out, 53 have been fractured, and 19 wells have been commissioned.In the first half of 19, the wholly-owned subsidiary Lanyan Coalbed Methane successfully achieved 253.82 square inch Heshun Mafang East Blockchain exploration right; according to major asset restructuring commitments, Lanyan Coalbed Methane has obtained the mining rights of Chengzhuang Coal Mine, Sihe Coal Mine (East District), Zhengzhuang Minefield and Hudi MinefieldGas exploration right.The acquisition of the above-mentioned blockchain has increased the company’s coalbed methane resource reserves and is conducive to enhancing the company’s future sustainable development capabilities. Profit forecast and investment grade: We expect the company’s EPS for 2019-2021 to be 0.76, 0.90, 1.07 yuan, corresponding to 15, 12, 10 times the PE, maintaining the “buy” level. Risk reminder: The project progress is less than expected, the sales volume of coalbed methane is lower than expected, and the coalbed methane decline