Home洗浴Haiyin Co., Ltd. (000861): Short-term pressure on performance and follow-up on real estate project settlement progress

Haiyin Co., Ltd. (000861): Short-term pressure on performance and follow-up on real estate project settlement progress

Haiyin Co., Ltd. (000861): Short-term pressure on performance and follow-up on real estate project settlement progress

First quarter 2019 results are lower than expected Haiyin shares announced first quarter 2019 results: operating income5.

16 trillion, down 16 a year.

9%; net profit attributable to mother 0.

23 ppm, a decrease of 36 a decade ago.

3%, net of non-attributed net profit 0.

12 ppm, a decrease of 65 a decade ago.

2%, net profit corresponds to a relative profit of 0.

01 yuan / share, lower than expected, was mainly due to business expansion and a substantial increase in financial expenses.

Development trend 1.

Industry competition is intensifying, and the company’s revenue end is under certain pressure.

In the first quarter of 19th, the company’s revenue was downgraded for ten years.

9%, based on business: 1) Commercial property operations: In order to encourage brand owners to renew their contracts in 2018, the company reduced some of the one-off renewal of brand service fees, which affected revenue growth, but the company actively promoted the light asset expansion modelNovember 2018 Toxicity 2.

40,000 Pinghui Huijin City investment and operation project, while cooperating with real estate projects to actively expand its own commercial business area. In 2019, 170,000 square meters of Zhuhai, Shanghai Another City project is about to open, and subsequent revenue is expected to resume growth; 2) Real estate business: HainanPrinted in the second half of 2018, semi-pre-sale commercial houses3.

70,000 Ping, but affected by policy restrictions to improve progress and improvement 西安耍耍网 targets; 3) Financial sector: Affected by the strengthening of financial supervision, the company’s POS machine acquisition business maintenance costs decreased, and the strengthening of micro and micro loan business risk control also affected revenue.


Gross profit margin has increased, and financial expenses have dragged down net profit.

In the first quarter, the company’s gross profit margin increased by ten years.

9ppt to 39.

4%, short-term downgrade of net interest rate 1.

3ppt to 4.

4%, in which the sales / management / financial expense ratio increases by +0 each year.

7ppt / + 0.

3ppt / + 5.

8ppt to 4.

1% / 12.

7% / 12.

8%. Since 2018, the company’s long-term borrowings have increased to $ 3.5 billion in 1Q19. Financial expenses have dragged down net profit.


Follow-up attention to the company’s real estate project settlement progress and cost control effects.

1) Real estate business: Currently, there are 126 Haiyin shares.

80,000 square meters of building area is under development, of which 87% are residential buildings.

7%, the project settlement progress will affect the current performance; 2) Cost reduction and efficiency improvement: In 2018, the company will focus on creating an online platform for “Hainyin Life” to improve operating efficiency, and at the same time actively promote staff optimization, which is expected to save 0.

220,000 yuan in manpower and operating expenses.

Earnings forecast is facing some pressure on the company’s revenue end, lowering its 2019 / 20E earnings forecast by 9% / 8% to 0.


11 yuan / share.

Estimates and recommendations are currently expected to correspond to 27/24 times P / E in 19/20, maintaining the recommended level.

Adjust the target price by 7% to 3 according to the profit forecast adjustment.18 yuan, corresponding to 19/20 33/29 P / E, up 23%.

Risks Intensified competition in the retail department store industry; the downturn in the real estate market.