Luyin Ecology (002887): The value of the first three quarters increased by 28.88% Small but Beautiful is getting bigger and stronger

Luyin Ecology (002887): The value of the first three quarters increased by 28.88% “Small but Beautiful” is getting bigger and stronger
Event company released the third quarter of 2019 report The first three quarters of 2019, the company achieved operating income5.16 ppm, an increase of 25 per year.37%; net profit attributable to mother 1.460,000 yuan, an increase of 28 in ten years.88%; EPS 0.70 yuan; ROE 8.11%.  After years of accumulation, the “small but beautiful” is growing bigger and stronger. The company has formed a “wide network layout” in key regions across the country. In 19 years, the company ushered in a turning point in performance.In the first three quarters, the revenue increased by 10 in ten years.37%, net profit attributable to mother increased by 28 in ten years.88%, net profit after deducting non-attribution increased by 61.85%, outstanding performance; in the third quarter alone, the company achieved revenue1.3.3 billion (+18.62%), net profit attributable to mother 0.3.8 billion (+22.15%), deducting non-attributed net profit of 0.3.8 billion (+74.12%), performance growth in line with expectations.At the same time, the company has successively won Jinan (Jiyang), Beijing (Tongzhou Zhangjiawan) and Henan (Weihui) projects totaling over 800 million in the past three months, and currently has a maximum of 34 orders in hand.1.3 billion is the total amount of orders announced in 18 years.5.1 billion of 7.57 times, which lays a solid foundation for the company’s rapid development and stable growth in the next two to three years. The 19-year performance turning point has been transformed.In addition, the company prudently took orders during the rapid expansion process to ensure the project quality based on the expected repayment account period. At the same time, the old account was fully reorganized. While the performance increased, the company’s net operating cash flow in the first three quarters was basically unchanged from last year, Finishing gross margin of 40.78%, also 40 from the same period last year.91% was basically flat; net interest rate was 28.25%, ranking increased by 0 last year.47 units are commendable.  Continuously consolidate the technical strength and gradually improve the management team. The core competitiveness highlights that the company has successfully created a complete industrial chain of “planning design-ecological restoration and landscaping technology research and development-engineering construction-operation and maintenance” as one.Strong driving force for the company’s development.In the first three quarters, the company invested 1771 in research and development.910,000 yuan, an increase of 47 per year.47%; more than 75% of the company has a bachelor’s degree or higher, and the number of technical teams accounts for nearly 20%; in 2019, the company obtained 1 national invention patent and 34 utility model patents; the company has obtained 6 national invention patents,There are 124 national patents granted.The technical advantage lies in that the company has strong core competitiveness in ecological restoration projects with difficult construction and high technical requirements. The company’s rich project experience and good accompanying reputation have an absolute advantage in the competition of high quality projects.In addition, Zhang Gongxin (Executive Vice 北京夜生活网 President), who has supplementary familiarity with water transport engineering operation technology and deep financial and financial knowledge, has served as Assistant Manager, Deputy Manager, Purchasing Management Manager, Cost Manager of Engineering Management Center of Vanke Real Estate Co., Ltd.After joining Fan Yan (Vice President) of the manager of the management department and Guo Xiaoqiang (Vice President), the former chairman of Tianjin University Municipal Landscape Construction and Development Co., Ltd. who has qualified as a senior engineer, the company has recently joined a new vice president, senior engineer, registeredConsulting engineer (investment), cost engineer, investment and construction project manager Zhang Huazhang, a team of strong executives to help the company go ocean, bringing unlimited possibilities for the company’s future development.  8.Maintain “overweight” rating and maintain the company’s current cash in hand.1.5 billion, potential ammunition for the rapid landing of orders, steadily advancing escort.At the same time, the comprehensive credit line of the company’s bank is about 3 billion and convertible bonds have been issued7.12 ppm, the actual controller’s equity is not pledged, the high-quality asset status and the ability to overcome capital expansion provide a good guarantee for the company’s future capital operation and order landing, and also release the foundation for the company’s development and performance.As an ecological restoration, high-quality enterprise in landscaping, the development of endogenous development is clear. We expect the company to achieve operating income of 10 in 2019-2021.01, 15.41, 20.07 billion, net profit attributable to mothers was 2.13, 3.10, 4.11 trillion, EPS is 1.02, 1.49, 1.98 yuan, optimistic about the company’s long-term development, maintaining the “overweight” level.