Origin (002701) 19Q3 Comment: The revenue growth rate is higher than expected, the change in the expense ratio causes the performance growth rate to be slightly lower than expected

Origin (002701) 19Q3 Comment: The revenue 南宁桑拿 growth rate is higher than expected, the change in the expense ratio causes the performance growth rate to be slightly lower than expected

The company achieved operating income of 64 in the first three quarters of 2019.

55 ppm, a 10-year increase3.

29%, quarterly, the company achieved operating income of 20 respectively.

5.1 billion, 20.

9.3 billion, 23.

11 ‰, increasing by 2 each year.

90%, 2.

25%, 4.

59%.

The company achieved a comprehensive gross profit margin of 26 in the first three quarters of 2019.

78%, a decrease of 0 per year.

20 points; net profit attributable to mother 10.
.

64%, a decrease of 0 every year.

59pct, the decline in net profit margin was greater than the gross profit margin mainly due to the increase in expense ratio during the period.

By quarter, the company’s gross profit margins in Q1, Q2 and Q3 were 26.

71%, 27.

40%, 26.

29%, respectively -0.

16pct, -0.

86pct, +0.

37 points.

Expenses during the first three quarters of the company13.

71%, an increase of 0 compared with the same period last year.

79pct, in addition to the financial cost rate, each rate has been increased.

Company sales expense ratio, financial expense ratio, management expense ratio, research and development expense expense3.

82%, 3.

40%, 5.

55%, 0.

95%, respectively +0.

28pct, -0.

23pct, +0.

46pct, +0.

27 points.

The company’s credit + asset impairment losses accounted for 0 in the first three quarters of 2019.

10%, an increase of 0 compared with the same period last year.

12pct.

The initial net operating cash flow was zero.
48 yuan, a decrease of 0 compared with the same period last year.
15 yuan / share.

From the balance sheet perspective: as of the end of the reporting period, the balance of other receivables of the company1.

21 trillion, the end of the reporting period decreased by 43 compared with the beginning of the period.

98%, mainly due to the recovery of investment guarantees for some projects.

Company prepayment balance 2.

5.8 billion, down by 1 from the beginning of the period.

53%.

The two-piece can business is poised for growth, and Reignwood shares show confidence.

After the company completes the acquisition of Ball, the production capacity of the two-piece cans will reach 12 billion cans, accounting for 23% of the reorganization. It will also accept high-margin customers such as Budweiser and Coca-Cola.

At the same time, the structure of 青岛夜网 the two-piece can industry has continued to be optimized. Currently, domestic CR4 has reached 70%, and leading companies have a common demand for price increases.

At the same time, Reignwood Group’s increase in the company’s holdings also reflects Red Bull’s confidence in the future.

In addition, the company is constantly developing new customers, such as Feihe Dairy, Junlebao, etc. In the future, the company’s major customer risks will gradually decrease, and the customer structure will continue to be optimized.

Earnings forecast and rating: We expect the company’s EPS in 19-21 to be 0.

36 yuan, 0.

44 yuan, 0.

48 yuan, corresponding to PE 12.

2x, 10.

2x, 9.

2x (closing price on October 25).

Risk warning: raw material price fluctuations; customer concentration risk