Nuoli (603611): The first half of the year is generally stable, the second half of the year, intelligent logistics promotes accelerated growth

Nuoli (603611): The first half of the year is generally stable, the second half of the year, intelligent logistics promotes accelerated growth
Event: The company released its semi-annual report for 2019, and it achieved revenue in 2019H112.80 ppm, a six-year increase of 6.93%, net profit 1.15 ppm, an increase of 20 in ten years.15%.  The performance in the first half of the year was generally stable, and the growth rate in the second quarter improved. From a single quarter perspective, the company achieved revenue in the second quarter of 20196.69 ppm, an increase of ten years.25%, net profit of 59.25 million yuan, an annual increase of 5.01%, the growth rate has improved in the second quarter, and generally remained stable in the first half.Gross profit and net profit for the first half of the year were 23.42% and 9.42%, which are -0 higher than the same period last year.46pct and 1.15pct; sales, management and R & D, financial expense ratios are 4.47%, 8.17% and 0.15%, down by 0 compared with the same period last year.10pct, 1.33pct and 0.81 points.  The industrial vehicle industry has entered an adjustment period, and the company continues to cultivate domestic and foreign markets: Affected by the global economic downturn, increased trade friction between China and the United States, and downward pressure on the domestic economy, the total sales volume of industrial vehicles (including exports) was 30 in the first half of the year.660,000 units, down by 0 every year.31%, the industry has entered an adjustment period.In terms of international sales, the company maintains and deepens its cooperation with internationally renowned brands Jungheinrich, KION, and Doosan in South Korea, and continues to cultivate the European market. The North American market maintains steady growth, and Southeast Asia has gradually exploded.In terms of domestic sales, the company adheres to the “direct sales + distribution” dual-channel market development model and has achieved good results.  Intelligent logistics business has sufficient orders in hand, and the performance of the second half is expected to accelerate growth: Zhongding achieved a profit of 36.54 million yuan in the first half of this year, a slight increase from 35.29 million yuan in the same period last year.In the first half of this year, the new millennium single 11.1.6 billion, of which new energy industry7.6.1 billion, 0 in the pharmaceutical industry.9.3 billion, 0 in the home industry.9.7 billion; orders currently in hand 26.3.1 billion, of which new energy industry 14.7.8 billion, pharmaceutical industry 3.4.3 billion, home industry 2.6.2 billion, excess orders in hand is expected to help accelerate growth in the second half of the year.Zhongding accounts for nearly 60% of domestic lithium power production lines in the field of new energy power batteries, and will make full use of the domestic lithium power equipment expansion cycle.In addition, Zhongding actively carries out market development in various fields in the industry, and continues to maintain a domestic leading position in medicine, food cold chain, home appliances, home building materials, paper, and automobiles.  Profit forecast and investment 深圳桑拿网 advice: We expect the company’s net profit for 2019-2021 to be 2 respectively.5.4 billion, 3.3.9 billion and 4.09 billion, corresponding to PE, 16 times, 12 times and 10 times, maintaining the “buy” level.  Risk warning: Zhongding’s confirmation of orders in hand is less than expected