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Liard: the third-quarter results were in line with expectations, and the new orders increased significantly

Nov 05, 2018

Results were in line with expectations, with a significant drop in the expense ratio and continued growth in revenue and orders

1. (1) according to the company's performance forecast, the net profit attributable to the shareholders of the listed company in the period from January to September was 92,7182,700 -- 97,9712,200 yuan, up 46.35% to 54.64% year-on-year. Actual performance falls near the median of the published forecast range. (2) the composite gross margin was 37.02%, down 1.90 percentage points year-on-year; (3) during the period, the expense ratio was 13.60%, down 8.57 PCT year-on-year, among which the sales expense ratio/management expense ratio/financial expense ratio was 7.54%/5.29%/0.77%, down 0.64/4.27/3.66 PCT respectively.

2. 18Q3 achieved revenue of 1.822 billion yuan, up by 2.76% year on year. The net profit attributable to shareholders of listed companies was 360 million yuan, up by 36.90% year on year, with basic EPS of 0.14 yuan. The comprehensive gross profit rate was 38.90%, 2.06 PCT were increased year on year, the expense ratio was 13.37%, and 5.90 PCT were decreased year on year, among which the sales expense ratio/management expense ratio/financial expense ratio were 7.92%/5.58%/-0.13%, 1.24 PCT were increased and 2.31/4.83 PCT were decreased respectively.

3. Performance growth mainly comes from: (2) product structure and order optimization, 18Q3 gross margin increased by 2.06 PCT year-on-year; (3) significant results were achieved in cost control. During the period, the expense ratio decreased significantly and the profitability was improved. During the 18Q3, the expense ratio decreased by 5.90 PCT year-on-year.

New orders continued high growth, LED display market share, rapid expansion of distribution channels

In terms of orders, the report period, the amount of new orders and new bid-winning projects in this year was 9.25 billion yuan, up 49% year on year. Among them: 5.11 billion yuan for intelligent display, 2.42 billion yuan for night travel, 1.49 billion yuan for new business forms of wenlu, and 266 million yuan for VR experience. As of October 26, the amount of new orders and new bid-winning projects was 10.02 billion yuan. According to the survey report released by Futuresource, the company ranks first in global LED display market share and global LED small-spacing TV market share. The company continues to enhance its comprehensive competitiveness through the introduction of industrial intelligent display solutions, multiple channel business models, product differentiation performance, and LED small-spacing technology innovation. Channel sales became the driving force for intelligent display of rapid growth. In the reporting period, the revenue of channel sales was 671 million yuan, up 41% year-on-year. As of October 26, domestic distribution orders of 710 million yuan. The thousand store plan has 200 terminal stores under construction and construction, and is progressing well.

Business structure tends to be optimized, cash flow improved, strategic positioning stable, healthy and sustainable growth

From January to September, the proportion of intelligent display, night tourism economy, new business forms of cultural tourism and VR experience in the revenue was 63%/24%/8%/4%, the revenue was 30%/15%/30%/42%, and the gross profit rate was 34.60%/36.25%/35.16%/78.26%, respectively. During the reporting period, the revenue of small-spacing TV reached 1.844 billion yuan, up 41% year on year. Since July, under the influence of the policy, night travel economic plate order growth slowed. In terms of new forms of business, the all-region tourism of moutai, beidaihe, xi 'an and other cities dominated by the company is favored by tourists during the National Day holiday. As of October 26, the VR experience business has signed a new order of 35 million yuan in China, completing 78% of the annual target. From January to September, the company increased capital collection and optimized order structure. The net cash flow of operating activities was 198 million yuan, up 8.72% year on year. In the future, the company will use intelligent display as the driving force and cultural and technological integration as the accelerator to improve financial indicators. In the next three years, the company will enter a stable growth period and strive to increase net profit by 20%-40%.

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