Greenery Ecology (002887): A New Star in Ecological Restoration

Greenery Ecology (002887): A New Star in Ecological Restoration
Event description The company released its 2019 Interim Report, and the company achieved operating income in the first half of 20193.830,000 yuan, an increase of 27 in ten years.89%, a 41% increase over the same period last year.19 points; realizing net profit attributable to shareholders of the listed company.08 million yuan, an increase of 31 in ten years.47%, an increase of 38 compared with the same period last year.71 points. Event comments: Ecological restoration + landscaping coordinated development.The company’s main business is ecological restoration and landscaping. In 2019H1, the company’s ecological restoration business realized revenue 3.310,000 yuan, an increase of 116 in ten years.19%, accounting for 86 of total revenue.31%; revenue from landscaping is 0.3.8 billion, accounting for 9 of total revenue invoices.91%.The company is expected to realize the strategy of revitalizing beautiful China and the countryside, and seek broader development in the field of ecological restoration. 四川耍耍网 The growth rate in the second quarter was higher.The company achieved revenue in the second quarter 2.48 ppm, an increase of 17 in ten years.54%, an increase of 29% over the same period last year.98 points; net profit attributable to mother is 0.670,000 yuan, an increase of 39 in ten years.58%, an increase of 47% over the same period last year.28 points. Non-interest bearing debt and high operating stability.As of H1 2019, the company has no short-term loans, long-term loans, and should respond to bonds; the company’s assets and liabilities replace 21.60%, which is at a very low level in the industry, and there is a lot of room for future financing.In 2018, the company’s net cash flow from operating activities was -0.900 thousand yuan, the net cash flow of investment activities is 7.7.5 billion; 2019 Interim Report was -0.80 ppm, net cash flow from investing activities is 1.11 trillion; extra cash flow health. Introduce multiple executives to improve business level.After the company went public, it actively introduced middle and senior management talents and core technical talents, including the company’s current executive vice president Zhang Gongxin, vice president Fan Yan and vice president Guo Xiaoqiang.The arrival of the three new executives is expected to enhance the company’s future level of operation and drive the company’s development to a new level. Excellent technical research and development, and established cooperative relationships with many institutions.The company’s meaningful technology research and development, the research and development expenses invested in 2018 reached 4 in revenue.7%.As of the end of June 2019, the company has obtained a total of 124 national patents and 6 national invention patents.At the same time, the company has research cooperation relationships with a number of scientific research institutions such as China Agricultural University, Nankai University, Chinese Academy of Forestry, which is conducive to the rapid development of the company’s R & D platform and provides good support for the company’s business development. Investment recommendations We expect the company’s EPS for 2018-2020 to be 1, respectively.20\1.27\1.34, corresponding to the company’s closing price of 16 on August 1.12 yuan, 2018-2020 PE is 13 respectively.43\12.65\12.04, first coverage, given “overweight” rating. There are risks that the development of the repair business is less than expected; competition in the garden business is intensifying and divergent; the risk of falling gross profit margins; the risk of receivables