Golden Mantis (002081): Q2 orders maintained rapid growth, completion completed, repairs boosted, demand boosted

Golden Mantis (002081): Q2 orders maintained rapid growth, completion completed, repairs boosted, demand boosted
Event description On July 29, the company announced the second quarter of 2019, a briefing on operating conditions.66 ppm, an increase of 21 in ten years.06%. The event comment considered that the bids for unsigned Q2 orders increased by 31%, and still maintained rapid growth.Newly signed companies in Q2 2019 increased by 21.06%, compared with 28 of 18Q3-19Q1.46%, 28.61% and 30.43% were slightly defective, or mainly due to the large number of unsigned contracts in Q2, and Q2 companies had won unsigned contracts to a new high of 67 since 2017.27 ppm, significantly higher than 43 in 18Q3-19Q1.7.6 billion, 43.2.7 billion and 60.6.7 billion; if we consider the situation of unsigned contracts and orders that have been won, the company’s Q2 new signed + unsigned orders totaled 184.9.3 billion, a year-on-year increase of 31.46%, compared with 29 in 18Q3-19Q1.99%, 30.04%, 43.21% is almost the same (Q1’s rapid growth or mainly due to carry-over orders at the end of last year).Overall, the company’s new year billing totaled 224 in the first half of the year.70 trillion, an increase of 25.35%, still maintaining rapid growth. In terms of business types, Q2 public order orders slowed down, and residential speedups increased significantly.In the second quarter of 2019, the company newly signed public decoration (excluding fine decoration), residential (including fine decoration, Golden Mantis House, custom hardcover and product house, etc.) and design orders64.19 billion, 45.2.6 billion and 8.2.1 billion, an increase of 7 each year.94%, 42.42% and 38.22%, the growth rate changed -37 from the previous Q1.23pct, 29.47 points and 18.56pct, the growth rate of public order in the second quarter has increased, and the speed of residential housing has increased significantly, or it may benefit from the expansion of the market share of refined decoration under the promotion of policies, and the company’s ability to accept orders with sufficient funds in the company has been further enhanced.In the first half of the year, the growth rate of all business orders was more than 20%.44 billion, 83.5.7 billion and 13.6.9 billion, an increase of 23 each year.68%, 27.20% and 30.13%. The completion of the repair is expected to help the company’s orders continue to improve, and employees will be encouraged to improve performance and release momentum.Since the beginning of this year, the growth rate of real estate completion has continued to exceed that of new construction (twice in the first half and the second half respectively.70%, 10.10%), and the land completion project in the second half of the contract is expected to usher in restoration, which will further increase the company ‘s order demand; gradually, the company completed the first award of the stock incentive plan in January this year, and set a 19-year revenue growth rate that is not low.At 20% or the performance growth rate is not less than the lower limit of 15%, it greatly stimulates employees’ work motivation.The company’s EPS is expected to be zero in 19-20.91 yuan, 1.05 yuan 1, corresponding to 2019/07/30 implementation of PE is 12.24 times, 10.56 times, maintain “Buy” rating. Risk Warning: 1. Real estate 杭州夜网 gradually increases and becomes stricter; 2. The project payment was less than expected.