McGmitter (002851) 2018 Annual Report Comments: Performance Meets Expectations, Platformized Layout Continues High Growth
Performance growth increased, continuing a good development trend The company announced its 2018 annual report and achieved operating income23.930,000 yuan, +60 for ten years.17%, net profit attributable to mothers2.02 ten percent, +72.66%, of which, excluding the effects of equity incentive costs and asset restructuring costs, net profit attributable to mothers was achieved2.27 trillion, +82 a year.29%.The growth of the company’s performance was mainly due to the company’s continued good 杭州桑拿网 development in 2018.New energy vehicles, smart bathrooms, smart welding machines, inverter appliances, industrial displays and other businesses continued to grow rapidly.At the same time, the company completed driving companies, controlling companies in 2018The acquisition of minority shares in the three subsidiaries of Jardine Sanitary Ware is also one of the reasons for the increase in performance.In terms of profitability, the company’s sales gross margin / net margin were 29.49% / 10.76% a year -1.85pct / + 0.32pct; period fee cost 18.33% a year -1.94pct, cost is effectively controlled. From the perspective of the business segment that was the first to launch a product during its rapid development period, the four major fields of smart home appliances, new energy vehicles and rail transit, industrial power, and industrial automation 重庆耍耍网 achieved revenues of 10 respectively.96/6.08/4.21/2.55 ppm, of which, sales of energy vehicles and rail transit products more than tripled. The company launched integrated electric control products (PEU), which increased the value of bicycles from 1,000 yuan to 10,000 yuan. At present, it has become the core supporting supplier of BAIC New Energy.At the same time, Dongfeng, Geely and other first-line vehicle manufacturers have ushered in explosive growth in volume and price; the average growth rate of smart bathroom products has exceeded 60%, and the industry is in the introduction period. The company cooperates with Huida, Xiaomi, Moen, etc.It has been growing rapidly for many years. At present, the annual output exceeds 400,000 sets, and the total sales volume has ranked among the top two in China. Long-term discovery of R & D, building a platform-based enterprise for 5 consecutive years from 2013 to 2017 accounted for more than 11% of R & D expenses, and R & D in 2018 was about 2.52 ppm, an increase of 42 in ten years.7%, accounting for 10 of operating income.5%.Through continuous high-intensity research and development investment, the company has built three core technology platforms. Through continuous cross-applications and technological extensions, it has completed a small number of product layouts in the field of smart home appliances, industrial power supplies and industrial automation, laying a foundation for the company’s sustainable development.basis. Earnings forecast and investment recommendations The company’s net profit for 2019-2021 is 3, respectively.60/5.31/7.50,000 yuan, the corresponding EPS is 1.15/1.70/2.25 yuan, corresponding to PE is 27.7/18.8/14.2x, maintain “Buy” rating. Risks prompt uncertainty of new energy vehicle policies; preliminary macroeconomic growth; increased competition in the industry, etc.