New Beiyang (002376) Company’s 2019 First Quarterly Report Review: Short-term Changes in Gross Margin High R & D Shows the Company’s Determination for Development
Event: The company released the 2019 first quarter report on the evening of April 26. The report gradually progressed, and the company realized operating income5.
52 ppm, an increase of 3 over the same period last year.
14%, achieving net profit attributable to shareholders of listed companies of 0%.
70 trillion, down 9 in the same period.
38%; Realize non-recurring profit or loss of net profit attributable to shareholders of listed companies 0.
6.4 billion, down 16 over the same period.
The revenue increased slightly, and the decrease in gross profit margin affected the level of net profit: the company achieved operating income in the first quarter of 20195.
52 ppm, a 10-year increase3.
14%, the revenue growth rate compared to previous years reorganized or due to short-term changes in financial, logistics, new retail customer order confirmation; the company achieved non-attribution net profit 0.
64 ppm, a decrease of 16 per year.
45%, the company’s net profit growth rate is lower than the income growth rate is mainly due to the continuous repeated gross profit margin, the overall gross profit margin of the product in 2019Q1 is 35.
48%, down 6 from last year.
78 pct, first from the change in operating cost structure.
Continue to increase investment in research and development, three effective cost control: the company’s overall level of Q1 expenses in 19 years remained stable.
Q1 Selling expenses Expense 5.
73%, a decrease of 0 from the same period last year.
74 pct; administrative expenses 18.
48% (including R & D expenses), an increase of 1 over the same period last year.
18 pct, of which research and development reached 7,055.
0.6 million yuan, an increase of 15 over the same period last year.
83%, accounting for 12.7% of operating income
77%; financial expenses 836.
370,000 yuan, a decrease of 53 from the same period last year.
03%, financial expenses 1.
51%, a decrease of 1 from the same period last year.
81 pct, mainly due to the increase in exchange gains caused by the company’s exchange rate changes in the current period.
Investment income for the period reached 2,572南京夜生活网.
580,000 yuan, an increase of 101 over the same period last year.
86%, mainly due to the increase in net profit of associates of the company during the period.
Breakthroughs in the financial sector from key pieces, complete machines to system integration solutions: In 2019, the smart bank outlet transformation market was fully implemented, and the major transformation of private banking by the bank was completed. The eyes began to shift to public business, certificate of deposit business and cash business, small and mediumFollowing the pace of the big bank and entering the market with mature experience, the counter business will gradually achieve completely low cabinet, self-service, smart teller machine (STM), teller cash cycle machine (TCR / UCR) market demand is huge, TCR / UCR The market size is expected to exceed 50深圳SPA会所 billion; the business of the regular six major banks and the joint stock and local banks is about 20 billion.
Investment suggestion: As a leader in smart devices, the company is expected not to expand the current business field in the future, to achieve continuous expansion of business boundaries and sustained high growth in performance.
The company is expected to achieve operating income of 35 in 2019, 2020 and 2021.
9.8 billion, 46.
1.8 billion and 60.
200,000 yuan, achieving a net profit of 5.
1.1 billion, 5.
9.4 billion and 7.
56 trillion, EPS is 0.
77 yuan, 0.
89 yuan and 1.
14 yuan, corresponding to PE of 20X, 17X and 14X, maintaining the “highly recommended” level.
Risk reminder: Bank bidding progress is less than expected; logistics, retail customer bidding volume and bidding progress may be less than expected; traditional hot-hit industry has weak growth.