McGmitter (002851): strides forward slightly ahead of market expectations
This report reads: The company’s performance slightly exceeds market expectations. We believe that the continuous optimization of the downstream customer structure of smart bathrooms and new energy vehicles will increase the company’s competitiveness and ability to resist risks, and promote the sustainable development of the company’s performance. Investment Highlights: Maintain Overweight rating.McGmitter’s performance was slightly higher than expected, and the EPS for 2019-2021 was raised to 0.76 (+0.03), 0.97 (+0.03), 1.22 (+0.03) Yuan, maintaining target price of 30.67 yuan, corresponding to 32X PE in 2020, maintaining a target price of 30.67 yuan to maintain the overweight level. Performance was slightly higher than expected.In the first half of 2019, the company realized operating income16.60,000 yuan, an increase of 61 in ten years.06%, operating profit is 1.69 ppm, an increase of 51 in ten years.82%, net profit attributable to mother 1.620,000 yuan, an increase of 148 in ten years.07%; performance close to the upper limit of the forecast, slightly exceeding market expectations. Steady and steady, subdivided business to produce satisfactory answers.Benefiting from the power of TV power supply and inverter home appliances, the company’s sales of smart home appliances in the first half of the year.40,000 yuan, an increase of 23 in ten years.16%; of which smart bathroom sales revenue1.9.4 billion (+4.23%), we believe that the completion of the company’s overall supply chain adjustment and the volume of downstream customers, the smart bathroom business is expected to improve significantly 杭州夜生活 in the second half of the year.In addition, driven by communication power and commercial display power, industrial power revenue in the first half of the year2.460,000 yuan, an increase of 43 in ten years.62%; industrial automation sales revenue1.5.3 billion, an annual increase of 26.40%. New energy vehicles continue the high growth trend and create new profit growth points.In the first half of 2019, the company’s new energy and rail transportation achieved sales revenue5.520,000 yuan, an increase of 239% in ten years.In the first half of 2019, BAIC’s new energy vehicle sales reached 65,159, an increase of 22%; and the company provided PEU products for EU and EX series models.In addition, the company also pioneered customers such as Dongfeng and Geely in 2019. The diversification of customer structure will further help 重庆耍耍网 the company optimize the new energy vehicle business and create new profit growth points. Risk reminder: New energy vehicle sales are lower than expected, increasing market competition affects gross profit margin