Crack Group (603203): Annual report and 深圳桑拿网 first quarter report are in line with expected income structure and continuously optimized

A brief review of performance The company released its 2018 annual report & 2019 first quarter report, with 2018 revenue of 4.

320,000 yuan (10-year growth).

50%), net profit attributable to mother 1.

570,000 yuan (10-year growth).

33%); Revenue for the first quarter of 20191.

0.2 million yuan (an increase of 2 every year.

63%), net profit attributable to mother 3436.

490,000 yuan (an increase of 18 per year).

78%).

Performance growth was in line with expectations.

Business analysis New product and system integration business progressed smoothly, revenue structure was optimized, and average price increased significantly.

The expansion of new products such as Hotbar continued to penetrate, the expansion of deep-cultivating large customers and the expansion of automobiles, the integration of 3C automation system business progressed smoothly, and the revenue of specialized industrial robots and automated intelligent equipment was 200 million US dollars (up 33).

78%), slightly more than expected; small-scale equipment such as smart soldering revenue1.

420,000 yuan (10-year growth).

61%), in line with expectations; the company’s revenue structure continued to optimize, and robot automation revenue accounted for 46%.

29%, improve 4 goals, business intelligence, automation continues to improve.

In addition, the company’s sales of robots and automation equipment fell 11%, and revenue increased 33.

78%, the average price increased by 50%.

The industry impact and integration business dragged down, and profitability decreased slightly, in line with expectations.

Gross profit margin for 2018 was 55.

03% (max 3pct), net interest rate 36.

33% (flat).

Among them, the gross profit margin of the robot and automation business was 57.

99% (plasma 8.

71Pct), smart soldering and other small equipment gross margin 46.

89% (plasma 4.

65Pct).

The gross profit margin growth rate is 2018, the industry’s prosperity has improved, and the newly developed system integration business has gradually reduced the gross profit margin of the equipment business. In addition, the net profit margin remained flat mainly because the exchange rate increased exchange gains and the expense ratio remained stable overall.

In 2019, we will continue to upgrade our products intelligently, expand our integrated business, and expand our growth without worry.

The growth rate of revenue in the first quarter of 2019 was reduced to 2 due to industry influence.

63%, but the cost is well controlled, and the growth rate of net profit has instead increased by 10Pct to 18.

78%; In 2018, the company developed wave soldering products, upgraded the AOI solder joint inspection system, upgraded the development and application of SCARA and Cartesian coordinate robots, and the system integration business developed smoothly.)yuan).

In 2019, the company will continue to upgrade its products intelligently and expand its integrated business. Based on its technological advantages, capital advantages, and major customer advantages, the company will gradually grow worry-free.

Profit adjustment and investment recommendations We expect the company’s EPS for 2019-2021 to be 1.

16/1.

54/1.

99 yuan, increased by 0 for 2019-2020.

twenty four.2%, corresponding to a price-earnings ratio of 20.

2/15.

2/11.

7. Maintain “Buy” rating.

Risk Warning 3C Electronics, Capital Expenditure in Automotive Electronics Industry Does Not Meet Expectations; New Product Penetration Does Not Meet Expectations; System Integration Business Development Does Not Meet Expectations; Declining Profitability Trend; Share Lifting Risk