Depth * Company * New Beiyang (002376): Increase in new business share 8PCT Expansion capacity will support higher growth
On April 10, the company issued a performance announcement: revenue of 26 in 2018.
400 million, net profit attributed to mother 3.
8 billion, an annual increase of 41.
6% and 32.
The proportion of strategic new business in the three major industries continued to increase, traditional businesses effectively explored the international market, and the comparative advantage of the estimated scale was maintained under steady growth, maintaining a BUY rating.
Key points of support level The continued increase in the proportion of new business has led to stable and better performance.
The company’s performance is in line with the expectations of the express report.
By industry: New business (finance / logistics / new retail) and traditional business revenues increased by 58 respectively.
7% and 6.
6%, the proportion of new business increased significantly 8.
By product: The revenue of key basic components / machines and system integration products / services increased by -5.
5% / 58.
2% / 44.
8%, the whole machine is basically in the form of products in emerging industries, and the gross profit margin increased by 1.
0pct, the gross margin of traditional business represented by parts and components by 2015 61.
9% continued to 54.
Driven by the dual enhancement of new business “quantity and quality”, the performance promoted stability and improvement.
New business market expansion is strong enough to maintain long-term performance.
All three emerging industries are welcoming space expansion.
(1) Financial industry: the emergence of self-service equipment replacement caused by smart outlets. STM and TCR / UCR gradually moved from testing to implementation. The introduction of core module advantages will continue to lead the cash transformation and clearing machine business.The growth rate reached over 600 billion yuan.
8%, electronic ordering, and the penetration rate of express delivery cabinets are constantly increasing; (3) New retail self-service vending machine ownership has increased by nearly 62%, and the output value has reached 200 billion yuan.
The company increased the capacity of 南京夜网 smart devices by 40% to 350,000 units per year through fixed increase.
Convertible bonds are progressing smoothly, and they are optimistic about expanding to a new level.
Due to the characteristics of the hardware equipment R & D and manufacturing industry, the operating cash flow in 2018 was 1.
7 billion down 60.
The company is preparing to issue 9.
3.7 billion convertible bonds, supplementing liquidity and continuing to expand the capacity of smart retail equipment, has been approved by the municipal SASAC.
If the fundraising is successful, the company’s new business capacity expansion is expected to reach a new level.
Estimated for 2019?
Net profit in 2021 is 5.
01 and 8.
6.8 billion, EPS is 0.
05 and 1.
30 yuan (assuming that the convertible bonds expand smoothly after completion in 2无锡夜网019, 2019?
Increased by 9 in 2020.
18%), corresponding to PE, 20, 16 and 13 times.
The company’s new business broke through smoothly, leading to continued good performance and stable traditional main business. It is estimated that it has a comparative advantage in the sector and maintains a Buy rating.
The main risks faced by ratings are that new industry demand is less than expected; convertible bonds are not progressing as expected.