Depth-Company-Zhejiang Dingli (603338): Deeply plowing domestic and foreign markets and optimizing industrial layout, sustained high growth performance is expected

Depth * Company * Zhejiang Dingli (603338): Deeply plowing domestic and foreign markets and optimizing industrial layout, sustained high growth performance is expected

The company released its 2018 annual report and achieved revenue of 17.

1 billion, an annual increase of 49.

9%, net profit attributable to mother 4.

8 billion, a 69-year growth of 69.

7%, net operating cash flow 4.

2 billion, 19 years growth.

2%.

  The main point of the support level is that the net profit is slightly lower than the forecast of 5.

0 billion, mainly due to the expense of CMEC R & D expenditure in the United States.

CMEC is profitable in the first three quarters and requires at least 12.85 million US dollars, mainly because its internal manufacturing has certain R & D expenditures of more than 80 million, all of which were previously capitalized.It is cost-effective. The company holds 25% of its shares and affects 20 million profits. Excluding this factor, the company’s performance is in line with expectations.

The follow-up CMEC mainly distributes Dingli products. It is expected that there will not be many R & D promotion. The 18-year cost adjustment is before accumulation, so it will be one-off.

The gross profit margin of arm-type products has increased significantly, and the gross profit margin has shifted slightly due to the adjustment of the scissor-type product structure.

The company’s overall gross profit margin is 41.

5%, a slight decrease of 0 every year.

5 points, according to the product, the arm lift 9.

4 points to 34.

6%, the scissor is reduced by 1.

8pct to 40.

9%, mast lifted by 1.

7pct to 41.

At 7%, the gross profit margin was improved across the board, except for the scissor-type products. The domestic gross profit margin of the scissor-type products increased again. The decrease overseas was mainly due to the increase in the proportion of small scissor forks, which accounted for about 1/3 of overseas sales. The unit price has not changed.

During the period, expenses remained relatively stable, and cash flow continued to improve.

The company’s sales / management + R & D / financial expense ratios are 5 respectively.

4% / 6.

9% /-2.

1%, the same increase of 0.

9/0.

6 / -4.

2pct, during which the expense ratio remained relatively stable, of which R & D expenses were 6148.

70,000, with an increase of 98.

1%, the company continues to adhere to high R & D investment, technology and product performance to maintain industry leadership.

Net operating cash flow in 20184.

2 billion, 19 years growth.

2%, the company’s cash flow continued to improve.

The domestic and foreign markets are working together, and the product line layout is gradually optimized.

The domestic market achieved revenue in 20187.

200 million, an increase of 84.

2%, revenue share increased to 43.6%, overseas revenue 9.

200 million, an increase of 30.

2%, the acceleration of the growth of the domestic market is mainly due to the increasing recognition of the safety and economy of aerial platforms, and the domestic penetration rate has gradually increased. Overseas, due to the uncertain factors of the Sino-US trade war last year, the company will focus onLeaning towards the domestic market.

At present, the number of domestic aerial platforms is 武汉夜生活网 less than 100,000. The industry is expected to continue to maintain a high growth rate of more than 30% in the next three years. Companies in overseas markets will continue to increase their development efforts. The internal market will help the company achieve 30% of its revenue.The above high growth.

The company’s 18-year sales of arm-type products were 548, an increase of 98.

6%, revenue 2.

100 million, an increase of 103.

2%, the growth rate of arm-type products is higher. The new arm-type products developed by the company and Magni have begun trials in small batches. After the release of 3200 arm-type investment capacity, the arm-type power generation efficiency can be greatly reduced and the company’s product line layout optimizedTo create new points of profit growth.

  It is estimated that the company’s net profit 佛山桑拿网 attributable to the mother in 2019-2021 will be 6, respectively.

6/8.

9/12.

6 trillion, corresponding to 2 EPS.

68/3.

60/5.

09, corresponding to 28 respectively.

4/21.

2/15.

0, maintaining the buy level.

  The main risks faced by the rating are the appreciation of the RMB, lower-than-expected demand for aerial platforms, and worsening competition in the industry.