New Beiyang (002376) 2018 Annual Report Comment: Strategic Emerging Business with Strong Performance Meets Expectations

Matters: The company released its 2018 annual report and achieved operating income of 26.

35 ppm, an increase of 41 in ten years.

64%; net profit attributable to mother 3.

80 ppm, an increase of 32 in ten years.


  Comment: The performance is in line with expectations, and the proportion of strategic emerging businesses continues to increase.

In 2018, the company achieved operating income of 26.

$ 3.5 billion, an increase of 41 per year.


Among them, the three strategic emerging industries of finance, logistics and new retail realized a total of revenue.

860,000 yuan, an increase of 58 in ten years.

70%, accounting for 75% of the company’s revenue.


The company’s gross profit margin is 43.

08%, a decrease of 0 per year.

99 averages, mainly due to the increase in gross profit margin of emerging businesses.

  At the same time, selling expenses expense 11.

49%, rising by 1 every year.

A total of 76, administrative expenses5.

04%, down by 1 every year.

26 units.

In addition, due to the company’s subsidiary Hualing Optoelectronics and Weihai New Beiyang Zhengqi Robot’s 18-year performance expectations, the impairment loss of goodwill was recognized at 1,420 million and 232, respectively.

310,000 yuan, a certain impact on performance.

There is a strong demand for logistics informatization and automation to accelerate the development of competitive advantages across the industry chain.

The driving force of logistics development continues to change, and the demand for emerging and equipment manufacturing products remains strong.

In 18 years, the company developed a new generation of intelligent logistics cabinets and professional cabinets. At the same time, it successfully entered the procurement directory of another well-known logistics cabinet operator in China and realized batch sales. The sales scale and market share of the company’s intelligent logistics cabinets further increased.

In addition, the automatic cross-belt sorting line products were officially launched to the market in the second half of the year, and the delivery operation of multiple cross-belt sorting lines was gradually completed.

The new retail business has a strong momentum and is expected to continue to break through in 19 years.

The new retail industry has a strong momentum, and the industry development has entered a high-speed growth period.

The company’s self-lifting products have been sold in batches in 2018, and will be further promoted and applied through case copying; related products such as smart microchaos have been piloted and sold in small batches, and smart microchaos lease operations have been piloted.

At the 天津夜网 same time, the company plans to raise funds9.

The 37 million USD self-service intelligent retail terminal equipment research and development and industrialization project. After the project is completed and put into production, it can add an annual production capacity of 100,000 self-service intelligent retail terminal equipment. The company’s self-service integrated product capacity will reach 350,000 units.The new retail business strives for continued breakthroughs in 2019.

Investment suggestion: Considering the continuous growth of the company’s channels and R & D expansion, we slightly lower the company’s net profit forecast for the company from 2019 to 2020 to 4.

9.8 billion, 6.

32 trillion (previous forecast was 5.

14 billion, 6.

5.1 billion), and at the same time predict that the net profit attributable 苏州夜网论坛 to mothers will be 7 in 2021.

8.4 billion, corresponding to PE is 23 times, 18 times, 14 times, with reference to the industry’s comparable company assessment and the company’s historical level of change, the company is given a 30-year PE for 19 years, corresponding to a target price of 22.4 yuan, maintain the “recommended” level.

Risk warning: The expansion of strategic new business is less than expected; the segmentation of growth rate of traditional business; the industry competition is intensifying.