New Beiyang (002376): 18 Annual Report Results Meet Expectations 19 Years Increment See Bank

New Beiyang (002376): 18 Annual Report Results Meet Expectations 19 Years Increment See Bank

Announcement: The company announced the 2018 annual report, operating income26.

35 ppm, an increase of 41 in ten years.

64%; net profit attributable to shareholders of listed companies3.

80 ppm, an increase of 32 in ten years.

82%; net profit deducted from non-return to mother 3.

67 ppm, an increase of 34 in ten years.

99%.

Revenue 26.

35 trillion, an increase of 41 in ten years.

64%, with growth driven by retail and unmanned logistics.

In terms of retail, 2018 is the first year of the company’s new retail scale. Since the lifting of the products is the exclusive supplier of N customers, the intelligent Weichao Q4 has begun to shift; in terms of logistics, maintain the largest supplier of Fengchao, and increase the number of customers in 2018H2Z. The overall revenue growth exceeded initial expectations. At the same time, the automatic sorting system 杭州夜网论坛 was piloted. It is expected to start volume in 19 years.

Adding back the goodwill, the net profit growth rate attributable to mothers was 38 after the correction.

11%.

Valin Optoelectronics recognized a goodwill impairment loss of 14.2 million yuan. No provision for goodwill impairment has been made in previous years. If it is added back, the revised net profit attributable to the parent is 3.

950,000 yuan, an increase of 38 in ten years.

11%, in line with market expectations.

Net cash flow from operating activities decreased by 60.

10%, the reasons are: 1) the need for stock preparation; 2) the 17 year account settlement base is high, the actual Q4 cash flow improved quarter-on-quarter, Q1-Q4 net cash flow was -16 million yuan / 15 million yuan / -1900 Ten thousand yuan / 1.

8.9 billion.

The need for stocking is reflected in a 53% increase in advance payments and a 17% increase in inventory.

35%.

At the same time, the structure of customers has changed, and the final payment of hardware sales has also affected the sales of goods. 23

240,000 yuan is less than the income of 26.

3.5 billion US dollars, but the current aging structure is still healthy (more than 90% of receivables due within one year).

The gross profit margin has reached 43.

The reason for 08% was the change in revenue structure, but profitability improved year by year, except that ROE climbed to 12.

80%.

The company’s traditional print and scan parts have a gross margin of more than 50%, and the financial product gross margin is 45%?
50%, retail product gross margin is 40%?
45%, the gross margin of logistics products is 37%?
The 45% decrease in gross profit margin was due to the gradual increase in the proportion of new retail.

Considering that the financial business has a good order in 19 years (the announced orders include Agricultural Bank STM and Bank of Communications TCR), it is expected that the gross profit margin will stop rising in 2019.

Profitability has improved year by year, climbing beyond 12 to ROE.

80%, mainly reflecting the company’s scale effect gradually.

Selling expenses increased by 67.

40%, due to new business development costs and exhibition costs; management costs (including R & D) increase by 32 each year.

36%, financial expenses are reduced by 71 every year.

43% were all healthy.
2018 is the first year of New Beiyang New Retail. The reasons for the increase in sales expenses are: 1) the expansion of the new retail business market; 2) the addition of maintenance outlets across the country; 3) exhibition costs.

The scale of goodwill impairment for 18 years was in line with expectations, with a revised profit growth rate of 38% and a “Buy” rating maintained.

Maintain the growth judgment of logistics financial retail, meanwhile, conservatively estimate that the annual goodwill impairment of 10 million in 19/20.
Maintain the profit forecast for 2019-2020 and supplement the profit forecast for 2021. It is estimated that the operating income for 2019-2021 will be 34.

6.5 billion, 45.

5.8 billion, 56.

810,000 yuan, net profit attributable to mother is 5.

09 billion, 6.

8.3 billion, 8.

6.4 billion.

The core business industry has huge space, and its program capabilities are fulfilled, maintaining a “Buy” rating.

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