Qianfang Technology (002373): R & D expands and expands Yushi’s overseas momentum is good
The company issued an interim report: the operating income for 19H1 was 35.
900 million, an annual increase of 25%; net profit attributable to mothers is 3.
700 million, an increase of 30% in ten years; net profit after deduction is 3.
100 million, an increase of 37% over the same period; based on this estimate: 19Q2 operating income was 19.
400 million, an annual increase of 23%; net profit attributable to mothers is 2.
200 million, an annual increase of 20%; net profit after deduction is 1.
900 million, a 10% increase in ten years.
R & D increased revenue to achieve results 19H1 company R & D investment3.
8 billion, an increase of 39 every year.
R & D expenses2.
8.7 billion, an increase of 15 every year.
R & D expenses 8.
1%, reduced by 0 every year.
The company has successfully launched automotive electronic logos, V2X and other products and solutions.
Yushi Algorithm (MOT) challenges the target detection of global competition traffic scenes to refresh the best results (Source: the company’s 19-year report)
Yushi’s overseas momentum is good According to the IHS Markit report, Uniview has ranked No. 4 in the global video surveillance equipment market for 18 years (source: the company’s 19th annual report).
19H1 Yushi single revenue 20.
200 million, 18 simultaneous 16.
4 billion, an increase of 23 in ten years.
Net profit 2.
2.2 billion, an annual increase of 5.
Of which overseas income4.
78 ‰, an annual increase of 64%, and gross profit margin increased by 2.
9pct, the overseas growth rate exceeds 60%, the proportion of revenue accounts for about 1/4 of Yushi, and the gross profit margin has improved, and the overseas expansion momentum is good.
The forecast for 19-21 is 0.
61 yuan / share, 0.
73 yuan / share, 0.
86 yuan / share forecast company 19?
21-year revenue was 89.
200 million, net profit attributable to mother is 9.
700 million, with an average of 19.
4%, according to the latest closing price of the corresponding PE is 25, 21, 18 times.
With reference to the history of the company’s PE band and the good development of the company’s overseas business, we believe 淡水桑拿网 that it can give the company a 30-year PE estimate for 19 years, and the corresponding reasonable value is 18.
39 yuan / share, give “Buy” rating.
Risk Warning The expansion of Yushi Technology’s overseas market may be affected by the external environment.
The risk that transportation operations may be affected by the environment and the sustainability and quality of returns.
The risk of rising gross profit margins due to factors such as rising video surveillance channel products.
Smart security, the mass landing of smart transportation may be later than expected.