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Hongya CNC (002833) Company Semi-annual Report: New Products Launched Fast, Gross Margin Steady Up

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Hongya CNC (002833) Company Semi-annual Report: New Products Launched Fast, Gross Margin Steady Up

The company announced the 2019H1 interim report: the company realized revenue6.

570,000 yuan, an increase of 7 in ten years.

96%, net profit attributable to mothers1.

66 ppm, an increase of ten years.

04%; in the second quarter alone, revenue was achieved3.

59 ppm, a ten-year increase2.

45%, achieve net profit attributable to mother 0.

89 ppm, a decrease of 4 per year.

35%.

The company also announced the forecast for the first three quarters of 2019, and it is expected that net profit attributable to mothers will be achieved in the first three quarters.

5 ppm-2.

70,000 yuan, an increase of 0 in ten years.

78% -8.

84%, of which the single third quarter quarter growth of 0.

26% -24.

03%.

Revenue: 1) In terms of regions, the company’s domestic revenue is 4.

69 ppm, a reduction of 0 per year.

11%, accounting for 71% 武汉夜生活网 of the company’s revenue.

42%; overseas realized income1.

880,000 yuan, an increase of 35 in ten years.

24%, accounting for 28% of the company’s revenue.

58%, the company’s expansion of overseas markets has obvious effects.

2) In terms of different products, the company’s traditional main business edge banding machine business realized revenue2.

70 ppm, a reduction of 6 per year.

36%, accounting for 41% of the company’s revenue.

13%; processing center realized revenue 1.

29 ppm, an increase of 48 in ten years.

69%, accounting for 19% of the company’s revenue.

68%; CNC drilling (including multi-row drilling) achieved revenue1.

260,000 yuan, an increase of 35 in ten years.

47%, accounting for 19% of the company’s revenue.

21%; Panel saw realized revenue 1.

0.6 million yuan, down 7 every year.

97%, accounting for 16.

10%.

At present, the company’s capacity utilization rate, production and sales rate has exceeded 100%. In 2019, the company acquired high-quality land resources nearby by acquiring AFC Champions. In addition, a new subsidiary, Master Smart, successfully bid for 42 acres of land, which is a high-speed productGrowth provides capacity guarantees.

From the profitability side: 1) The gross profit margin for 2019H1 is 37.91%, increasing by 0 every year.

67 units.

The gross profit margin was 39 in the second quarter.

25%, increasing by 0 every year.

99 units, an increase of 2 from the previous quarter.

95 units.

2) In terms of business, the gross margin of traditional edge banding machines has reached 50.

30%, an annual increase of 1.

72 digits; gross profit margin of CNC drills (including multi-row drills) is 29.

79%, an increase of 4 per year.

84 units; cutting board sawn gross rate is 30.

60%, an increase of 4 per year.

02% stocks, whether the company’s traditional main business or the new business gross margin average value is rising upward, showing the company’s strengthening of competitiveness, we believe that the company’s new product gross margin in the future can still improve room.

The gross profit margin of the machining center is 24.

32%, a decrease of 2 per year.

2 units.

Profit forecast and estimation: We expect the company’s net profit attributable to mother to be 2 in 2019-2021.

99/3.

68/4.

7.1 billion, an increase of 10 each year.

4% / 23.

2% / 27.

9%, earnings per share are 2.

21/2.

72/3.

48 yuan.

We believe that the company’s 19-year reasonable PE estimation interval is 20-25 times and the reasonable value interval is 44.

2 yuan -55.

3 yuan, previous market rating.

Risk warning: low expectations for real estate investment; low expectations for new product expansion.