Invic (002837): Steady growth in performance actively responds to 5G network construction

Invic (002837): Steady growth in performance actively responds to 5G network construction
Revenue has grown steadily, and companies in the downstream sector have been actively expanding to release annual reports. In 2018, they achieved operating income10.70,000 yuan, an increase of 36 in ten years.01%; net profit attributable to mother 1.08 million yuan, an increase of 25 in ten years.92%; net profit after deduction of 84.73 million yuan, an annual increase of 9.74%.In terms of business, the revenue of equipment room temperature control equipment increased by 22 in 18 years.27%, mainly benefiting from the strong new demand for cloud computing data centers, but due to the increase in the proportion of large projects, the gross profit margin fell 4.07.In the context of the scale of 4G construction in China and the expansion of 5G construction, the company’s cabinet temperature control equipment revenue increased by 0.96%, and actively expand areas other than telecommunications such as electricity, energy storage, and industry.In the bus business, under the effect of the new energy vehicle-related supplementary policy buffer period, the demand for 18 years has been relatively smooth. After the consolidation of Shanghai Ketai, the scale effect and synergy have been realized, and the gross profit rate has decreased by 9 in the previous year.34. Benefiting from 5G network construction and the development of new products as a whole, the reason why the company’s performance growth rate is slightly lower than the revenue growth rate is due to the increase in expense ratio.Due to the consolidation of Shanghai Ketai, the asset depreciation and share-based payment expenses increased, and the company’s 18-year management expense ratio was 11.79%, an increase of about 2 the previous year.1 pct.In order to cope with the construction of 5G networks, the company actively develops new products, and the R & D expenses increase by 79 each year.44%.In addition, the company expects that the growth rate of net profit attributable to mothers in 19Q1 will be between 50% and 150%, mainly due to: 1. The base of performance in the first 四川逍遥网 quarter of 2018 is small; 2.Affected by the consolidation, the new rail transit air conditioning business contributed incremental performance.The company issued a profit distribution plan, and plans to distribute a cash dividend of 1 for every 10 shares.5 yuan. Investment suggestion: We predict that the company’s revenue will be 14 in 19-21.43/18.61/24.21 trillion, EPS is 0.70/0.92/1.17 yuan / share, compound growth rate of 32.8%, corresponding PEG is less than 1.At present, the average PE of comparable companies in the industry is estimated to be 30x. The company’s core business equipment room and cabinet temperature control equipment have significantly benefited from the advancement of 5G construction, and added two growth points of air conditioning for passenger cars and rail transit trains. The future growth is better and the market is expected to achieveContinuous improvement, we give the company a 19-year PE valuation of 32x, corresponding to a reasonable value of 22.4 yuan / share, continue to give the company an “overweight” rating. Risk reminders: diversified business risks, increased market competition risks, technology replacement risks, 5G construction risks that are less than expected, international trade frictions affecting industry development, and market policy risks.

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