Dahua (002236): Operational capacity continues to improve and the industry’s long-term growth trend remains unchanged
I. Overview of the event Recently, Dahua Co., Ltd. released its 2018 annual report: the report was significant and realized revenue of 236.
66 ppm, an increase of 25 in ten years.
58%; net profit attributable to mother is 25.
29 ppm, an increase of ten years6.
34%; EPS is 0.
87 yuan / share.
The 2018 equity distribution plan is: a cash payment of 1 yuan (including tax) for every 10 shares.
2. Analysis and Judgment The gross profit margin rebounded in the fourth quarter and the operating capacity continued to improve. 1) In 2018, the company’s revenue increased by 25.
58%, of which, territorial income grows by 25 per year.
34%, overseas income increased by 26 in ten years.
01%; gross profit margin 37.
16%, 10-year average 1.
07 units; sales expense ratio 14.
22%, increase by 1 every year.
4 units; the management expense ratio (excluding R & D expenses) is 2.
67%, a decrease of 0 per year.
08 accounting; financial expense budget -0.
52%, a decrease of 1 per year.
2) In the fourth quarter, the company’s revenue increased by 21 every year.
26%, net profit attributable to mothers increases by 3 per year.
37%; gross profit margin increased by 2.
45 averages, at least 1.
From an expense perspective, sales expenses in the fourth quarter of the year were 14.
92%, a decrease from the previous quarter.
87 averages, an increase of at least 3.
33 units; administrative expenses 1.
80%, a decrease of 2 from the previous quarter.
18 averages, reduced by 0 each year.
The gross profit margin rebounded in the fourth quarter, and the management expense ratio improved. In addition, the company’s accounts receivable turnover rate continued to increase month-on-month, and its operating capacity continued to improve.
The R & D investment continued to increase, and the video Internet of Things transition and upgrade opened up the growth space report scale. The company continued to expand the R & D investment and increased investment in core technologies such as artificial intelligence, cloud computing, big data and chips.
R & D funding in 201822.
8.4 billion, accounting for 9% of operating income.
65%, an increase of 27 in 2017 each year.
67%, the number of R & D personnel increased by 9 in ten years.
78%.The company actively promotes the upgrade and transition to the video Internet of Things around the video business. On the eve of the 2018 Expo, the company officially released the “HOC City Heart” strategy to promote smart cities.
The fundamentals of the industry have improved marginally, and the long-term growth trend has not changed. In 2018, due to factors such 苏州桑拿网 as macro deleveraging and Sino-US trade friction, the growth rate of the security industry.
Judging from the current situation, the fundamentals of the industry have shown signs of marginal improvement, and security demand has gradually picked up.
In addition, the development and penetration of artificial intelligence, big data and other technologies in the security field will inject new vitality into the growth of the security industry, and the long-term growth trend of the industry remains unchanged.
Third, the investment proposal is expected that the company will have an EPS of 2019-2021.
69 yuan, the current sustainable corresponding PE is 16/13/10 times.
According to wind power, Hikvision PE (TTM), a similar company in the industry, is 30 times and PE (TTM) is 21 times.
4. Risk warnings: 1. 北京桑拿 The boom in the security industry has fallen short of expectations; 2. The heart of HOC cities has fallen short of expectations.