Tuobang (002139) 2019 First Quarterly Report Review: Gross Margin Level Improves, Demand in Downstream Industries picks up

Tuobang (002139) 2019 First Quarterly Report Review: Gross Margin Level Improves, Demand in Downstream Industries picks up

I. Overview of the event The company released the first quarter report of 2019: realized revenue 8.

30,000 yuan, an increase of 17 years.

19%; net profit attributable to mother is 52.02 million yuan, a year-on-year increase of 22.


At the same time, the company released its forecast of operating results for the first six months: net profit of 16,443.


640,000 yuan, an annual increase of 50% -100%.

  Second, analyze and judge the steady growth of revenue, the gross profit level rebounded. In the first quarter of 2019, revenue achieved a steady growth. Affected by the decline in the prices of upstream raw materials, the gross profit level improved significantly and rose to 22.

06%, so profits can achieve rapid 杭州夜网 growth.

The report estimates that the company’s R & D expenses increased by 14.58 million yuan over the same period last year, an increase of 45.

1%, mainly due to the expansion of new customer product development.

Leading company in intelligent controllers and new opportunities brought by the recovery of the downstream home appliance industry. The company is a global leader in the intelligent controller industry. Intelligent controllers, DC brushless motors and drivers are widely used in home, industrial, medical and other fields.

The downstream of the company is mainly the home appliance industry, which belongs to the post-real estate industry. Due to the rebound in residential completion area since the beginning of the year, the home appliance industry is expected to usher in rapid growth this year.

The 北京养生会所 trend of intelligent home appliances is significant, and the added value of products continues to increase. Through technological progress and continuous improvement in people’s requirements for quality of life, home appliances and various types of generic home appliances are undergoing a process of digital, intensive, and intelligent development, and intelligent control.The proportion of the development of appliances in the household appliance industry is getting higher and higher.

At the same time, the application of intelligent controllers in health and care products, industrial control and other fields has also been continuously developed. The continuous expansion of application fields will bring new opportunities to the intelligent controller industry.

The convertible bonds were issued smoothly and the capacity increase increased in the first quarter of 2019. The company issued convertible bonds with a cumulative total of 5.

The US $ 7.3 billion will be used for the construction of the operation center in East China. After the completion, 45 million sets of intelligent controllers will be added, which will gradually increase the company’s existing intelligent controller capacity, effectively alleviate the shortage of production capacity, and help the company to further develop the East China market.

In addition, the company’s Indian Industrial Park has completed infrastructure construction and is expected to be operational in the second half of 2019.

The construction of the second phase of the Huizhou Industrial Park is completed, and the capacity transfer is progressing steadily as planned. It is expected that the entire Huizhou Industrial Park will achieve a 6 billion production capacity scale after reaching production.

  Third, the profit forecast and investment recommendations predict that the company’s EPS for 2019-2021 will be 0.

33, 0.

45 and 0.

56 yuan, corresponding to 19 times, 14 times and 11 times the PE.

In the past three years, the company’s minimum PE value and expectations are 16 and 41 times, respectively.

Maintain the “Recommended” level.

  Fourth, risk warning: downstream demand is less than expected; capacity expansion is less than expected.