Dahua Shares (002236) Quarterly Report Review 2019: Increase R & D Investment to Repurchase Shares to Highlight Company Value
The report reading company released the “First Quarter Report 2019” on the evening of April 25, and achieved operating income of 43 in the first quarter.
4.8 billion, an annual increase of 20.
19%, achieving net profit attributable to shareholders of listed companies.
1.6 billion, an annual increase of 7.
Key points of investment Revenue growth has stabilized, and long-term development is worth looking forward to. The company’s operating revenue growth rate in the first quarter was 20.
19%, the increase in the third and fourth quarter of last year were 22.
26%, the growth rate is stable, and the net profit growth of the mother is 7.
05%, slightly better than the third and fourth quarter of last year.
We think that the security industry may have had the worst time, and the demand in the second quarter strived to pick up.
As the world’s leading video-centric smart IoT solution provider and operation service provider, the company is committed to achieving new achievements in the new era of artificial intelligence, and its long-term development is worth looking forward to.
High R & D expenses and management expenses have dragged down the growth rate of net profit. The company’s R & D expenses reached 5 in the first quarter.
4.1 billion, an annual increase of 47.
45%, the main reason for the high growth is: the company expanded research and development expenditure, management costs reached 1.
4.9 billion, an annual increase of 48.
86%, the main reason for the high growth is: the company’s business growth and the current copyright tender fee.
The increase in management expenses and research and 天津夜网 development expenses has significantly higher revenue growth and dragged down the growth rate of net profit.
From the perspective of gross profit margin, the gross profit margin of sales in the first quarter was 37.
45%, an increase of 0 from the previous month.
29% off road every year.
52%, the gross profit margin rose steadily.
State-purchased shares reflect the company’s confidence in the company’s long-term intrinsic value. The company’s latest announcement, the proposed self-raised funds to repurchase part of the company’s issued public shares in a centralized bidding transaction, and the size of the repurchase funds does not exceed RMB 2 millionRMB (inclusive) and not exceeding RMB 400 million (inclusive), which will be used for the subsequent implementation of the distribution of incentives or stock holding 都市体验网 plans for employees, the repurchase price shall not exceed RMB 25.
37 yuan / share (inclusive), calculated based on the repurchase price and the upper limit of the repurchase amount, the total number of repurchasable shares is expected to be approximately 15,766,653, and the proportion of repurchased shares accounts for about 0 of the company’s current total share capital.
We believe that this plan reflects confidence in the company’s long-term intrinsic value and is conducive to safeguarding the interests of investors, especially those responsible for small and medium-sized dials, and enhancing the confidence of funders.
Earnings forecast and forecast Domestic demand for sub-sectors such as smart cities, Xueliang project, smart transportation, and smart building characters continues to grow. At the same time, the company is actively conducting overseas business layout, and high growth is expected.
Continued high R & D investment has enabled the company to have strong innovation capabilities, lead the industry development and open up new growth space. It is expected that the company’s net profit attributable to its mother in 2019-2021: 28.
9.6 billion, 36.
35 trillion, 4428 trillion, EPS is 0.
48 yuan / share, the net profit attributable to the mother increases by 14 each year.
Maintain “Buy” rating.
Risks threaten new entrants; domestic macroeconomic growth continues; major shareholders reduce their holdings.