March 13

Hongya NC (002833) Annual Report Review: New Product Rapidly Increases Gross Margin by Business

Hongya NC (002833) Annual Report Review: New Product Rapidly Increases Gross Margin by Business

Investment highlights: The company announced the 2018 annual report 淡水桑拿网 and the 2019 first quarter report: the company achieved revenue in 201811.

94 ppm, an increase of 45 in ten years.

59%; realized net profit attributable to mother 2.

700 million, an increase of 15 in ten years.

31%; Deduction of non-net profit 2.

31 ppm, an increase of 11 years.


The company achieved revenue 2 in Q1 2019.

98 ppm, an increase of 15 in ten years.

43%; net profit attributable to mother is 0.

76 ppm, a ten-year increase of 8.

18%; realized non-net profit deduction of 0.

580,000 yuan, reduced by 1 every year.


From the income side: From the perspective of the company’s single business, the edge banding machine achieved revenue in 20185.

12 ppm, an increase of 19 in ten years.

18%; machining center realized revenue 2.

320,000 yuan, an increase of 401 in ten years.

11%; Panel saw realized sales revenue 2.

08 million yuan, an increase of 16 in ten years.

73%; sales of CNC drills (including multi-row drills) 1.

81 ppm, an increase of 55 in ten years.


The company’s traditional main business edge banding machine business remained stable, and new business maintained rapid growth.

Gross profit margin: The company achieved a gross profit margin of 37 in 2018.

56%, a decrease of 0 per year.

62, we believe that mainly due to product structure changes, the proportion of businesses with reduced gross profit margins such as processing centers increased.

From the perspective of one-way business, the average gross profit margin of the company’s target products increased, and the gross margin of the company’s edge banding machine business increased by zero.

37 units; cutting board sawn hair interest rate increased by 1.

07 units; multiple rows of drills to boost 2.

15 averages.

2019Q1 achieved a gross profit margin of 36.

30%, a year to raise 0.

46 units.

Net interest rate end: Net interest rate achieved in 201822.

86%, a decrease of 5 per year.

76 averages; 25% net profit achieved in the first quarter of 2019.

58%, a decrease of 1 per year.85 units.

The decrease in the net interest rate in 2018 decreased, and we believe that it is mainly due to: 1) 2257 million asset impairment losses were accrued in 2018 (only 33 in 2017.

950,000 yuan); 2) Due to the acquisition of MASTERWOOD consolidation, etc., the sales expense ratio in 2018 increased by 2.

21 countries; 3) The company’s R & D revenue in 2018 was 4,598.

530,000 yuan, an increase of 45 compared with the same period in 2017.


With the increase of the company’s research and development costs, the company launched a dual-drill package with five-sided CNC drills, a dual-drill package with six-sided CNC drills, a four-spindle dual-station machining center, a CNC drilling center connection, and a precision heavy-duty double-end edge banderAnd other new CNC products, the product 深圳桑拿网 line has been continuously enriched to provide support for the company’s sustainable and healthy development.

Profit forecast and estimation: We expect the company’s net profit attributable to mother to be 3 in 2019-2021.



2.9 billion, an increase of 14 each year.

44% / 31.

75% / 29.

80%, earnings per share are 2.



91 yuan.

We believe that the company’s 19-year reasonable PE estimation interval is 20-25 times and the reasonable value interval is 45.

80 yuan -57.

25 yuan, previous market rating.

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

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Posted 03/13/2020 by admin in category "桑拿