McGmitter (002851): Performance growth top grid cap income growth exceeded expectations

McGmitter (002851): Performance growth top grid cap income growth exceeded expectations
The event company achieved operating income in the first quarter7.74 trillion, ten years +101.39%, net profit attributable to mother is 58.09 million yuan, +138 in ten years.67%, the net profit after deducting non-attribution to the mother is 53.04 million yuan, +255 for ten years.45%. A brief comment on the Air Force ‘s forecasted growth rate range of 90% -140% in the first quarter, which is actually 139%, the upper limit; revenue growth rate of 101%, exceeding expectations!Various businesses have achieved varying degrees of growth. The largest contribution is the new energy vehicle electronic control. In 2018Q1, the new energy vehicle business accounted for a relatively small income.The faster growth in performance than in revenue was mainly due to the consolidation of the remaining shares of the three subsidiaries acquired last year.The rapid growth of the home appliance business led to a decline in the overall gross profit margin in the first quarter.94pct to 24.55%. 2019Q1 sales expense ratio and management expense ratio (excluding R & 北京夜生活网 D) are 3.95%, 1.92%, which decreases by 1 each year.68 points, 1.63 points.R & D funding is 67.46 million yuan, an annual increase of 36.58%, the proportion of operating income fell below 10% (8.72%), mainly due to the structural outbreak of business income, which is expected to remain above 10% in advance.Net cash flow from operating activities 1.690,000 yuan, temporarily improved significantly (+4629.12%), mainly due to better customer repayments in this period and bill discounting operations. This year BAIC’s new energy strategy shifted its focus from EC to EU and EX mid-to-high-end models, and the company is the main supplier of EU and EX electronic controls, which will directly benefit from the heavy volume of mid-to-high-end models.The cumulative sales volume of BAIC New Energy increased by 20 in the first three months.5%, of which the cumulative cumulative growth rate of EU and EX is about 4708%, 95%.The EX3 went on sale in April and is expected to further drive sales of the EX series. The company is also the main supplier of the EX3. The company has established a highly educated, high-level management team with an international background and vision, and given full distribution incentives and humanistic care (the third phase of the employee housing purchase plan and the quarterly report are announced at the same time).The management mode of “Business Unit + Resource Platform” has become mature. We once again highlight the company’s ability to use electronic control technology for downstream applications, which will bring great business scalability and imagination.Optimistic about the company’s long-term development! Profit forecast: It is estimated that the net profit attributable to mothers will be 3 in 2019-2021.40 billion, 4.36 billion, 5.48 ppm, upgrade to “Buy” rating! Risk Warning: Power Device Out of Stock, New Energy Vehicle Policy Changes, Trade Frictions