Hongya CNC (002833) Annual Report 2018 Review: High-end products will become an important driving force for subsequent growth

Hongya CNC (002833) Annual Report 2018 Review: High-end products will become an important driving force for subsequent growth

Event: The company announced the 2018 annual report, and the actual revenue during the reporting period11.

9.4 billion, an increase of 45 previously.

59%; realized net profit attributable to mother 2.

7 billion, a previous appreciation of 15.


  At the same time, the company announced the 2019 first quarter report. In 2019Q1, it realized a net profit attributable to its mother of 76.39 million yuan, with an annual increase of 8.


  Opinion: The company’s 2018 and 2019Q1 results are in line with expectations.

The unit price of the company’s equipment has increased overall, and a number of high-end products are under development.

The overall positioning of the company’s equipment will be on the same level as overseas leaders. Through high R & D investment, product quality premiums will be obtained, while consolidating the position of domestic leaders, and marching towards the world-class furniture manufacturers.

Maintain a highly recommended level.

  The unit price of products increased steadily, and gross profit margin remained at a relatively high level.

Although the company’s overall gross profit margin decreased by 0 in 2018.

The 62 single ones are mainly caused by the increase in the proportion of the gross profit margin of wholesale products. The gross profit margin of major products is expected to increase significantly by product: the gross margin of edge banding machines will increase by 0.

37 averages, the average of the gross margin improvement of panel saws and multi-rows is more than one.

The reported unit price of axial equipment sales also increased significantly. In 2018, the company sold 1,2012 sets of equipment, with an average price of 9.

0.94 million yuan, compared with 7 in 2017.

420,000 yuan increased by 34%.

  R & D funding has been increased, and high-end benchmarking has benchmarked overseas leaders.

At the end of 2018, the company’s R & D personnel reached 187, accounting for 20 of the total number of employees.

28%, compared with only 64 R & D personnel at the end of 2017, accounting for only 10.


The company’s R & D investment in 2018 was 45.99 million yuan, and R & D investment accounted for 3 of its revenue.


With the continuous intensification of research and development expansion, the company’s high-speed flexible regulations and square edge banding production lines continue to advance through research and development projects such as CNC drilling and high-speed heavy-duty composite machining centers, which will achieve a comprehensive upgrade of the company’s products.

The company benchmarked overseas panel furniture equipment leaders, and then gradually realized import substitution in the high-end equipment field, moving towards an international first-class furniture equipment manufacturer.

  Improve production management efficiency, improve internal quality and improve development 武汉夜生活网 quality.

In addition to increasing market share and optimizing product structure, the company’s healthy distributor system, advanced production process, modern information management system, and incentives for in-place operations have jointly built high-quality genes within the company. These factors will comprehensively promote the companyOperate a virtuous circle and promote the company’s medium- and long-term sustainable development.

  Investment suggestion: It is estimated that the net profit attributable to mothers in 2019-2021 will be 3 respectively.

2 billion, 3.

9.8 billion yuan and 4.

660,000 yuan, an increase of 18%, 24% and 17% year-on-year; corresponding EPS is 2 respectively.

37 yuan, 2.

94 yuan and 3.

44 yuan, corresponding to PE is 19, 15, 13 times.

Maintain a highly recommended level.

  Risk 佛山桑拿网 warning: The downstream demand has grown significantly, and the market expansion of new products has fallen short of expectations.