Yingqu Technology (002925): The rapid growth of household engraving machines and revenue growth accelerated significantly

Yingqu Technology (002925): The rapid growth of household engraving machines and revenue growth accelerated significantly
Event: The company released a semi-annual report: the company achieved revenue 16 in 19H1.30 ppm, an increase of 24 in ten years.71%; net profit attributable to mother 4.1.7 billion, a five-year growth of 5.08%; net profit after deduction to mother 3.79 ppm, an increase of 3 per year.90%.Revenue in the second 杭州桑拿 quarter alone was 9.370,000 yuan, an increase of 45 in ten years.85%; net profit attributable to mother 2.63 ppm, an increase of 16 in ten years.18%; net profit after return to mother 2.44 ppm, an increase of 23 in ten years.47%. Opinion: The rapid growth of household engraving machines drives the acceleration of revenue growth.The company’s innovative consumer electronics products / intelligent control components / automotive electronics / technical R & D services achieved revenue of 10 respectively.74/3.61/0.46/0.48 ppm, an increase of 21 each year.65% / 7.18% / 66.55% / 181.07%.In this issue, the company deepened its cooperation with customers such as household engraving machines, and achieved rapid growth in products such as household engraving machines and household icon pattern ironing machines, driving revenue growth of innovative consumer electronics products21.65%.In this issue, automotive electronic products such as car monitors, car rear-view systems, and anti-glare mirrors have grown rapidly.The growth of new projects, new product R & D income, and supplementary R & D income of SDW and SDH in this period, and rapid income of technology R & D services in this period.By quarter, the company’s Q1 / Q2 revenue growth rate was 4 respectively.28% / 45.At 85%, the revenue of household engraving machine products increased rapidly, driving the revenue growth rate to accelerate significantly. The income structure changed and the gross profit margin declined, and the expense ratio increased slightly.In the first half of this year, the company’s gross profit margin was 38.22%, ten years ago4.91 points.In terms of products, the gross margins of innovative consumer electronics / intelligent control components were 41.42% / 27.77%, a change of -8.72% / 0.70%, the proportion of revenue of engraving machine products in this period increased rapidly, affecting the gross profit margin of innovative consumer electronics products, and dragging down the overall gross profit margin.Expenses during the period10.23%, a year to raise 0.30pct. Earnings forecast and forecast: Affected by the changes in the company’s income structure, the company’s earnings forecast has been lowered, and the EPS is expected to be 2 in 19-21.02, 2.38, 2.79 yuan, corresponding PE is 19X, 17X, 14X.Maintain “Buy” rating. Risk Warning: IQOS Channel Expansion Is Less Than Expected, Exchange Rate Fluctuation Risk