McGmitter (002851): Growth in the first quarter reached the upper limit of the forecast. Both old and new businesses maintained rapid growth.

McGmitter (002851): Growth in the first quarter reached the upper limit of the forecast. Both old and new businesses maintained rapid growth.
The company released the January 2019 quarterly report, which reported the combined company’s revenue, which was attributed to net profit, after deducting non-return, the net profit was 7 respectively.74, 0.58, 0.53 trillion, an increase of 101 each year.39%, 138.66%, 255.45%, high growth, exceeding expectations.The new and old businesses of the company have maintained rapid growth. The new business of smart bathroom business will continue to grow with new customers. The breakthrough of new channels will continue to grow. The electric vehicle business has entered the BAIC supply chain in depth and began to enter the harvest period.High-end, emerging development, also maintained good growth.The company intensively cultivates under its power electronics core technology platform, and continuous breakthroughs in sub-sectors will contribute to growth momentum.Maintain “Highly Recommended-A” rating, target price is 38-40 yuan. The growth of the first quarter results reached the upper limit of the forecast, exceeding expectations.The company released the January 2019 quarterly report, which reported the combined company’s revenue, which was attributed to net profit, after deducting non-return, the net profit was 7 respectively.74, 0.58, 0.53 trillion, an increase of 101 each year.39%, 138.66%, 255.45%.The net profit was 138.The 66% 南京夜网 growth rate reached the upper limit of 90% -140% of the performance forecast, and the net profit growth after deductions was higher than expected. Both new and old businesses maintained rapid growth.The company’s revenue continued to be distributed in multiple sub-sectors. New energy vehicles such as electronic control and smart bathrooms achieved rapid growth. In the first quarter, subsidiaries (mainly new energy electronic control and smart bathrooms) achieved revenue3.860,000 yuan, an increase of 163% in ten years.The traditional display power supply and home appliance conversion converters have achieved good growth through the development of high-end and conversion. In the first quarter, the parent company (mainly display power supplies and home appliance conversion converters) achieved revenue3.870,000 yuan, an increase of 6杭州桑拿3% in ten years. The fluctuation of gross profit margin is affected by the income structure.In the first quarter, the company’s new energy vehicle business budgeted 2 million trillion yuan, accounting for about 26% of the company’s revenue, an increase from the same period last year. In addition, consumer business, conversion converters, display power, etc. achieved high-speed growth in the first quarter.In the new energy automobile business, the gross profit margin of the consumer business increased relatively, and the increase in the proportion of revenue led to the decline in the comprehensive gross profit margin in the first quarter4.86 perfect to 24.55%. Focusing on intensive cultivation of power electronics platforms, breakthroughs in subdivided industries continue to contribute to growth momentum.The company continues its business layout around its core technology platform for power electronics. It has made breakthroughs in the fields of industrial display, industrial power, industrial automation, smart home appliances, and electric vehicles. Smart bathrooms and electric control of electric vehicles have quickly become the main support for the company’s performance.At present, intelligent welding machines in the field of industrial automation have an income scale of 1-2 billion yuan. In addition, mining and mining equipment, electric stun guns and other businesses are developing very well, and full orders are expected to become the driving force for the company’s performance growth. Investment suggestion: Maintain “Highly Recommended-A” rating with target price of 38-40 yuan. Risk reminder: the risk of fluctuations in the new energy automobile industry and the risk of rising raw material prices.