Nasda (002180) 2018 Annual Report and 2019 First Quarterly Report Review: Foreign Exchange Affects Net Profit Business and Cooperative Operation Stability


Nasda (002180) 2018 Annual Report and 2019 First Quarterly Report Review: Foreign Exchange Affects Net Profit Business and Cooperative Operation Stability
The company is the leader of the most complete segmented industry in the domestic printer industry chain. After several capital operations, the company has expanded to complete upstream and downstream industry chains such as chips, consumable parts, laser printers, and print management services.Giving 2019?EPS Forecast for 2021 1.17/1.53/1.95 yuan, maintain “Buy” rating. In 2018, the company’s operation was steadily improving, and exchange losses in 19Q1 affected the growth rate of net profit.The company’s 2018 revenue was 219.26 trillion, +2 for ten years.83%; net profit attributable to mother 9.51 ppm, +0 for ten years.14%; net profit after deduction to mother 6.33 trillion, +153 a year.89%; single quarter revenue of 60 in the fourth quarter of 2018.33 ppm, +18 a year.96%, net profit attributable to mothers in a single quarter4.55 ppm, ten-68.78%, the gradual decline is mainly due to the company’s current net profit in the fourth quarter of 2017 due to the US tax.Revenue in Q1 2019 was 51.28 trillion, +1 a year.7%; net profit attributable to mother 0.91 trillion, ten years +6.78%, of which the impact of exchange rate fluctuations on net profit transmission.Gross profit margin for the first quarter of 2019 was 35.88%, 2018Q4 gross margin 33.71%, gross margin increased steadily.Selling expense ratio 14.2% a year -5.2pcts, management expense ratio 7.91%, twice -2.85%.R & D expense ratio 6.74%, -0 per year.95 points.Finance expense ratio 3.48% -5 per year.47%, mainly due to exchange rate fluctuations, the company recorded large exchange gains, and the company’s index expenditure decreased during the reporting period. The layout of the industrial chain was completed, and all businesses grew synergistically.By business: 1) Printer business income 157.71 ‰, one year + 12%, gross profit margin 35.56% (+13.92pcts); Pantu brand increased +51.5%, while actively expanding overseas business while maintaining a solid domestic market level (the Russian market share ranks in the top three); Lexmark’s revenue increased by +8 after excluding the impact of selling ES software business.59%.Currently, Pantum has successfully introduced a number of high-end products from Lexmark and is committed to impacting the domestic high-end printer market. Lexmark has also helped Pantum achieve overseas expansion.Lexmark has basically completed the construction of its Zhuhai production line, and product costs are expected to decrease in the future.2) Consumption business income 32.77 ‰, previously + 31%, gross margin 40.21% (+0.7pct); sales of general printing consumables increased by +17.16%, all three consumables subsidiaries have achieved the set goals.3) Chip business income 7.38 ‰, -15% a year, gross profit margin 82.26% (+0.91 points).In addition, the company’s software services revenue was 15.37 ‰, at least -37%, with a gross profit margin of 9.3% (+2.08 pcts); accessories business income 4.37 ‰, at least -30%, gross profit margin 19.01% (-1.67pcts). It is planned to invest in Lenovo Image, which is expected to achieve strategic coordination and close cooperation.The 杭州夜生活网 company announced that it plans to invest in Lenovo Image, a brand printer business entity owned by Lenovo, which will hold a 10% stake.Lenovo Image is a wholly-owned subsidiary of Lenovo Group in 2017; according to IDC data, Lenovo printers accounted for a total of 6 cities in the domestic market in Q2 2018.9%, ranking fifth.In the fourth quarter of 2018, Lenovo’s laser printer market share ranked second in the domestic market.The company’s cooperation with Lenovo Image is expected to form the first echelon of domestic printers and impact the market space occupied by foreign brands such as HP and Canon.The company is expected to achieve closer collaboration with Lenovo in the future. Risk factors: exchange rate risk; the development of the printer industry is less than expected. Profit forecast and estimation.The company is the leader of the most complete segmented industry in the domestic printer industry chain layout, extending to the upstream and downstream industry chain including chips, consumable parts, laser printers, and print management services.According to the annual report, we adjust the company 2019?The EPS forecast for 2020 is 1.17/1.53 yuan (previous forecast was 1.37/1.64 yuan), and the EPS forecast for 2021 is 1.95 yuan, we give 35 times PE in 19 years, corresponding to a target price of 40.95 yuan, maintain “Buy” rating.