Depth-Company-Yingqu Technology (002925): Home Engraving Machine Helps High Revenue Growth Performance Increases Turning Point Up

Depth * Company * Yingqu Technology (002925): Home Engraving Machine Helps High Revenue Growth Performance Increases Turning Point Up

The company disclosed the semi-annual report for 2019: the report consolidated and the company realized revenue16.

3 ‰, +24 a year.

7%; net profit attributable to mother 4.

200 million, ten years +5.

1%; non-net profit attributable to mother 3.

800 million, ten years +3.


Among them, 19Q2 achieved revenue of 9.

4 ‰, +45 a year.

9%; net profit attributable to mother 2.

600 million, +16 per year.

2%; non-net profit attributable to mother 2.

4 ‰, +23 a year.


Key points of support level Sales of home engraving machines are driving high revenue growth.

In the short-term report, the company’s revenue is +24 per year.

7% in the 19Q2 quarter +45.

The growth rate increased by 9% month-on-month, including innovative consumer electronics, intelligent control components, automotive electronics, technology research and development services, and other revenues increased by +21 respectively.

7% / + 7.

2% / + 66.

6% / + 181.

1% / + 138.

1%, 1) Replacement of products such as household engraving machines and household icon pattern ironing machines, deepen cooperation with customers, sell fast volume, reduce the impact of the replacement of electronic cigarettes precision plastic parts sales; 2) the realization of new products such as gaming mouse, video conference system3) The company continues to explore the commercial vehicle market, expand the R & D and promotion of passenger car products, promote the introduction of new energy vehicle products, expand the development of overseas UDM markets, and achieve successful R & D and smooth mass production of multiple new automotive electronics products.In the field of consumables, technological breakthroughs and production capacity expansion were achieved, and the volume of consumables for household engraving machines was rapidly increased; 5) SDW and SDH intelligent control component products and R & D income were consolidated.

Wait for the US market and IQOS 3.

0 New product volume.

On April 30, 2019, the FDA announced that IQOS has approved PMTA, allowing it to be legally sold in the 杭州夜网论坛 US market.

The United States is the world’s largest e-cigarette market and has a high acceptance of new tobacco products. PMI is the world’s largest tobacco group. It has strong channels and marketing capabilities. It is opened through the United States market. After channel preparation, U.S. sales are expected to increase rapidly in the second half; Quantify IQOS 3.

0 New products worldwide will also usher in renewal demand and is expected to usher in an inflection point in sales. As a secondary supplier of precision plastic parts, the company will directly benefit.

The layout has been steadily advanced to reduce the impact of the trade war.

The reporting company, the company accelerated the construction of the California factory, improved the manufacturing capacity and localized procurement capacity of the Malaysian factory, promoted business synergy and resource integration with M & A targets such as SDW, and promoted the company ‘s North American and European markets through the United States and Canada.Innovate creative products, while adjusting the layout to reduce the impact of the trade war, open up the market for private label products and cultivate new revenue drivers.

The change in product structure resulted in a lower gross profit margin and a slightly higher expense ratio during the period.

According to the report data, the gross profit margin of innovative consumer electronics products fell by -8 due to the breakdown of sales of high-margin e-cigarette precision plastic parts.

7pct to 41.

4%, the gross profit margin of intelligent control components is +0.

7 points to 27.

8% makes the company’s overall gross margin 19H1 / 19Q2 -4.

9pct / -0.

7pct to 38.2% / 37.


Subject to 730.

The impact of the 550,000 yuan equity incentive fee and interest income increase, the company’s sales / management / R & D / financial expense ratio 19H1 was close to -0.

2pct / + 0.

5pct / + 0.

6pct / -0.

6pct, 19Q2 exceeded -0.

3pct / -2.

1pct / + 0.

8 points / + 5.

4pct, making the net interest rate 19H1 higher than -4.

6 points to 25.

7%, 19Q2 quarter -7.

1pct to 28.


It is estimated that the company’s unique UDM model has core competitiveness, high growth of home engraving machines, and IQOS volume can be expected to benefit its precision plastic parts sales, layout and trade war impact, and help its own brand promotion.

According to the Interim Report, we slightly reduced the company’s earnings for 2019-2021 to 2.



71 yuan, an annual increase of 14.

7% / 15.

2% / 15.

8%, currently corresponding to 19 years of PE21X, maintain BUY rating.

The main risk facing the rating is that the new tobacco regulation is becoming more stringent, and IQOS sales have fallen short of expectations.

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