Shuangchuang Electronics (600990) Interim Report of 2019: Half-year results meet expectations and continue to be optimistic about the company’s platform value

Shuangchuang Electronics (600990) Interim Report of 2019: Half-year results meet expectations and continue to be optimistic about the company’s platform value

Event: On August 24th, Shuangchuang Electronics released the semi-annual report for 2019 and achieved operating income9.

98 ppm, with a ten-year average of 14.

98%; net profit attributable to mother-4751.

950,000 yuan, a 西安耍耍网 decrease of 1048 over the same period last year.

770,000 yuan, stable performance.

The effect of improving quality and efficiency is remarkable, the performance is in line with market expectations, and the gross profit margin is steadily and steadily improved.

As far as the report is concerned, the company’s revenue has fallen by 14 every year.

98%, which is mainly due to the company’s internal quality improvement and efficiency reduction, and the reduction of the scale of non-independent products lacking core competitiveness; net profit at the same time has improved at the same time, mainly due to the company’s sales, management and financial costs increased compared with the same period last yearThe increase was mainly due to increased labor costs, depreciation, amortization and interest expenses.

Advance payments increased by 149 per year.

33%, the inventory increased by 33.

68%, indicating that the company’s current production tasks are relatively adequate, optimistic about the company’s long-term performance and stable release.

Focus on the main radar electronics business, make overall plans to promote wisdom, and develop a new pattern of energy business.

In the first half of 2019, the company took the “13th Five-Year Plan” development strategy as the traction, closely grasped the overall business goals of the year, continuously gathered resources, focused on the radar electronics industry, the smart industry and the energy industry, and maintained a steady development trend.

In terms of meteorological radar: the company has made further breakthroughs in the development of its comprehensive weather detection system; in the area of air traffic control radar: the field of military air traffic control has expanded from a single machine to monitoring systems, maintenance equipment, and other dimensions; in the area of alert radar business: benefiting from national radar alertThe system is finally perfect, and the business is expected to maintain steady growth in the next three years.

At the same time, the company deeply cultivates key industries such as civil defense, smart agriculture and energy, and promotes the overall development of business.

CLP Bowei Group’s only listed platform, the Guorui technology solution was approved, and it continues to be optimistic about the company’s platform value.

The company’s controlling shareholder, China Electric Science and Technology 38, uses a first-class military and civilian radar advanced production base and has a strong comprehensive strength in electronic information technology and system engineering.

With the accelerated integration of the internal resources of the Bowei Changan Sub-Group, the company, as the only listed company affiliated to the Sub-Group, has a prominent platform value or will continue to benefit.

On August 22, the major asset reorganization plan of Guorui Technology, which is a subsidiary of D & E Group, was approved by the National Defense Science and Technology Bureau. The advancement of this reorganization work and the advancement of asset securitization within the group were changed.The optimized allocation of assets is expected to accelerate.

Profit forecast and investment advice: We predict that the company’s realized revenue for 2019-2021 will be 56.

71/62.

66/70.

36 ppm, a ten-year increase of 8.

09% / 10.

49% / 12.

29%; net profit attributable to mother 2.

70/3.

19/3.

77 ppm, a ten-year increase4.

75% / 18.

36% / 18.

28%, corresponding to 19-21 years P / E were 29.

72/25.

11/21.

23 yuan.

The company’s main business is developing well. We are optimistic about the company’s fundamental improvement and platform value, and maintain a “Buy” rating.

Risk Warning: The bidding of military radar is less than expected; market competition risk; policy risk