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Gaode Infrared (002414): The first three quarters of revenue have exceeded the last year’s Handan bonus accrual.

Gaode Infrared (002414): The first three quarters of revenue have exceeded the last year’s Handan bonus accrual.
Third quarter of 2019 quarterly report: revenue 10.580,000 yuan, an increase of 107 in ten years.76%, the first three quarters of revenue and expenditure have been comparable to last year; net profit attributable to mothers2.350,000 yuan, an increase of 142 in ten years.29%, performance accelerated.The company’s interim report predicts net profit attributable to mothers in the first three quarters of 20191.94?2.42 ppm, a 100% increase in ten years?150%, the actual value is close to the upper forecast limit. Due to the continuous recovery of military products orders, the relevant stereotyped military product models have achieved batch delivery; at the same time, the sales of detectors, movements, and civilian products have also maintained a rapid and synchronous growth, which has brought the company’s operating income and gross profit growth.In addition, the termination of Handan Electromechanical’s performance commitment period involves the provision of excess bonus amounts, which is expected to result in a breakthrough in cost growth (Handan Electromechanical has gradually realized net profit from 2015 to 20182.880,000 yuan, we assume that Handan’s net profit in 2019 will increase by 20%, or 96.4 million yuan. Handan’s net profit is expected to reach 5 in 3 years.8.4 billion.Regardless of deductions for the time being, the reward is expected to generate costs of 67.19 million yuan).Combining the above two factors, the company expects net profit attributable to mothers to be 1 in 2019.98?2.640,000 yuan, a 50% change?100%, Handan bonus accrual does not mask strong performance growth; the fourth quarter of 2019, the net profit attributable to mothers ranges from -364629.57 million yuan, compared with 35.26 million yuan in the fourth quarter of 2018. By quarter, Q1 revenue was 1.7.7 billion (+19.33%); net profit attributable to mother 5.97 million yuan (+262.36%).Q2 revenue 4.8.9 billion (+167.21%); net profit attributable to mother 1.4.2 billion (+40.51%).Q3 revenue 3.9.1 billion (+119.87%), net profit attributable to mother was 85.11 million yuan (+1536).78%).Both Q2 and Q3 revenues have doubled. The first three quarters of revenue have exceeded the same period last year; the cumulative profit growth rate in the first three quarters has exceeded the revenue growth rate. The company’s gross profit margin was 54 in the first three quarters.25%, slightly reduced by 1 every year.18 points; single quarter gross profit margin of 54 in the third quarter of 2019.04%, a slight increase of 0 every year.74 points.Total expenses during the first three quarters3.370,000 yuan, an increase of 26 in ten years.95%, the total expense ratio is 31.86%, a significant reduction of 20 per year.28 points.After the increase in revenue scale, the expense ratio decreased significantly.At the same time, more than half of the company’s expenses during the period are R & D expenses, and continuous R & D expenditures accumulate energy for long-term development. Earnings forecasts and investment advice.At present, the company is at a critical moment in business development and performance performance. After the early stage of finalization of the product into mass production, the weapon system is going to be finalized, and performance is being released.Taking into account the growth in gross profit and the rewards to Handan Mechanical and Electrical, we adjusted our profit forecast and expect the net profit to be returned to 南京夜生活网 the mother in 2019-2021.52/4.04/4.$ 8.5 billion, corresponding to the closing price of PE on October 29 is 82/51/43 times.Regardless of the cost of the award, the company actually pushed forward to achieve 2.65?3.3.1 billion profit, 101% growth rate in ten years?151%.Maintain the level of “prudent overweight”.Risk Warning: The release of military product performance is lower than expected; the development of the civilian product market is slow.