McGmitter (002851): High-growth continuation platform multi-application model blossoms and bears firm optimism

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McGmitter (002851): High-growth continuation platform multi-application model blossoms and bears firm optimism
The event company released a semi-annual performance forecast, which is expected to achieve net profit attributable to mothers in the first half of 20191.37-1.690,000 yuan, an increase of 110% -160% in ten years. In a single quarter, Q2’s net profit attributable to mothers was 7,874-113.2 million yuan, a long-term growth of 92.9% -172.7%, an increase of 35.5% -91.6%, continued to maintain rapid growth.The acquisition of three subsidiaries last year was one of the reasons (consolidated at the end of August), and more importantly, in the first half of the year, the business segments of smart home appliances, new energy vehicles, industrial power supplies, and industrial automation maintained rapid growth.The smart bathroom business is affected by the order rhythm of Xiaomi. It is expected that the growth rate will be limited in the first half of the year, but it is still worth looking forward to; the explosive growth of the new energy vehicle electronic control business is mainly affected by the base of last year and the transformation and upgrading of BAIC new energy this year. This year is a key year for BAIC’s new energy transformation and upgrade. The focus has shifted from EC to EU and EX and other mid-to-high-end models. The company is the main supplier of EU and EX electronic controls and will directly benefit from the volume of mid-to-high-end models.In the first half of the year, BAIC New Energy sold 6.520,000 vehicles, an annual increase of 21.6%, the overall growth rate is not high, but by product, the EU gradually sales in the first half of the year4.910,000 units, a year-on-year increase of 157%; BAIC’s new 天津夜网 energy sales target this year is 220,000 units, an annual increase of about 40%. The EU and EX will be the main contributors. The current stockpile orders are full. It is expected that this year’s new energy vehicle electronic control businessIt will still maintain a rapid growth trend. The company has established a highly educated, high-level management team with an international background and vision, and given full distribution incentives and humanistic care. The management mode of “Business Division + Resource Platform” has matured, and we once again highlight the company’sThe ability of electronic control technology for downstream applications will bring great business scalability and imagination.Optimistic about the company’s long-term development! Profit forecast: It is estimated that the net profit attributable 深圳桑拿网 to mothers will be 3 in 2019-2021.3.1 billion, 4.26 billion, 5.3.2 billion, maintain “Buy” rating! Risk Warning: Power Device Out of Stock, New Energy Vehicle Policy Changes, Trade Frictions