Joyson Electronics (600699): Security business integration advances; electronics 西安耍耍网 business orders are plentiful

Both the 2018 and 1Q19 results were in line with expectations. Both companies won the 2018 annual report and the first quarterly report of 2019, with revenue of 561 in 2018.

8 billion, with revenue exceeding +111.

2%; net profit attributable to mother 13.

200 million, previously +208.

7%; deduct non-attributed net profit 9.

1 billion; 19Q 1 revenue 154.

300 million, previously +120.

9%, net profit attributable to mother 2.

7.8 billion, up from +792.

5%; deduct non-attributed net profit 2.

900 million; performance in line with expectations.

Development trend 1Q19 The gross profit margin was flat, and the cost control was strengthened.

The company’s gross profit margin reached 17% in the first quarter of 19, which was flat for many years.

Sales, management R & D, and financial expense ratios are 2 respectively.

4%, 8.

7% and 1.

7%, a total decline of 2 per year.

6ppt, the cost management and control ability has been further improved.

In the first quarter of 19, the company’s net profit attributable to its mother was 2.

800 million, an increase of 2 over the same period last year.

5 billion.

Takata Assets consolidated its performance and consolidated its operating cash flow.

In April 2018, the company consolidated Takata assets, and the one-time net income generated by the purchase of assets6.

600 million (non-operating income of 1.9 billion, restructuring costs of 12.

400 million), net interest expenses nearly 500 million, after offsetting only increased non-operating profits of about 200 million, while the company’s profits in 2018 increased by 27.

600 million, a net increase of 17.

600 million, operating profit increased by nearly 1.6 billion, roughly at an effective tax rate of 25%, the company’s operating net profit increased by about 1.2 billion, including the return to the mother’s income of 8.

400 million, mainly from the consolidation of Takata assets (started on April 12, 18).

Even if we do not consider the climb of the security business gross margin, in 2019 only the high number of digits will increase by about 200-300 million.

In 2018, the company’s net operating cash flow reached 29.

700 million, an increase of 10 in ten years.

700 million, good cash flow.

The functional parts business grew steadily, and the electronic business orders were plentiful.

18 years of functional parts business income 35.

9 billion, an annual increase of 22.

8%, and the gross profit margin is basically stable at 23%, contributing to the company’s profit growth.

In 18 years, the automotive electronics business achieved revenue of 92.

300 million, an annual increase of 1.8%, gross margin increased by 2 per second.

7ppt to 21.

1%. At present, the smart car Unicom business and new energy business (BMS) have ample reserve orders in hand, and are expected to contribute major increases in 19 years.

The profit forecast takes into account the smooth integration of the security business, and forecasts the 2019 net profit from 10.

1.9 billion up 17.

76% to 1.2 billion, maintaining a 2020 net profit forecast of 13.

5.4 billion unchanged.

Estimates and recommendations The company currently can sustainably correspond to 22/19/20.

2/19.

7x P / E.

Maintain the recommended level, but considering the expansion of the sector, increase the target price by 30% to 35 yuan, corresponding to 19/20 years 27.

8/24.

5x P / E, 25% more space than currently expected.

Risks Takata’s asset consolidation was worse than expected.

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