Ningbo Gaofa (603788) 2018 Annual Report and 2019 First Quarterly Report Review: Steady Annual Report Results under Pressure in the First Quarterly Report

Brief description of results: The company announced the 2018 annual report and the 2019 first quarter report, and the company achieved revenue of 12 in 2018.

Nine ten percent, an increase of six per year.

7%, achieving net profit attributable to shareholders of 武汉夜生活网 listed companies.

15 ppm, a ten-year average of 7.



09 yuan.

Revenue in the first quarter of 20192.

2 ‰, 42% above the first level, to achieve net profit attributable to mother 0.

430,000 yuan, an average of 48% in ten years.


18 yuan.

Annual report revenue is stable, and impairment affects short-term performance.

Affected by the negative growth of the industry, the company’s revenue in 2018Q4 was 2.

7 ‰, a 10-year average of 22%.

The average interest rate in 2018 was 33.

70% for years before 2017.

24 digits, of which gross profit margin was 34 in 2018Q4.

98%, an increase of 0 compared with the same period in 2017.

9 units.

Expenditure during 201811.

9%, an increase of 0 from 2017.

7 totals, of which the sales expense ratio, management expense ratio and financial expense ratio are 5 respectively.

4%, 6.

5% and 0%, respectively, extend the change by +0.

7%, 0% and 0%. In 2018, the company’s asset impairment losses increased by approximately 60 million yuan compared with 2017, which was basically due to the sale of Sherman Electronics and Sherman Software equity to form goodwill impairment.

Affected by the industry, the performance of the first quarter of 2019 was under pressure.

The company’s main customers are independent brands such as SAIC-GM-Wuling and Geely Automobile. In the first quarter of 2019, due to the significant increase in industry sales, the company’s revenue shifted.

The company’s gross profit margin in Q1 2019 was 34.

62%, an increase of about 0 compared with the same period in 2018.

8 units.

Expense rate for the period 13.

4%, an increase of about 3 compared with the same period in 2018.

4 units, of which the sales expense ratio, management expense ratio and financial expense ratio are 6 respectively.

3%, 7.

7% and -0.

6%, short-term changes of 2 respectively.

2%, 1.7% and -0.


The company’s short-term performance is under pressure, and its mid- and long-term product upgrades are steadily advancing.

Affected by the industry, the company’s short-term performance was under pressure.

In the medium and long term, the company’s product upgrade logic remains unchanged, and the penetration rate of automatic transmission manipulators has steadily increased. At the same time, on the basis of maintaining its independent customer share, it has begun to engage with joint venture OEMs.

Electronic variable speed manipulators have obtained the supporting qualifications for expansion of OEMs, and have been awarded by Geely Automobile, Great Wall Motor and other mainstream independent brand OEMs.

Earnings forecasts and investment advice.

The company’s medium- and long-term logic remains unchanged, and short-term performance is expected to bottom out.

What do we expect in 2019?
The company’s net profit will be 2 in 2021.



200 million, the EPS is 1.



39 yuan, corresponding to 15 times, 13 times, and 11 times the estimated value, maintaining the “Buy” rating.

Risk Warning: The production and sales of automobiles are lower than expected, the penetration of automatic transmission manipulators is lower than expected, and some automotive electronics products are less than expected.

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