Guodian NARI (600406): 18% performance growth of 28% ICT business growth

Guodian NARI (600406): 18% performance growth of 28% ICT business growth

Summary and suggestions: The company announced the 2018 annual report, and the company realized operating income of 285 in 2018.

40,000 yuan, an increase of 17 in ten years.

96%, achieving net profit of 41.

62 ppm, an increase of 28 in ten years.

44%, basic profit income is 0.

93 yuan, 3 bonuses for every 10 shares.

7 yuan.

At the same time, the first quarter report of 2019 was announced, and the income in 2019Q1 was 37.

51 ppm, a reduction of 2 per year.

42%, net profit attributable to mother 7.

6.6 billion, an annual decrease of 18.

81%.

At the end of 18th, the country promoted the construction of the Wujiawuwuzhi UHV project. The company as a power grid leader will deeply benefit. At the same time, State Grid will focus on building a strong smart grid and 厦门夜网 ubiquitous electric power Internet of Things.

The company is expected to achieve a net profit of 47 in 19/20.

03/52.

84 ppm, an increase of 12 in ten years.

99% / 12.

37%, EPS is 1.

009/1.

134 yuan, the current sustainable corresponding PE is 20/17.

5 times, give buy advice.

The 18-year performance increased by 28%, and the Q1 19-year performance increased due to the change in bad debt accrual specifications: the company realized revenue of 285 in 18 years.

40,000 yuan, an increase of 17 in ten years.

96%, net profit attributable to mother 41.

62 ppm, an increase of 28 in ten years.

44%.

Comprehensive gross profit margin 28.

7%, a decrease of 1 from the same period last year.

3PCT, the period cost control is better, the financial cost was -89.03 million, a decrease of 195 in the same period last year.

74.
Mainly due to the increase in exchange income, the period expense accounted for 12.

6%, a decrease of 1 compared with the same period last year.

1PCT.

In the first quarter of 19, revenue was 37.

51 ppm, a decrease of 2 per year.

41%, net profit attributable to mother is 76.56 million yuan, increasing by 18 every ten years.
.

81%, mainly due to the company’s June 18 bad debt estimation method change, according to the same period last year, the provision for bad debts in this period was more than 74.3 million yuan.
In addition, the company plans to achieve revenue of 31.4 billion in 19 years, an annual increase of 10%, a gross profit margin of 29%, and an expense ratio of 12 during the period.

37%.
Automation and ICT business increased rapidly, with 33.1 billion orders in hand: from the perspective of business, power grid automation and industrial control business achieved revenue of 167.

USD 5.6 billion, an annual growth rate of 24%. Grid investment is accelerating, but intelligent investment continues to grow structurally; relay protection and flexible transmission business53.

77 ‰, an increase of 4% over ten years, and a decrease in gross profit margin by 8.
.

2PCT, mainly due to intensified competition and the impact of rising prices of upstream raw materials; the power grid communications business realized revenue38.

23 ppm, an increase of 34 in ten years.

2%, gross margin increased by 7.

68PCT, high revenue growth due to dispatch information, breakthroughs in new products.

At the end of 18, the company had 331 trillion orders on hand and 193 in the new decade.

700 million.

The ubiquitous electric power Internet of Things has completed the construction plan, the company will achieve greater benefits: ubiquitous electric power Internet of things progress rapidly, according to the Shanghai Securities Journal reported that recently, the State Grid Corporation’s ubiquitous electric power Internet of Things has been completed for 19 years.
27 key tasks involving 57 heavy tasks, mainly including the construction of online power grid applications, the construction of a comprehensive digital management platform for the entire process of infrastructure construction, the construction of a new generation of debugging automation systems, the construction of a smart energy neutralization service platform, and the deepening of the “State Grid Cloud”Applications, “State Grid Core” and smart terminal development applications.

The State Grid ICT industry presents a duopoly pattern, with a stable competitive landscape and a high level of biology. The company’s ICT business is expected to benefit deeply from the ubiquitous Internet of Things construction and maintain a high growth trend.

Profit forecast: The country will promote the construction of the Wujiawuwuzhi UHV project at the end of 18 years. The company will deeply benefit as the leader of the power grid. At the same time, the State Grid will focus on building a strong smart grid and ubiquitous power IoT this year. It is expected that the company’s ICT business will maintain a high speedincrease.
The company is expected to achieve a net profit of 47 in 19/20.

03/52.

84 ppm, an increase of 12 in ten years.

99% / 12.

37%, EPS is 1.

009/1.

134 yuan, the current sustainable corresponding PE is 20/17.

5 times, give buy advice.

Risk warning: 1. UHV construction is less than expected; 2. State grid investment is less than expected.