Cree Electromechanical (603960) 2019Q1 review: the company’s automotive electronics automation field barriers to improve the performance of Zhongyuan continue to release

Cree Electromechanical (603960) 2019Q1 review: the company’s automotive electronics automation field barriers to improve the performance of Zhongyuan continue to release

The event company released the 2019 first quarter report, reporting and realizing operating income1.

62 ppm, an increase of 70 in ten years.

57%, net profit attributable to the parent company was 24.05 million yuan, an annual increase of 62.

03%.

Opinion revenue and profit exceeded expectations. In the second quarter, it is expected to continue to continue to grow rapidly. The company’s revenue and profit will increase rapidly in the first quarter to achieve revenue1.

62 ppm, an increase of 70 in ten years.

57%, net profit attributable to the parent company was 24.05 million yuan, an annual increase of 62.

03%.

According to the 18-year annual report, the new period of the single 18 years.

78 ppm, an increase of 31 in ten years.

68%, of which Bosch headquarters orders will be shipped in 19 years, and the first quarter of 19 year inventory increased 69.

At 72%, orders from Bosch headquarters went into production, and 90% of the purchase price was reinvested for the equipment delivery time. If it can be delivered in the second quarter, the performance is expected to continue to exceed expectations.

The cooperation with Bosch continues to deepen, iBooster orders highlight the technical strength. The company and Bosch global cooperation continue to deepen. In 2018, it won the honor of “Bosch Asia-Pacific Excellent Supplier”. At the same time, Germany Bosch’s latest product intelligent product second-generation iBooster controller production equipment supply ordersTo supply Bosch domestically and overseas.

iBooster is a key braking system introduced by Bosch for electric vehicles and autonomous driving. It is a new technology product that subverts the automotive braking industry and represents the highest level of Bosch automotive electronics. It can be expanded into the mainstream of the market through electric vehicles and autonomous driving. The company undertakes iBoosterThe production equipment orders fully indicate that Bosch’s research and development strength is highly recognized by Bosch, and the order scale in Bosch will continue to expand and further increase.

The performance of Zhongyuan will be gradually released, and the gross profit margin of the product will gradually increase beyond the 19th National Sixth Standard. Zhongyuan will enter the period of performance release. The proportion of high-value 杭州夜网 high-pressure fuel distributors will continue to increase, which is expected to usher in both volume and price.The gross profit margin of the product will gradually increase, and the company’s gross profit margin for sales in the first quarter increased by 3 from the previous quarter.

47pct, has been initially reflected.

Profit forecast and estimation We are optimistic that the company’s barriers in the automotive electronics field continue to increase, and at the same time, Zhongyuan’s high-pressure fuel distribution pipes will usher in volume and price.

9.6 billion, 1.

26 billion, 1.

5.8 billion, a 47-year growth of 47.

31%, 31.

81%, 25.

36%, the corresponding EPS is 0.

71, 0.

94, 1.

17 yuan / share, corresponding to PE is 50 times, 38 times, 30 times, maintaining the “overweight” level.

Risks suggest that downstream car sales are lower than expected, and automotive electronics investment is not up to expectations.