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Joyson Electronics (600699) Semi-annual Report Comment: 19Q2 Performance Stability and Profitability Aim to Continue to Improve

Joyson Electronics (600699) Semi-annual Report Comment: 19Q2 Performance Stability and Profitability Aim to Continue to Improve

Overview: The company announced the 2019 semi-annual report: the first half of 2019 to achieve revenue of 308.

30,000 yuan, an annual increase of 36.

2%; net profit attributable to mother 5.

14 ppm, a decrease of 37 per year.

4%; net profit of non-attributed mothers 5.

72 ppm, an increase of 25 in ten years.

5%.

Opinion: The integration continues, and the safety and 武汉夜生活网 profitability of automobiles continues to improve.

In 2019H1, under the background of the overall automotive industry downturn, the company’s three major business integrations performed well: 1) Automotive safety: As a result of the consolidation of Takada in April 2018, the company achieved revenue of 238.

6 ppm, an increase of 50 in ten years.

1%; gross profit margin will increase in three years as the integration continues to improve.

31 up to 16.

7%.

2) Automotive electronics: revenue of 48.

6 ppm, a 10-year increase of 2.

4%; Affected by the increase in R & D expenditure, the increase in gross profit margin decreased by 0.

25 good to 18.

4%.

3) Structural parts: revenue of 18.

6 ppm, an increase of 11 in ten years.

5%; gross margin increased by 1 in ten years.

57 single to 22.

7%.

In addition, 苏州夜网论坛 the company has the expected cost management and control capabilities, and the 19H1 three-fee expense ratio only increased by zero.

1 up to 13.

9%.

In the end, the company realized deduction of non-attributed net profit5.

72 ppm, an increase of 25 in ten years.

5%.

19Q2 performance is stable, and profitability is expected to continue to improve.

2Q19 company achieved revenue of 154.

0 billion, down 1 year.

6%, a decrease of 0 from the previous month.

2%.

Realize deduction of non-attributed net profit2.

8.2 billion, down slightly from the previous quarter.

9%.

We estimate that the company’s single-quarter average revenue in 19 years is expected to stabilize at US $ 16 billion, and the average net profit of non-return to mothers in the single quarter is expected to exceed US $ 300 million, and thus to exceed US $ 1.2 billion.In terms of profitability, gross profit margin increased in 19Q2 and increased by 3 sequentially.

2 and 0.

3 up to 17.

5%.

We believe that the profit margin is expected to continue to increase: 1) Automotive safety: gradually, with the continued integration of existing assets, the personnel structure and production efficiency are gradually optimized; gradually, with the gradual landing of the six “super factories” in the future, the company is expected to further improve automationRate and reduce costs.

2) Automotive electronics: With the release of smart car alliance and new energy business orders in the second half of the year, the gross profit margin is expected to gradually improve.

New energy, intelligent networking, and intelligent driving.

Based on JSS, the company has deepened its automotive electronics business. In the first half of 2019, it received a total of 17.3 billion life-cycle orders: 1) Smart car alliance: a total of 4.2 billion orders were added.

As for the order landing, the in-vehicle information systems supporting the SAIC, FAW-Volkswagen MQB and MEB platforms will be in 2019; mass production will continue in the second half of the year; and the in-vehicle information systems supporting the European Volkswagen and Audi will also enter mass production in 2020.

3) Electric vehicles: The main products are BMS, OBC, etc., which increased 13.1 billion orders in the first half.

BMS customers are mainly Volkswagen, Mercedes-Benz, BMW, Nissan, Ford, etc. OBC’s main supporting customers are Volvo, Ferrari, etc.

Investment suggestion: The company consolidated Takada, focused on integrating the automotive safety business, and the profit margin is expected to gradually improve. Based on JSS, it will expand the fields of new energy, intelligent network connection, and intelligent driving, and promote the capture of the competitive heights of the automotive intelligent era.

As the company’s performance improvement rate is slightly lower than our expectations, the net profit attributable to mothers will be lowered from 13 to 20 years from 13.

7, 16.

6 trillion down to 11.

8.15.

4 trillion, the corresponding EPS is 0.

91, 1.

19 yuan / share.

Maintain “Buy” rating.

Risk warning: Joyson’s security integration is slower than expected, and new business development is worse than expected.