Cobos (603486) 2018 Annual Report and 2019 First Quarterly Report Review: Performance of Short-term Pressure Service Robot Business Grows Brightly
The 2019Q1 performance decreased by 24% year-on-year. The company released its 2018 annual report and 2019 quarterly report, and achieved revenue of 56 in 2018.930,000 yuan, an increase of 25 in ten years.11%, net profit attributable to mother 4.85 ppm, an increase of 29 in ten years.13%; 2019Q1 achieved revenue of 12.48 ppm, a ten-year increase3.10%, net profit attributable to mother 0.70 ppm, a decline of 23 per 南宁桑拿 year.79%.Revenue in the first quarter, the performance of major categories of performance indicators, such as the decline in the revenue of clean small appliances, and the company’s strategic adjustment of the service robot foundry business, resulted in a significant drop in revenue from this part of the same period last year. The gross profit margin increased steadily. During the period, the expense ratio slightly increased.60% / 5.62%, change by 1 every year.34 / -1.96 pct. The increase in gross profit margin was mainly due to the decline in the proportion of foundry business with reset of gross profit margin.The company’s period expense ratio in 2019Q1 was 29.60%, 4 at a time.25 pct, of which sales / management / financial expenses cost 16.25% / 10.96% / 2.38%, an increase of 1 per year.98/2.33 / -0.07 pct, mainly due 杭州夜网 to the increase in sales of service robots, the increase in sales costs caused by the development of overseas markets, and the increase in management costs caused by the increase in expenditure costs. Service robots continue to grow rapidly and the company’s overseas business develops smoothly. 1) Service robots continue to grow rapidly: In 2018, the company’s service robots / clean small appliances revenue was 38.65/16.99 ppm, a 34-year increase of 34.69% / 7.88%, with gross margins of 47.57% / 17.78%. In Q1 2019, the revenue of the company’s Cobos brand service robot business increased by 24 per year.8%, of which the proportion of domestic market scale planning products sales further increased to 53%.Both LDS and VSLAM products recorded significant increases compared to the same period last year.2) Overseas business expanded smoothly: The company’s overseas business income in 201828.9.5 billion, an annual increase of 28.91%, achieved a rapid growth.As of the first quarter of 2019, the number of the company’s mainstream offline retail outlets in the US market has further expanded to approximately 4,500, and its overseas business has continued to expand. Profit forecast and investment advice: The company is a domestic service robot leader, which will fully benefit from the increase in the penetration rate of service robots in China and is optimistic about the company’s long-term growth potential.We expect 2019-21 net profit6.60/8.25/10.5.0 billion, currently corresponding to PE 30/24/20 times.The first coverage was given an “overweight” rating. Risk reminders: demand growth in downstream industries; intensified trade frictions between the United States and China; and deterioration in industry competition.