Mind Control (603508) First quarterly report in 2019: Q1 revenue and non-deduction growth exceeded expectations
LKJ-15 promotion will reposition high growth in the next 3 years, and upgrade to “strongly recommended”. In 2019Q1, revenue and non-deducted net profit growth exceeded expectations. In 2019, LKJ-15S promotion will re-orient to high growth in the next 3 years.The consolidation and promotion of LKJ-15S promoted the company’s gross profit margin.
It is estimated that the company’s net profit attributable to its mother will be 9-2021.
40) and 7.
2.5 billion; Excluding the recognition of investment income in 2019Q1 due to M & A by Lanxin5.
56 ppm, expected net profit attributable to mothers in 20194.
US $ 0.5 billion, compared with the same caliber, the net profit attributable to mothers will increase by 52%, 34% and 33% in 2019-2021, with a compound growth rate of approximately 40%. Based on the company’s continued high growth in the next 3 years, the rating is upgraded to “strongly recommended”.
Compared with the same caliber, the growth rate of revenue in Q1 2019 and net profit attributable to mothers increased by 69% and 53%. The company’s revenue in 南京夜网 Q1 2019 was $ 400 billion (+ 151%), net profit attributable to non-mothers1.
US $ 3.2 billion (+ 233%) due to 100% equity split and consolidation of Lanxin; Mind Control revenue in the first quarter of 20181.
5.9 billion, net profit attributable to the mother of 57.13 million yuan, Lanxin Technology revenue of 77.70 million yuan, net profit of 34.6 million yuan; two total revenue in the first quarter of 20182.
3.7 billion, net profit attributable to mother 91.73 million.
In the first quarter of 2019, Mind Group controlled the net profit of its mothers6.
$ 9.7 billion, net of two mergers and acquisitions of Lanxin Technology. 5
After 5.6 billion, the net profit actually returned to the mother1.
41 trillion; compared with the caliber, the growth rate of the company’s revenue and net profit attributable to mothers in Q1 2019 increased by 68.
6% and 53.
It is expected that the promotion of LKJ-15S in 2019 is imperative, and the high-growth LKJ-2000 has undergone three replacements in the next three years. It has not been upgraded to the new system in about 19 years. Until the end of 2018, the company’s LKJ-15S has been in Beijing, Zhengzhou, Nanchang, etc.The safety trial operation of 8 railway bureaus exceeded 1.5 million kilometers.
On April 25, 2019, the procurement of Zhengzhou Railway Bureau’s LKJ update project already contained 5 sets of “LKJ-15”. The first bid has been launched. Other road bureaus may follow up later. It is expected that the promotion of LKJ-15S in 2019 is imperative.
We expect a compound growth rate of LKJ sales of 10% in 2019-2021, of which the proportion of LKJ-15 will increase from 10% to 45%; considering the price increase of LKJ-15S, the domestic compound LKJ market size will grow at a compound rate of 30%, and LKJ-15S in 2019 Promotion is a high probability event, restructuring the company’s high-growth foundation in the next 3 years.
Lanxin Technology does not include the consolidation and promotion of LKJ-15S to promote the company’s gross profit margin.
41%, an increase of 8 per year.
4 averages, an increase of 4 from 2018.
For 42 tiers, Q1 Lanxin consolidated the tables to boost the company’s gross profit margin.
We expect that in the future, the increase in the proportion of LKJ-15S sales will drive the thinking and control of the headquarter’s gross profit margin, and the company’s gross profit margin will enter the upward channel.
Risk Tips: Risks of New Product Promotion Progress than Expected and Impairment of Goodwill