Magmit (002851): The growth of various businesses is unique. New energy electronic control is unique.

Magmit (002851): The growth of various businesses is unique. New energy electronic control is unique.
The company achieved operating income in the first half of the event.600,000 yuan, +61 for ten years.06%, realizing net profit attributable to mother 1.6.2 billion, previously +148.07%, deducting non-attributed net profit 1.41 trillion, +175 for ten years.63%.Single quarter Q2 revenue 8.8.7 billion, up from +37.11%, net profit attributable to mother 1.4.0 billion, previously +153.68%.  A brief comment on the high growth performance has the effect of purchasing the remaining equity of the three subsidiaries, but the revenue growth rate of more than 60% is not easy, and the company’s various businesses maintained a good growth trend in the first half.  In the first half of the year, smart home appliances’ electronic control accounted for 42% of revenue and revenue + 23%. Among them, the display power supply and inverter home appliances kept growing, and the smart bathroom’s +4.2%, mainly due to Xiaomi’s centralized purchase in the first half of last year and some adjustments this year. The customer’s growth in the second half after adjustment and optimization is still worth looking forward 佛山桑拿网 to.Revenue from industrial power supplies accounted for 15%, revenue + 44%, LED display power supplies increased significantly, and communications power business continued to increase at home and abroad.Industrial automation revenue + 26%, accounting for 9% of the revenue, is less affected by the industrial control industry, and the intelligent welding machine business has grown steadily.Revenue from new energy and rail transportation accounted for 33%, and revenue + 239%, benefiting BAIC’s growth.  Affected by subsidy decline, new energy passenger car sales in July were -3% per annum, -48% month-on-month. The transition period ended, and the market ushered in the painful period of the first month. However, based on historical experience in 2018, sales in subsequent months are expected to graduallyPick up.BAIC delivered beautiful results in the downturn of July. In July, EU sales 成都桑拿论坛 were 8,937 units, + 253% each time, and EC sales were 1,935 units, + 287% each time. The total EU sales in the previous July were 5.80,000 vehicles, a year-on-year growth rate of up to + 941%.Magmet is the exclusive supplier of electronic controls for EU, EX and EC5 models, directly benefiting.  Gross margin of new energy and railway traffic in the first half of the year23.15%, at least -11.42pct is the first to reduce the overall gross profit margin. This is mainly due to the decline of new energy alternatives, the shift of pressure from automakers to suppliers, and the decline in product prices.We believe that the current level of gross profit is already very low, and there is little room for continued decline. It is also necessary to supplement the complete decline. The market may return to its gross profit margin after the market returns to normal competition.  Profit forecast: It is estimated that the net profit attributable to mothers will be 3 in 2019-2021.31, 4.26, 5.$ 3.2 billion, maintain “Buy” rating.  Risk Warning: Power Device Price Increase, New Energy Vehicle Subsidy Policy Changes