Xinbao Shares (002705): Currency exchange significantly improved new business significantly boosted growth

Xinbao Shares (002705): Currency exchange significantly improved new business significantly boosted growth

Event company announced the 2019 first quarter report performance forecast, the company expects the net profit attributable to the mother in the first quarter of 2019 is 6,459.

120,000 yuan-8612.

160,000 yuan, an annual increase of 50% -100%.

Under the low base, the exchange performance has improved significantly. The performance of domestic sales has been excellent. During the same period of Q1 2018, the company was affected by exchange rate changes, and the exchange loss in the company’s financial expenses was about 61 million yuan.

Judging from the exchange rate in the first quarter of Q1, we expect that the exchange loss gains in the first quarter will have improved significantly, but will still generate losses of about 20-30 million yuan.

Therefore, if we expect the impact of exchange profit and loss, we expect the company’s 19Q1 main business net profit growth rate will remain at about double digits.

According to the statistics of the National Bureau of Statistics, China’s exports from January to February amounted to 24.264 million yuan, an increase of 0 in ten years.

1%, the growth rate has improved compared with the first 18Q4 quarter.

We believe that due to the macroeconomic impact and the improvement of overdraft demand for the first quarter in the first quarter of 18Q4, the company ‘s export-side revenue will remain stable under the environment of a relatively small appreciation of the exchange rate of RMB against the US dollar in the early stage.QoQ will improve.

At the same time, we expect the company’s domestic business to remain excellent, of which the Dongling brand may continue its 18-year steady trend, and new domestic ODM businesses such as Xiaomi will maintain rapid growth.

The company’s independent brand, Mofei, has performed well in emerging social e-commerce channels such as Xiaohongshu, and new products such as online hot pots and juicers have maintained strong sales.

Product innovation drives profit improvement, automation construction improves efficiency The company’s product profitability has been continuously enhanced through measures such as product technology innovation and automation improvement.

In terms of domestic sales, we expect that through the sales of new products of net red pots and juicers, the company’s high-gross Mofei brand business is expected to exceed expectations in 2019, which will improve the overall gross profit structure.

The rise of new brands such as Xiaomi and Netease Yanxuan will integrate the long-tail market of small appliance brands, giving birth to ODM leaders in new segments. Xinbao began to actively cooperate with Xiaomi, Mingchuang and other brands in 16 years.Categories such as kettles have gradually taken shape.

Recently, Xinbao and 南宁桑拿 Pinduoduo have reached a cooperation, and the domestic sales business will enter a rapid growth period in the future.

Investment recommendations The company’s export sales remained stable in the first quarter, and the performance of new domestic sales business was outstanding. We expect that in 2019, we will gradually show a quarter-on-quarter improvement trend.

We expect revenue for 18-20 to be 84.

4, 93.


1 ppm, a ten-year increase of 2.

7%, 10.

4%, 10.

6%; net profit attributable to mother is 5.

1, 6.

2, 7.

4 ppm, an increase of 24 in ten years.

0%, 23.

2%, 18.


The current anniversary corresponds to a PE of 18-20 years.

6x, 16.

7x, 14.

1x, maintain “Buy” rating.

Risk warning: the real estate market, the risk of fluctuations in raw material prices; the channel sinks less than 西安耍耍网 expected.