CV Source (002841) Quarterly Report Review-Gross Margin Rising Trend Continues Trend and Its Performance Guides Beautifully

CV Source (002841) Quarterly Report Review-Gross Margin Rising Trend Continues Trend and Its Performance Guides Beautifully
In the first three quarters of 2019, revenue / net profit also increased by 8.32% / 66.32%.The company’s revenue in the first three quarters of 2019 increased by 8.32% to 1.3 billion, net profit increased by 66.32% to 14.1.4 billion, close to the upper limit of the forecast; corresponding to 19Q3 single quarter revenue / net profit increased by 0.22% / 82.79%.The growth rate of the company’s net profit is substantially higher than the growth rate of revenues. 1) The raw material price advantage continued in the third quarter, and the gross profit margin increased by 8PCT to 28%.Million.The initial sales / management / R & D expense ratios increased by 1.5/2.4/1.4PCT to 5.8% / 3.9% / 5.At 7%, the net interest rate of integrated finance companies increased by 3.8PCT to 10.87%.The company expects a maximum net profit of 14.56-17.0.7 billion (corresponding to 0 in 19Q4 net profit).42-2.9.3 billion), an increase of 45% -70%. Board business innovation broke through, and education business grew against the trend.1) Board business: The Q3 board business has been adjusted. The company has expanded the expansion of smart board products, jointly developed with customers and product innovation, and further optimized the board business structure and profitability.At the same time, the company’s restructuring of its board advantages to expand new businesses, including white power main control and display control business, will become new points of performance growth.2) Education business: Against the backdrop of declining sales in the interactive whiteboard industry, the company’s products 厦门夜网 have performed against the trend, Q3 revenue has continued to grow, and market share has continued to increase.At the same time, the company’s application scenarios extend from K12 public education to the training institution market. Good cash flow and solid inventory turnover.Net cash flow from operating activities increased by 116.4% to 28.1.4 billion, advance receipts also increased by 43% to 9.7.8 billion, mainly due to the expansion of the business season.Consolidation issued convertible bonds, the company’s current closing price of 46.7.6 billion.At the end of the period, the turnover days of goods were flat at 48 days each year, and the turnover days of account receivables increased by 28 days to 71 days, mainly due to the expansion of the sales volume in the peak season. Investment Advice.The company ‘s outstanding 南京夜网 control technology advantage in the TV board business, through the Seewo brand in education and the MAXHUB brand in business meetings, has successfully expanded from traditional business to interactive smart tablets, and achieved the company ‘s independent research and development capabilities and efficient management mechanismStrong execution.The growth and growth of the company in the future The continued deepening of the Shivo brand, the accelerated penetration of MAXHUB, and the development of new scenarios (smart appliances / smart healthcare, etc.).Thanks to the company’s leading range, the company fully benefited from the significant improvement in the profitability of the industry’s original downward range, and raised its 2019 net profit forecast to 16.3.2 billion (originally 15.3.3 billion), maintaining the 2020/21 net profit forecast of 20 respectively.72/27.11 trillion, corresponding to EPS 2.49/3.16/4.13 yuan, maintain “Buy” rating. Risk reminder: the decline of enterprise information product procurement expectations and budgets has dragged down the sales of conference service products; market competition has intensified risks, dragged down the company’s overall profitability level; and the risk of technical staff turnover.