Shuangchuang Electronics (600990) 2018 Annual Report Review: Stable Injection of Endogenous Business Expected to Be Stronger

Shuangchuang Electronics (600990) 2018 Annual Report Review: Stable Injection of Endogenous Business Expected to Be Stronger

Investment Highlights 20118 Annual Report: Revenue 52.

USD 4.6 billion, an annual increase of 3.

75%; net profit attributable to mother 2.

5.7 billion, an annual increase of 27.

82%; net profit after deduction to mother 1.

90 ppm, with a ten-year average of 13.


Revenue increased 杭州桑拿网 slightly, and non-current asset disposal income led to a significant increase in net profit of the parent.

In 2018, the company’s non-recurring profit and loss was 67.47 million yuan, mainly due to the non-current assets profit and loss of 53.69 million yuan formed by the clean-up of the Bowei Chang’an old plant.

The company’s overall gross profit margin has grown, and has rebounded slightly in the past three years. In 2018, the company’s gross profit margin was 14.

95%, increase by 1 every year.

34 points.

The company’s main business is scattered, and its internal growth is stable.

As a sole listing platform under the Boweizi Group, Shuangchuang Electronics is backed by high-quality assets, and the injection can significantly increase the company’s performance.

China Haiphong, Guorui Technology, Hongdu Aviation, Aerospace Changfeng, China Shipbuilding Technology, China Shipbuilding and other companies have recently announced asset injections, and the asset injection boom in the military sector has resumed; China Electronics Technology Group ‘s reduced asset securitization rate and furtherThe military-civilian integration business attributes make it more urgent for the group to re-capitalize the platform to make the industry bigger and bigger.

The company is backed by the Boweizi Group, and the total net profit of the four research institutes in 2017 was about 9.

49 million, which is 4 of the net profit of listed companies in 2017.

6 times.

Since the company went public, the military assets of the 38 headquarters have not been injected with precedent.

In our opinion, in terms of national encouragement, the Group’s advocacy, and the Bowei Sub-Group and listed companies for the purpose of expanding and strengthening high-quality industries, the future asset injection target is worthy of attention.

Earnings forecasts and investment advice.

We adjusted our profit forecast based on the company’s 武汉夜网论坛 2018 annual report and expect the company to achieve net profit attributable to mothers in 2019-2021.



80 ppm, corresponding to the closing price of PE on March 29 is 29/26/22 times, maintaining the level of “prudent increase”.

Risk reminder: competition in the civilian products market is intensifying, and gross profit margins are growing; military purchases are lower than expected.