Liangxin Electric (002706): Intelligent Building Benefits from Infrastructure and Real Estate to Accelerate New Business

Liangxin Electric (002706): Intelligent Building Benefits from Infrastructure and Real Estate to Accelerate New Business
The event company released the 2019 first quarter report with total operating income of 3.80,000 yuan, an increase of 17 in ten years.1%; net profit attributable 杭州夜生活 to mothers and net profit attributable to non-mothers are 43.23 million and 39.45 million, respectively, an increase of 7.9%, 28.4%. Operating analysis Short-term non-recurring gains and losses dragged down the company’s return to its parent’s net profit.Non-operating income and investment income of the company20.90,301 thousand, forward expansion reduction of 4.08 million, 3.9 million, mainly due to the company’s current reduction of government subsidies unrelated to the business, resulting in a significant reduction in the company’s 78.93 million cash due to repurchases and the unexpended consumption of wealth management assets expired investment returnsdecline.Other receivables of this period increased by 116% over the 3871 billion year-on-year increase due to the increase in reserve funds and bid deposits, indicating that the company’s business is active. The company’s real estate business benefited from the sharing and concentration of real estate leaders.The top ten real estate developers’ sales area in 20183.2.8 billion square meters, accounting for 22.1% (the top ten sales area of 200 million square meters in 2017, accounting for 13.8%), the top ten and the top twenty real estate developers’ sales of commercial real estate, the proportion of the average value of the proportion has increased significantly, leading share gathering trend.The company focuses on the development of large real estate developers, and the contract rate with the top 100 real estate developers is about 70%.The consumption of commercial houses (residential + commercial) low-voltage electrical appliances is about 30 billion. Although the company is second only to Schneider in the top ten real estate developers, the smart building revenue in 2018 was about 8.600 million, with a market share of less than 3%. The actual cooperation between more and more strategic contracted customers and the expansion of key major customers will gradually increase, and the company’s intelligent building business will perform better than the cycle growth. The simultaneous development of new industries and new markets.Smart home: The company acquired the smart electrician to distribute the smart home era in advance.Vanke and Liangxin Technology have cooperated in depth for many years, and have considered that 10% of hardcover rooms will incorporate data acquisition and management systems such as security products, smart home products, coal, electricity, etc., to join the pre-installation model to create a smart home system.In 2018, the company’s revenue in the field of intelligent electricians increased by more than 50%, and it basically achieved a profit balance. It gradually advanced and began to contribute incremental profits.Communication field: In order to meet the continuous deepening of R & D and market cooperation with Huawei, Emerson and the three major operators in the 5G era, 1U micro-break has been introduced, which can effectively reduce the space of base station control / power box.Industrial control: has been successfully switched into air-conditioning applications.New energy vehicle field: Through widening categories and innovations, it has entered supporting fields such as charging piles, battery packs, and electronic control. It has passed large-scale large-scale customer product testing and will generate substantial sales in 2019. Earnings forecast and investment recommendations The first quarter of 2019 reported revenue reverses the quarter-to-quarter quarter-on-quarter change in trend, transforming large customers such as Country Garden, and the gradual release of orders for large projects such as 5G. The company’s 2019 revenue and profits will show quarter-by-quarter increases. It is expected thatThe company’s net profit for 2019-2021 will be 2.9.1 billion, 3.7.1 billion, 4.At 6.4 billion, the company focuses on the mid-to-high-end market with a stable operation. The long-term industry benchmarking major customers have developed quickly and given a target price of 9.2 yuan, corresponding to 25 times the estimate in 2019. Risk prompts real estate purchase restrictions, the uncertainty caused by the shed reform policy on real estate development; weak fixed asset investment;