View Source’s Annual Report (002841) Comment: Performance Meets Expected Operating Capital and Operating Efficiency Continuously Optimized

View Source’s Annual Report (002841) Comment: Performance Meets Expected Operating Capital and Operating Efficiency Continuously Optimized
Investment Highlights: The company’s performance is in line with expectations and its cash flow performance is outstanding.The company achieved revenue of 169 in 2018.8 billion, an annual increase of 56.28%; net profit attributable to mother 10.4.0 billion, an increase of 45 in ten years.32%; net profit after deduction to mother 9.400 million, an increase of 36 in ten years.13%; cash flow from operating activities17.8.3 billion, an increase of 94 in ten years.38%; expected average ROE34.10%, basically unchanged from 17 years.The company’s performance was in line with expectations.  The fourth quarter performance was in line with expectations.2018Q4 realized revenue 49.800 million, an annual increase of 46.30%, in line with expectations.Net profit attributable to mother 1.54 亿,单独Q4 净利润较Q2\Q3 少,是因为年底产生的费用(例如奖金)等所致,但是其同比增速保持在62.88%, a significant improvement over last year.  The board business has grown rapidly, and its structural optimization is obvious, which is expected to improve the gross profit margin.In 2018, the company’s display card replacement amount was 7,877.550,000 pieces, a year-on-year increase of 30%, the market share reached 35.02%, continuing to rank first in the industry, increasing its proportion by 6.73 units.Sector contributed 86.3 billion, an annual increase of 57.08%.Revenue accounts for 50.82%, basically the same as last year.The structure of the board business continued to be optimized, and the proportion of smart boards increased to 65%, compared with 47% in 17 years.However, the overall gross profit margin is still affected by component price increases, and the gross profit margin of the board business is 12.35%, a reduction of 0 every year.62 averages.We believe that the optimized product structure will increase the gross profit margin in the year when the component prices are reduced.  The education interactive tablet is solid overall, and the conference interactive tablet continues to grow rapidly.Smart interactive tablet total sales 56.150,000 units, contributing 63.200 million, divided into education and conferences.Sivo Education Tablet continues to maintain the number one position in the industry, with a market share of 36.5%, an average increase of 1 percentage point; education tablet income is about 56.7.6 billion, an increase of 36 in ten years.02%.In terms of conference tablet, the overall market competitiveness is 25.40,000 units, the company brand maxhub market share of 25.4%, contributing 6.4.7 billion, doubled previously.Overall interaction plate gross margin 30.50%, increase by 2 every year.42 units.  The working capital performance is excellent, and the company’s bargaining power in the industry chain continues to increase.As of the end of the reporting 北京桑拿洗浴保健 period, the company had 1 billion in accounts receivable and 200 million in bills receivable. The overall receivables decreased to the lowest since the 2017 interim report.Accounts payable and notes19.5.5 billion, an increase of 4 over the end of 17 years.3 billion.Accounts received in advance 6.800 million, an increase of 2 from the end of 17.4 billion.Working capital turnover 9.06, an increase of 0 from 17 years.25.R & D funding7.8.7 billion, accounting for 4%.64%, continue to maintain high R & D investment.  Adjust earnings forecast and maintain overweight rating.The company’s business is developing healthily, convertible bonds have been raised and listed, and future research and development expenses are abundant, which is optimistic about the company’s long-term growth.Net profit for 2019-2021 12.20, 16.81, 19.81 trillion, EPS is 1.86, 2.57 and 3.02 (The original net profit for 2019-2021 was 12.7.3 billion, 16.14 billion, 19.800 million, EPS is 1.94 yuan, 2.46 yuan, 3.01 yuan), corresponding to PE is 43, 31, 26 times.Adjust earnings forecast and maintain overweight rating.