Hottest tostar 300607, 2018 annual report review p

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Comments on tostar (300607) 2018 annual report: the performance growth is in line with expectations. The industrial robot market has a broad space

2018 performance growth is in line with expectations: in 2018, the company achieved an operating revenue of 1.198 billion yuan, a year-on-year increase of 56.73%; The net profit attributable to the shareholders of the listed company was 172million yuan, an increase of 24.49% year-on-year. In 2018, the company's comprehensive gross profit margin was 36.11%, a slight decrease of 0.67% year-on-year, of which the gross profit margin of industrial robots and automation application systems was 42.42%, an increase of 1.18% year-on-year; The gross profit margin of injection molding machine supporting equipment and automatic feeding system was 41.52%, a year-on-year decrease of 3.82%; The gross profit margin of intelligent energy and environmental management system was 15.60%, a year-on-year decrease of 5.6%. In 2018, the net cash flow from the company's operating activities was RMB 115million, a significant improvement over the previous year. The company's performance has increased significantly. The main driving factors are: the market demand for manufacturing automation has increased; Continuously increasing R & D investment; Master the core control technology and visual algorithm of industrial robot; Stable customer base; Customization advantages of automation overall solution; Effective company management, etc. The company disclosed that it was also more advantageous in terms of profit distribution price in 2018, and planned to distribute cash dividends of RMB 3 per 10 shares to all shareholders. In the first quarter of 2019, the company expects to realize a net profit attributable to the parent company of RMB 36million to RMB 45million, with a year-on-year increase of 6.86% to 33.58%. The growth rate was in line with expectations, and the slowdown in profit growth was due to the year-on-year decrease in government subsidies received by the company

the growth rate of robot business is bright, and the regional layout is advancing steadily: in 2018, affected by the macroeconomic downturn, the growth rate of robot market demand slowed down, the competition in the industry intensified, and the product price fell. However, the growth rate of the company's robot business is bright, and the market layout is advancing steadily. In 2018, the company's industrial robot and automation application system business realized an operating revenue of 705million yuan, accounting for 58.88% of the total revenue, with a year-on-year increase of 62.06%; The proportion of revenue related to this business continued to increase. In terms of regions, and by improving the existing methods, the East China region where the company focuses on layout achieved a revenue of 354million yuan, an increase of 25.83% year-on-year; South China achieved a revenue of 631million yuan, a year-on-year increase of 82.39%, and the revenue of central China, Northeast China, Northwest China and other regions increased significantly. The company's multi regional production base layout shortens the service radius, which is conducive to the formation of product price advantage

maintain high R & D investment and follow the life line of "R & D is king": the company continues to increase R & D investment, and the number of R & D personnel and R & D expenses have increased significantly. In 2016, 2017 and 2018, the proportion of the company's R & D personnel was 20.15% and 20 It is proposed to produce 79% and 27.12% high value-added aluminum alloys; The R & D investment amounts to 19.908 million yuan, 43.459 million yuan and 67.9581 million yuan respectively. At present, the company's R & D investment focuses on the application of robot software control technology, robot vision system, industrial interconnection (IOT) and improving the IPD R & D management system. Guided by the needs of customers, the company continues to introduce new products and technologies that meet the needs of the market, laying the foundation for the future sustainable development of the company

the industrial robot market has a broad space, and the prospect of intelligent manufacturing is promising: according to IFR statistics, in 2017, the number of industrial robots owned by every 10000 industrial workers in China was only 97. The robot industry development plan (2016-2020) requires that the density of industrial robots reach more than 150 by 2020, adding to the rise in labor costs and the decline in the cost of industrial robot equipment, the economic effect of "machine replacement" is prominent, Industrial robots have a broad market prospect. The company is committed to providing integrated industrial automation solutions for downstream manufacturing enterprises. It has provided products and services to more than 5000 enterprises, covering 3C, auto parts manufacturing, new energy and other industries. It is expected to benefit from the great development of manufacturing intelligence

investment suggestion: we predict that the EPS of the company in will be 1 It is a collective name of partners certified by the 5 Argo platform. It is 8 yuan, 2.5 yuan and 3.3 yuan, and the corresponding PE is 23 times, 17 times and 13 times respectively. Maintain a "recommended" rating

risk tips: the macro economy continues to decline; Competition in the robot industry is intensifying

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