Event: on December 4, the company announced the reply to the exchange's restructuring inquiry letter and the revised version of the restructuring transaction plan, this time to disclose important information such as the product structure, customer structure and performance commitment of Viagra Acoustics.
1. The business of independent brand of Wanmao Acoustics is developing rapidly.
According to the company announcement, Marvel Acoustics's revenue in 2017 was 630 million yuan, a year-on-year growth rate of 36.3%. The revenue from January to October in 2018 was 694 million yuan, exceeding the revenue for the whole of 2017, and the revenue maintained a momentum of sustained growth. The revenue of Wanmao's private brand business was 11 million yuan in 2015, accounting for 3.6% of revenue, accounting for 156 million yuan of revenue and 24.8% of revenue, which increased significantly.
two。 It has strong sales channels and global high-quality customers such as XIAOMI, Huawei, JD.com, Amazon.Com Inc and so on.
Magic Acoustics has covered 26 provinces, Hong Kong, Macao and Taiwan, through Hi-Fi audio agents more than 40 and more than 3000 offline experience stores covered the airport, high-speed rail, Taiwan Eslite Bookstore and other boutiques, overseas channels have also been expanded to the United States, Canada, the United Kingdom, Germany, Italy, Spain, Japan, South Korea, India and other 25 countries. The company's ODM customers include mobile phone customers such as XIAOMI, Huawei (indirect customers) and Asustek, online sales platform customers such as JD.com, NetEase, Inc and Amazon.Com Inc, as well as Internet platform customers such as Kuwi Music and Gudong Sports.
3. Continuous R & D investment and high growth rate in future performance
Ten thousand demons attach great importance to the technical research and development in the field of acoustic equipment, forming a strong product R & D and design capability. As of November 14, 2018, the company has been granted a total of 257 patents, including 25 invention patents, 109 utility model patents and 123 design patents, forming a strong technical lead in the field of acoustic equipment.
Wan Mou expects to deduct non-return net profit of 76 million yuan in 2018, a year-on-year growth rate of 22.6%. At the same time, according to the performance commitment, Wan Mou expects the net profit for 19-20 years to be 152.2 million yuan respectively, and the performance growth will maintain a high growth rate.
4. Investment suggestion
Mr. Xie Guanhong, the actual controller of Gunda, has rich experience in research and development and management in acoustics and other fields. after this asset injection, the company's acoustic platform is expected to accelerate its development. We are optimistic about the future development prospects of terminal products such as 1MORE headphones. Regardless of the amalgamation of Magic Acoustics for the time being, we estimate that the company's 18-19 net profit will be 0.53 billion yuan respectively, maintaining a "buy" rating.
Risk tips: ten thousand magic assets failed to complete the injection risk; acoustics new product progress is not as expected; business integration risk; acoustic components profitability decline risk.