Event: on March 24, 2020, the company released its 2019 annual report: during the reporting period, the company achieved operating income of 1.0457011 billion yuan, an increase of 17.68% over the same period last year, and a net profit of 285.8227 million yuan, an increase of 35.25% over the same period last year.
The revenue of the two major businesses has risen steadily, and the overall operation of the company has improved. During the reporting period, the company achieved an operating income of 1.0457011 billion yuan, an increase of 17.68% over the same period last year, and a net profit of 285.8227 million yuan, an increase of 35.25% over the same period last year. Of this total, the operating income of the intelligent express box business was 970.9174 million yuan, an increase of 16.50% over the same period last year, and that of the automatic locker business was 40.7011 million yuan, an increase of 43.70% over the same period last year. The main reasons for the increase in net profit are as follows: during the ① reporting period, the company's export sales revenue increased compared with the previous year, and profits increased accordingly; interest and income from cash management during the ② reporting period increased over the previous year; ③ received value-added tax rebate and government subsidies increased over the previous year.
Both online and offline promotion, a high degree of contribution to overseas markets. Through the combination of online and offline, the company increases its product marketing efforts, actively promotes its products on online promotion platforms, customs data platforms and mainstream social platforms, and participates in various domestic and foreign exhibitions, Canton Fair and other activities. increase product exhibition promotion and customer exchanges in various directions. At the same time, the company strengthens the expansion of new overseas markets and customers, the domestic market tends to be stable on the whole, overseas market revenue increases significantly, and markets such as North America and Europe perform prominently. During the reporting period, the company's export sales reached 541.0856 million yuan, an increase of 66.38% over the same period last year, accounting for 51.74% of business income.
Optimize technology and technology, R & D investment to help the company's innovation. The company adheres to innovative ideas, is guided by market and customer demand, constantly introduces new technologies and processes, and optimizes existing technologies and processes at the same time. During the reporting period, the company's R & D investment reached 52.7518 million yuan, an increase of 52.82% over the same period last year.
By the end of the reporting period, the company had 8 invention patents, 35 utility model patents, 44 design patents and 147 computer software copyright.
Company profit forecast and investment rating: the company's performance growth is stable, and the industry market space is vast. It is estimated that the company's net profit from 2020 to 2022 will be 4.03 pound 5.48x713 million yuan, corresponding to EPS 5.48pm 7.13 yuan, corresponding to PE is 15 times, 11 times and 8 times, respectively, given a "recommended" rating.
Risk hint: the epidemic affects the risk of the company's business development; the demand of downstream customers is lower than the expected risk.