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Guo Rui Technology (600562) dynamic comment: market environment continues to improve, asset reorganization continues to advance

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Guo Rui Technology (600562) dynamic comment: market environment continues to improve, asset reorganization continues to advance

Key points of investment: flat revenues and increased expenses, with significant growth in microwave devices.

In 2019H1, the company’s operating income will 深圳丝袜会所 increase by ten years.

48%, operating costs increased by 1 in ten years.

08%, revenue and gross profit were basically the same; affected by the increase in selling expenses and management expenses, net profit attributable to mothers decreased 14.
.

63%.

In terms of revenue structure, due to the impact of the project promotion rhythm, the rail transit business has improved; benefiting from the recovery of demand for military and civilian products, the growth of microwave devices has increased significantly, reaching a growth rate of 152.

35%.

The margins of many businesses are improving, and the company’s performance growth can be expected.

In terms of radar business, the new short-term situation has improved, winning key bids from several countries and airports, and military orders are still worth looking forward to; in the rail transit business, new and continuous good growth trends have been maintained, and successive projects have been adoptedThe start of supply and the application and promotion of autonomous signal systems are expected to increase revenue and increase profitability significantly. In the microwave device business, 5G construction has started, and the company’s product range has expanded while its market share has continued to expand.Benefit from 5G development.

Asset restructuring progressed in an orderly manner, and the radar leader was born one step closer.

The company’s plan to purchase Guorui Defense and Guorui Xinwei has been approved by the National Defense Science and Industry Bureau, and asset reorganization has continued to advance smoothly through a key variable.

After the reorganization is completed, while the business scope is expanded to the field of defense radar and industrial software, the underlying assets are expected to increase the company’s net profit attributable to mothers in 2019-2022.

5.9 billion, 3.

9.3 billion, 4.

43 ppm and 5.

1 billion, will significantly increase the company’s performance.

Earnings forecast and investment rating: Maintain Overweight rating.

The company’s existing business has improved margins, the asset restructuring business has progressed in an orderly manner, and the overall development has continued to improve.

Before the reorganization is completed, its impact on the company’s performance will not be considered for the time being. It is expected that the net profit attributable to the mother for 2019-2021 will be 1.

0.6 million yuan, 1.

500,000 yuan and 2.

20,000 yuan, the corresponding EPS is 0.

17 yuan, 0.

24 yuan and 0.

32 yuan, corresponding to the current expected PE is 98 times, 70 times and 51 times.

Risk reminders: 1) the asset restructuring progress is less than expected; 2) the existing business growth is less than expected; 3) the company’s profit is less than expected; 4) systemic risk.