Cobos (603486): Service robot business achieves adverse market growth Expenditure rate growth impacts net profit penetration

Cobos (603486): Service robot business achieves adverse market growth Expenditure rate growth impacts net profit penetration
In the first half of 2019, the company achieved operating income of 24.2.7 billion, down 3 previously.8%, net profit attributable to mother 1.3.2 billion, down 36 previously.63%.Among them, the core product Covos brand service robot realized sales revenue.3.8 billion, an increase of 10 years.24%, accounting for 67 of operating income.5%, achieved growth against the market, due to the company’s strategic contraction of service robot ODM business, resulting in service robot ODM business revenue fell 84 year-on-year.47%.The company’s “TINECO Tim Ke” brand smart clean household appliances business income reached 0.960,000 yuan, an increase of 119 in ten years.48%, clean small appliances OEM / ODM revenue6.0 billion, down 13 each year.87%, the proportion further reduced to 24.70%.Taken together, the overall gross profit margin remained stable, and the increase in sales expenses and R & D expenses increased, which had a transmission impact on net profit. The gross profit margin increased steadily, and the expense ratio increased during the period, which eroded the net profit.The consolidated gross profit margin for the first half of the year was 37.28%, a year up 0.69pct, where Q1 is 36.60% in the second quarter was 37.99%, gross profit margin rose steadily.Selling expenses in the first half of the year 18.08%, an increase of 1 every year.85pct, management expense ratio 6.32%, 0 per year.65pct, R & D expense ratio 5.16%, increase by 1 every year.58pct, financial expense ratio is 0.3%, a year increase of 0.61pct, the overall period cost rate increased by 4.69 points.Company inventory at the end of the second quarter 10.9.2 billion, an increase of 13 every year.76%, 8 out of inventory.6.2 billion, accounting 深圳桑拿网 for 79%, and cash flow from operating activities was 0.4.8 billion, a certain improvement in a year. The growth rate of the industry has improved, the company’s market share continues to increase, and the overseas market continues to maintain a higher growth momentum.The growth rate of the sweeping robot industry in 2019, domestic retail sales fell by 9%.2%, the company ‘s retail share in the Chinese market is as high as 48%, an increase of 8pct compared to the same period last year, and it has performed well against the market. At the same time, the company has strategically changed its service robot ODM business to create its own brand of smart clean small appliances, which has become a new lookpoint. Increase research and development, optimistic about the company’s development of new robot products and the layout of the robot ecosystem.This year, the company successfully launched the T5 series of outstanding lidar planning products, the new VSLAM product N5 series, and the DG70 series of products equipped with AIVITM artificial intelligence technology.Layout of Cobos cloud computing platform.We believe that the penetration rate of domestic cleaning robots is at a certain level, and the trend of shifting from optional products to essential products has been strengthened. For new products, technological progress drives actual demand. At present, the functionality and intelligence of cleaning robots have reached a new level, and user recognition is significantWith the improvement, the industry is in a rapid development stage, and leading companies are most likely to enjoy the growth and growth of the industry dividends. Investment advice and rating: Taking into account the industry’s growth expectations and cautiously adjusting the profit forecast, the company’s net profit for 2019-2021 is expected to be 5.4.0 billion, 6.8.9 billion and 8.9.9 billion, corresponding to PE of 28x, 21x, 16x, maintaining the “Buy” level. Risk Warning: Sweeping Robot Penetration Is Less Than Expected; Industry Competition Intensifies