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Dahua Shares (002236): Results in line with expectations rebound in overseas gross profit margin

Dahua Shares (002236): Results in line with expectations rebound in overseas gross profit margin

Performance is in line with expectations.

The company achieved operating income of 236 in 2018.

70,000 yuan, an annual increase of 25.

58%; net profit 25.

2.9 billion, an annual increase of 6.

34%; deduct non-net profit 24.

95 ppm, a ten-year increase6.

61%, 2018 net profit is near the median of 0% to 15% of the baseline forecast change, in line with expectations.

Overseas gross margins rebounded month-on-month, and the fourth-quarter sales expense ratio increased to save the future.

In 2018, the company’s overseas business gross margin was 41.

15%, an increase of 0 compared with the same period last year.

The 68 averages were mainly due to an increase of 7 in the second half of the year.

5 up to 44.

2%, mainly due to the company’s strengthening of overseas channel management and product structure optimization, while benefiting from the stabilization of the exchange rate.

It is worth noting that the company’s sales expense ratio in the fourth quarter 杭州桑拿 was 14.

9%, an increase of 3 per year.

The three singles show that the company is vigorously promoting business expansion, and it is worth looking forward to in the future.

A number of AI technologies took the first place.

In 2018, the company was included in KITTI VISION’s 2D human detection, 2D / 3D vehicle detection, scene flow, optical flow, road segmentation in driveable areas, instance segmentation (cars, pedestrians, etc.), MOT multi-target tracking (vehicles, human bodies), The PRCV2018 large-scale pedestrian search competition (pictures, system test) and other 13 items ranked first, face recognition algorithm in the NIST face recognition competition natural scenes ranked first domestic manufacturers.

In the “Road Vehicle Image Feature Artificial Intelligence Recognition Contest” organized by the Ministry of Public Security, it achieved the best results in the detection of dirt vehicle features, the driver’s face recognition first, the video event detection second, and the vehicle carrying people third.

The R & D of artificial intelligence chips has achieved initial results.

Based on self-developed artificial intelligence chips, the company successfully launched a series of artificial intelligence front-end devices such as the “Smart” series of economical face detection cameras and the “Hui” series of AI entrance and exit snap cameras.

In 2018, the company’s artificial intelligence chip research and development project was supported by the Ministry of Industry and Information Technology’s major science and technology project and the Hangzhou integrated circuit industry development project, which made up a good foundation for subsequent sustainable development.

Investment suggestion: As one of the world’s leading security companies, the company will be one of the biggest beneficiaries of this round of “AI + security” dividends. Its accumulated artificial intelligence technology and market channel capabilities will enable the company to replicate horizontally to multiple emerging industriesThe advantages.

The company’s EPS for 2019-2020 is expected to be 1.

02, 1.

31 yuan, maintain “Buy-A” investment rating, 6-month target price of 20 yuan.

Risk reminder: The development of the intelligent security market is less than expected.