Desai Xiwei (002920): Performance pains continue to look forward to a sequential improvement

Event: Recently, the company released the 2019 first quarter report, with revenue of 10 in 2019Q1.

0 billion, down 28.

4%, the return to the mother’s profit 0.

400 million, down 72.

8%, deducting non-profit 0.

200 million, down 89.


The company’s gross profit margin is 20.

6%, down 6 years ago.

0pct, an increase of 0 from the previous month.

03 points.

Net interest rate 4.

3% downgraded by 7 per week.

1pct, down 1 from the previous month.


The downturn in 武汉夜网论坛 production and sales weighed on revenues, and changes in product structure led to increased profit reduction.

In 2019Q1, the domestic passenger car output was 5.23 million, 12.

5%, of which FAW-Volkswagen dropped 23.

5%, Wuling dropped 21.

5%, GAC dropped 26.

5%, the Great Wall increased by 12.

2%, Changan Mazda dropped 28.


The magnitude of the deviation that has generally occurred among the company’s core customers. Considering that high-volume vehicle information system customers are mainly independent brands, changes in sales of independent brands have caused the company’s revenue to decline more than the industry and increase in gross profit margin.

In addition, the high profit base in the same period last year (the deduction of non-profit accounted for 44% of the length in 2018Q1) led to the growth of deduction of non-profit.

The expense ratio increased during the period, and the non-recurring income was high.

2019Q1, sales expense ratio 3.

6%, an increase of 0.

6pct, management expense ratio 2.

8%, an increase of 0.

9 points, R & D expense ratio 11.

9%, an increase of 4.

2pct, financial expense ratio -0.

1%, an increase of 0.

Expense rate for the period is 18.

2%, an increase of 6.

0pct, the negative scale effect is very significant.2019Q1 confirmed non-recurring gains and losses of 26.91 million, including government subsidies of 13.42 million and investment income of 22.68 million.

In addition, asset impairment losses were -4.99 million, compared with 6.37 million in the same period last year.

Performance pains continue, looking forward to an improvement from the previous quarter.

Due to the poor sales of the market and key customers, high bases, high R & D investment and other reasons, the company’s profits have decreased significantly, but we believe that the gradual mass production of new orders and the recovery of the passenger car market will continue to improve the company’s performance.

The short-term performance fluctuations do not change our positioning and judgment of the company, and the company is still the most competitive target in the domestic high-growth industry of automotive intelligence.

The company’s EPS for 2019-2021 is expected to be 0.



04 yuan, maintaining the “prudent increase” rating.

Risk warning: passenger car sales continue to decrease, new production orders are shortened, and the price of the automotive industry