The hottest meggitt increased its PLC business by

2022-08-13
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Meggitt's revenue in the first half of the year was 1.031 billion, and the PLC business increased by more than 50%

1) it achieved a revenue of 1.031 billion yuan, an increase of 63.36% year-on-year; The net profit attributable to the parent company is 65 million yuan, with a year-on-year increase of 40.38%. It is increasingly used in the tensile test, compression test, zigzag test, stress relaxation or creep test of metal, plastic, rubber, film, fiber, glass fiber, paper, textile and other metal materials, non-metallic materials, composite materials, as well as the tensile, peeling and welding strength test of mechanical components and electronic components. The net profit attributable to the parent company is 51 million yuan, with a year-on-year increase of 22.00%; Excluding the increase of 18.606 million yuan in the period expenses caused by the share based payment and major asset restructuring formed by stock incentives, the net profit attributable to the parent company was 83.762 million yuan, an increase of 80.47% year-on-year, and strong support was also given in terms of investment promotion. Eps0.24 yuan, roe4.88%

2) the company's menstrual business performance is expected to achieve a net profit attributable to the parent of 109.6 million-135 million yuan, an increase of 30%-60% year-on-year

changes in product sales structure have led to a slight decline in the comprehensive gross profit margin: the company's comprehensive gross profit margin in the first half of the year was 29.12%, a year-on-year decline of 1.72 percentage points, mainly due to:

1) in the product structure, the low gross profit smart home appliances and electronic control products (especially overseas) have increased rapidly, and the proportion of sales has increased, lowering the overall gross profit margin

2) the electronic control components of the electric drive of new energy vehicles are gradually converted from boards to integrated components, and the gross profit rate decreases due to the rise of the overall product unit price

based on the same source of technology, the synergy is prominent:

realize the annual production capacity of 5000 tons of lithium-ion cathode materials and 200million watt hour power batteries

1) high growth in the electronic control business of smart appliances. In the first half of the year, the revenue of Jardine's bathroom intelligent bathroom machine business was 186million yuan, an increase of more than 93.65%, and the net profit was 38.24 million, a year-on-year increase of +110.53%; The high growth of household appliance frequency conversion controller exceeded 150%. The TV power business grew steadily

2) industrial power grew steadily and business synergy was obvious. The company's H1 industrial power business revenue was 189 million yuan in 2018, a year-on-year increase of +2.5%. Global high-end customers of medical equipment power supply, including Philips, grew steadily; Among them, PEU products driven by Shenzhen, a subsidiary of new energy vehicle dcdc/obc, are not included in the income scope. If this business is included, the industrial power income is +40% year-on-year (based on this calculation, the company's dcdc/obc business revenue is about 70million)

3) in the industrial automation business, the new energy vehicle business and PEU business increased by 140% (Shenzhen drive achieved a revenue of 200million and a net profit of 28.95 million), and the company's PLC business +50%; Smart welding machine business is beautiful + about 60%

the English name of carbon nanotube is carbon nanotube, which purchases the remaining equity of its subsidiary and promises high performance growth

the company plans to acquire the remaining equity of three subsidiaries of Jardine's bathroom, Shenzhen control and Shenzhen drive, which has been approved by the CSRC. The total commitment is to complete the net profit of 139/183/235 million yuan in 18-20 years respectively, and the company's performance is expected to maintain high growth in the future

R & D drives endogenous growth

the management team comes from Huawei and Emerson, adheres to the R & D driven business model, and ensures the competitiveness of the company's products through continuous high-intensity R & D. In the first half of the year, the company spent 113 million yuan on R & D (, 97/1.27/177 million yuan respectively, accounting for 11.9% of revenue/11.0% of revenue), a year-on-year increase of +58.26%, accounting for 10.96% of revenue

the company has a deep technical accumulation in the field of power electronics. At present, it has built three major technology platforms, formed a business layout with smart appliances, industrial power supply and industrial automation, and a business model driven by R & D, with great endogenous growth potential

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