Nuoli (603611): Intelligent logistics rapid growth in cash inflows improved significantly

Nuoli (603611): Intelligent logistics rapid growth in cash inflows improved significantly
2018 results are in line with expectations. Nuoli shares announced 2018 results: operating income 25.53 ppm, an increase of 20 in ten years.4%; net profit attributable to mother 1.880,000 yuan, an increase of 18 in ten years.1%, corresponding to a profit of 0.70 yuan. The company’s performance basically met our expectations. Income Statement: In terms of segments, the revenue of warehouse logistics vehicles and equipment and intelligent logistics integrated systems in 2018 was 18.58/6.8 ppm, an increase of 12 in ten years.6% / 48.2%, gross margins were 22.3% / 28.5%, basically flat for one year.The company’s comprehensive gross profit margin for the 18 years was 23.3%.In 18 years, the company’s sales / management / financial expense ratios decreased by 0.3/0.5/1.2ppt, the overall cost rate during the period fell by 1.9ppt; but the company’s net profit margin due to bad debts is only 7.8%, lower than the historical average. Operating cash flow actually improved: The company’s net operating cash inflow in 20182.90,000 yuan, more than a year into 2.200 million, the company significantly improved the quality of orders and collection performance. Development Trend Storage and logistics vehicles and equipment are growing steadily.Sino-U.S. Trade frictions eased in 2019, Malaysia’s factories continued to explore the European market, and the company’s electric forklifts and AGV continued to grow. The revenue of this division is expected to continue to increase steadily in 2018.At the same time, benefiting from the additional benefits of the gradual decline of the manufacturing industry, we expect that the profit end of the warehouse logistics vehicles and equipment of this division is expected to achieve 20% growth. The business of intelligent logistics integrated systems maintained rapid 苏州夜网论坛 growth.Considering that in January 2019, Nuoli announced that its subsidiary Wuxi Zhongding supplied Funeng Technology with US $ 600 million, and Wuxi Zhongding’s 2018 revenue was nearly 4 times. Considering that the company’s order delivery cycle is generally 8-12In August, ample orders in hand will guarantee the company’s rapid growth in 2019-2020. Earnings forecast We maintain our 2019 / 20e earnings forecast1.04/1.14 yuan unchanged. It is estimated and recommended that the company currently can sustain 17/15 times P / E 19/20.Maintain the recommended level. Considering the upward movement of the logistics automation assessment hub, we maintain the 15x target P / E for industrial vehicles in 2019 and increase the P / E target for logistics automation to 30x in 2019, corresponding to the company’s target price increase of 12%.To 都市夜网 21.85 yuan, 25% more room than previously expected. The price of risky raw materials rose, and the RMB exchange rate rose sharply.