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Jifeng shares (603997) 2018 annual report review: high overseas revenue acquisition of GRAMMER to expand business
Company 四川耍耍网 dynamics The company released its 2018 annual report and achieved operating income21.$ 5.1 billion, an annual increase of 13.11%, net profit attributable to shareholders of listed companies.2 billion, an annual increase of 3.26%. Matters commented that Germany’s Jifeng has developed smoothly and promoted the company’s high growth rate of overseas revenue. The company’s domestic revenue growth in 18 years has improved its advantages and achieved operating income17.21 ppm, an increase of 9 in ten years.30%.Germany’s Jifeng business has developed smoothly with long-term revenue of 2.21 trillion, a year-on-year increase of about 132%, driving the company’s 18-year overseas revenue growth by 52.64% to 3.4.6 billion; meanwhile, the revenue of German Jifeng seat armrest products increased by 189.33%, making the company’s seat armrest business revenue growth rate of 32.52%.However, due 天津夜网 to breakthroughs in the development of Daimler, BMW, Audi, Skoda and other projects, Germany’s Jifeng reached 3192 in 18 years.640,000 yuan, dragging down the company’s performance. The company’s gross profit margin for the fourth quarter was 34.07%, down from the previous month.27pct, up 2 every year.63pct, with a higher gross margin of 33.89%, compared with 33 in 2017.99% was basically flat, and the gross profit margins of major businesses such as headrests, struts and seat armrests were generally stable.In terms of period expenses, the intermediary expenses caused by the company’s equity incentives and asset restructuring led to the company’s 18-year management expenses rising to 2,300,000 yuan, an increase of 49.83%, the expense ratio increased by 2.19 points. It intends to indirectly acquire Grammer, a leader in commercial vehicle seats, and expand its business area. The company plans to acquire 100% equity of Jilin Investment. After the transaction, the company will indirectly hold Grammer’s 84.23% equity.Grammer is a global leader in commercial vehicle seats. It is complementary to the company’s integrated products. In the long run, the company can use Grammer’s technology and channels to deploy new businesses such as central control and commercial vehicle seats to expand the company’s business area. Investment proposals are expected to net profit attributable to shareholders of the parent company from 2019 to 2021.5.1 billion, 4.04 billion, 4.4.8 billion yuan, corresponding to 0 EPS.55 yuan, 0.63 yuan, 0.70 yuan, PE is 18 times, 16 times, 14 times, maintaining the “overweight” level. Risks indicate that the car sales volume is less than expected; the risk of continued rise in raw material prices; the risk that overseas market expansion is less than expected; the new business layout is not progressing as expected.