Meishuo Technology (839715): Committed to Relay Manufacturing, Net Profit Increased 61% in First Half

Meishuo Technology (839715): Committed to Relay Manufacturing, Net Profit Increased 61% in First Half

Meishuo Technology (839715): Committed to Relay Manufacturing, Net Profit Increased 61% in First Half
Event: The company released the semi-annual report for 2019, and the report actually achieved 1.910,000 yuan, an increase of 41 in ten years.44%, net profit attributable to shareholders of the listed company was 2124.690,000 yuan, an increase of 60 淡水桑拿网 in ten years.59%. Meso Technology: Committed to the field of relay manufacturing, power relays are the main source of revenue.The company’s main business is the development, production and sales of power relays and automotive relays.  According to the 2018 annual report, power relays are the company’s main source of revenue, and the report states that sales revenue accounted for 88%.61%, followed by automotive relays, with sales revenue accounting for 6.40%, other accessories only accounted for 4.86%.In the first half of 2019, the company’s revenue maintained rapid growth and achieved 1.910,000 yuan, an increase of 41 in ten years.44%, the rapid growth of the company’s current performance is mainly due to the company’s improvement in product quality and services, and customer supply expansion. The company pays attention to R & D investment and has initially obtained 36 patents.The company has passed ISO / TS16949 and ISO9001 quality management system certification, ISO14001 environmental management system certification and OHSAS18001 occupational health and safety management system certification; the company has established a standardized laboratory with advanced equipment in the relay industry, complete functions, and excellent test levels.The laboratory has passed UL, TUV sighting laboratory qualification certification and CNAS laboratory qualification.  The company has formed a series of brand advantages and technological strength. By the end of 2018, the company gradually has 28 utility model patents, 3 invention patents, 2 appearance patents and 19 emerging products. The number of patents in the first half of 2019 increased to 36 item.In June 2018, the company was approved to establish a “Zhejiang Postdoctoral Workstation”, which vigorously promoted the company’s technological innovation and research team construction and the cultivation of high-level innovative talents.In the first half of 2019, the company’s R & D expenditure was 6.06 million yuan, an annual increase of 40.twenty three%. High-quality products and good services have won widespread trust from customers, and the main customers are well-known domestic appliance companies.The company has accumulated a good reputation in the industry, and its main customers are Midea, Oaks, TCL, Iron General and other well-known domestic companies.According to the 2018 annual report, the top five customers of the combined company reported a total of 41.88%. Stable profitability and excellent cash flow performance.25.The latest report summarizes the company’s gross profit margin due to lower product market prices.28%, compared with 0 in the same period last year.88 points; net interest rate 11.12%, an increase of 1 over the same period last year.32pct.In addition, the company’s cash flow performance is outstanding. The net cash flow generated by the company’s operating activities in 2019H1 was 38.26 million yuan, an increase of more than 580.12%. Investment suggestion: The company’s performance has continued to grow steadily for four years since its listing, focusing on R & D investment.In 2018, the company implemented two equity distributions and gradually distributed a cash dividend of 35.7 million yuan (including tax). Risk warning: market competition is intensifying, and the risk of raw material price fluctuations.

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