Cobos (603486): ODM business strategy shrinks costs to add extra

Cobos (603486): ODM business strategy shrinks costs to add extra
Performance summary: The company released its semi-annual report for 2019 and consolidated the report to achieve operating income24.3 ‰, a decrease of 3 per year.8%; net profit attributable to mother 1.3 trillion, a decrease of 36 a year.6%; net profit after deduction of non-return to mother 1.200 million, a decrease of 39 every year.8%.Q2 achieved operating income in a single quarter11.800 million, a decrease of 10 per year.2%; net profit attributable to mother is 6,139.90,000 yuan, a decrease of 46 per year.9%; net profit after deduction is 6309.40,000 yuan, a decrease of 49 per year.4%. The strategic contraction has led to revenue expansion and a steady increase in market share.In terms of products, according to the number of reports, the company’s service robot business achieved revenue16.8 ‰, a decrease of 2 per year.6%.Among them, the service robot ODM business realized revenue of 38.65 million yuan, a decrease of 84 per year.5%.In order to better expand its own brand business and reduce the potential impact of the service robot ODM business on its own brand, the company actively contracted the service robot ODM business.Clean household appliances achieved revenue of 700 million yuan, a 6% reduction each year.According to industry data released by Zhongyikang, as of the end of the reporting period, the market share of Cobos brand sweeping robots was as high as 48%, which could increase up to 8pp.The Covos brand service robot business from overseas markets is growing by 39 per year.1%, the company’s market share at home and 淡水桑拿网 abroad has steadily increased. Expenses continue to increase and profitability subsidies.The total number of reports, the company’s comprehensive gross profit margin 37.3%, an annual increase of 0.7pp.In order to further develop the overseas business of the robot brand and promote the development of Timco’s brand of smart and clean small appliances, the company’s costs have been increasing.Company selling expenses 18.1%, increase by 1 every year.9pp.5.Improvement, the company continued to deploy forward-looking technology, increase research and development investment, supplement research and development expenses.2%, an annual increase of 1.6pp.Reporting the average, the company’s net margin is 5.4%, a decrease of 2 per year.8pp. Research and development of chips and intelligent layout technology.The company believes that the new 深圳桑拿网 generation of sensor modules, SLAM algorithms and artificial intelligence applications will be widely used to improve the performance of existing sweeping robot products, while expanding new data and service-based functions to bring higher value to users.The company continues to increase capital investment and continuously introduce high-tech talents.In total, the company invested 1,253 in research and development.40,000 yuan, an annual increase of 38.9%. Earnings forecasts and investment advice.We adjusted the company’s EPS for 2019-2021 to 0.77 yuan, 0.85 yuan, 1.08 yuan, considering the company’s strategic adjustment period, temporarily no rating. Risk Warning: The price of raw materials may fluctuate greatly, and the risk of exchange rate fluctuations.