Annual report series of TMT’s special analysis (10): Yinghantong (430642): Shareholders’ meeting of intelligent switching network product revenue growth is listed on the science and technology board

Annual report series of TMT’s special analysis (10): Yinghantong (430642): Shareholders’ meeting of intelligent switching network product revenue growth is listed on the science and technology board

Event: On April 09, the company released 深圳丝袜会所 the 2018 annual report and achieved operating income2.

76 ppm, an increase of 20 in ten years.

59%; net profit attributable to mother 4654.

60,000 yuan, an increase of 44 in ten years.

11%; Net profit after rejecting non-recurring gains and losses 4473.

0 million yuan, an increase of 25 in ten years.


The reason for the growth of the company’s performance in 2018 is that the company’s intelligent switching network condition monitoring system product revenue has increased significantly.

Net cash flow from operating activities was 3413.

30,000 yuan, an increase of 238 in ten years.

10%, the reason is that the company’s large amount of receivables formed at the end of 2017 was repaid in 2018.

(Company Annual Report) Focus on smart distribution network, smart manufacturing, smart retail, smart transportation, environmental protection, media, medical and other industries: the company’s products and solutions are 武汉夜网论坛 mainly electricity, industrial control, transportation, finance, retail, medical, media,Environmental protection and other industries sell products and solutions through a combination of direct sales and channels. Revenue is mainly from sales of industrial IoT communication products, industrial Internet of Things (IIoT) solutions and cloud platform value-added service fees. Operating income is mainly in smartThe distribution network industry achieved substantial growth.

In the market of intelligent switching network, intelligent retail, intelligent manufacturing and other fields, the company’s self-developed “intelligent switching network condition monitoring system” and “smart sales control system” and other intelligent networking (IoT) solutions such as market-oriented progress have achieved significant resultsWith the progress, has grown into the company’s key business.

Existing corporate customers and business partners cover many leading companies within the target industries, such as State Grid, China Southern Power Grid, Fuji Iceberg, GE Healthcare, Schneider Electric, Philips, Rockwell, etc.

(Company annual report) Complete intelligent IOT solution, intelligent switching network condition monitoring system products increase in proportion: the company’s industrial IoT communication products in intelligent switching network, intelligent retail, industrial intelligent manufacturing and other industries, the company will provide a complete set of products for specific customersIntelligent IoT solutions, the technology level is in the leading position in the industry.

In 2018, industrial IoT communication products accounted for 53 of 2017.

91% fell to 46 in 2018.

16%, but an increase of about 4.04 million yuan over the same period last year.

The intelligent distribution network condition monitoring system products accounted for 18% of total operating revenue in 2017.

70% increase to 32 in 2018.

47%, reaching 8,975 million, which will help the company to continue to consolidate its market advantage in the intelligent distribution network industry and further increase its market share.

Relatively speaking, the intelligent sales control system products have been declining in terms of the proportion of revenue.

The wholly-owned subsidiary Jiaxing Factory was officially put into production, and its own factory construction project has begun construction: the company’s market scope covers China and major developed industrial countries in the world.

The company’s wholly-owned subsidiary, Yinghantong Jiaxing Factory, officially entered production in July 2017. The standardized production workshop has multiple production lines to meet rapid development needs, and a new production supporting system to meet Yinghantong’s higher-level production requirements.Hundreds of thousands of industrial IoT communication equipment are sent to all parts of the world. In 2018, the company’s own factory construction project has begun construction.

The growth rate of the overseas market continues to grow, and has participated in several international seminars: the company’s business has continued to grow in the overseas market, and has participated in the United States Distributech Power Exhibition, the German Hanover Industrial Exhibition, the India Elecrama Power Exhibition, and the US NAMA Vending Machine ExhibitionThe Hannover Industrial Fair in Germany and the Milan International Vending Machine Show in Italy have enhanced the company’s brand awareness, expanded customers in various countries, and laid a good foundation for further opening up overseas markets.

Horizontal expansion expands the market area, and initially digs deep to establish competition barriers.

The company’s business model is: development + sales + technical services of industrial IoT communication equipment, cloud platforms, artificial intelligence and industrial Internet of Things (IIoT) solutions.

Through independent research and development, the company continues to develop the core technology of the Internet of Things, the Internet of Things product portfolio, and uses the development trend of the Internet of Things to expand horizontally in multiple markets and regions; instead of based on the industrial Internet of Things intelligent gateway products and cloud platforms, it aims to segmentThe industry deeply develops innovative IoT solutions, transforms sensing, communication and artificial intelligence data analysis and other technical means, and provides a complete set of high value-added Internet of Things (IoT) solutions for industry customers to expand business and establish competitive barriers.

Investment suggestion: finally to the latest, the company’s market size is 8.

2.6 billion, PE is 17.

7X, it is recommended to pay attention.

Risk Warning: Risk of policy change, business growth is less than expected, market competition risk