Dahua Shares (002236) Semi-annual Report Review: Interim Report Profit Exceeds Expectations, Optimizing for Industry Recovery in Second Half

Dahua Shares (002236) Semi-annual Report Review: Interim Report Profit Exceeds Expectations, Optimizing for Industry Recovery in Second Half

In the first half of 2019H1, the company realized 108 operating income.

07 million yuan, an increase of 10 in ten 杭州桑拿 years.

11%; realized net profit of return to mother 12.

39 ppm, an increase of 14 years.


The net profit attributable to mothers in the first half of the year is close to the annual performance indicator range 10.


The upper edge of US $ 4.4 billion exceeded market expectations and showed strong performance.

The growth rate of domestic income is stronger than overseas, and the growth rate of overseas gross profit margin.

The company’s revenue in Mainland China in the year of H1 2019 was 70.

88 ppm, a 10-year increase of 11.

18%; overseas income 37.

19 ppm, a ten-year increase of 8.


Mainland China gross profit margin 37.

5%, increase by 1 every year.

03 averages, an increase of 3 from the previous quarter.

71 units; gross profit margin of 45 in overseas markets.

9%, an increase of 9 per year.

26 units, an increase of 1 from the previous quarter.

77 units.

We judge that the company’s overseas channels are sinking, product structure is optimized, and the proportion of high added value is increased. At the same time, it also illustrates the impact of the company’s strong overall gross profit margin being replaced internally, and business optimization is also an important reason.

The recovery of the H2 industry in 2019 continues, and the revenue side is expected to go upward.

The reason for the sharp increase in revenue is mainly that the channel market is affected by macroeconomics, and overseas markets are still under pressure, while domestic governments and industry markets are better.

In recent months, demand has improved month by month.

According to the equity incentive, the company’s budget revenue target needs to reach 20.

47%. Based on this calculation, the revenue growth rate in the second half of the year needs to reach 27.

8% to complete the equity incentive target.

We are optimistic that the recovery of the H2 industry in 2019 will continue, and the company is expected to achieve this goal.

We expect the security industry to continue to pick up this year. Security AI projects are expected to continue to land, the product structure will be upgraded, and the company’s profitability will be further improved.

We expect the company’s revenue to grow 20 years in 2019-2021.

6% / 23.

4% / 23.

1%, realizing net profit attributable to mother 31.



2.5 billion.
Maintain “Buy” rating.
Risk warning: industry demand is lower than expected, overseas markets are lower than expected, and security upgrades are lower than expected.