Nasda (002180): The third quarterly report predicts that the logic of the improvement of Lexmark’s operations will be verified again
Investment highlights: Company announcement: Net profit attributable to mothers is expected in the first three quarters of 20196.5-7.500 million US dollars, a year-on-year increase of 31% -51%, of which Q3 attributed to the mother net profit is expected to be 2.8-3.80,000 yuan, an increase of 52 in ten years.63% -107.14%.Outstanding growth was in 西安桑拿网 line with expectations.  Lexmark’s operational improvement logic has been verified.In the first three quarters, due to market influence, the company’s consumables and chip business slightly shifted its net profit.The rapid growth in performance is mainly due to the improvement of Lexmark’s international operations and the gradual realization of profits.Improve the company to reduce costs and expenses by improving management, production transfer and other methods. This year, the effects gradually came into effect. The gross profit margin increased and the expense ratio decreased.65%, compared with 35 in the print business in 2018.56% gross profit margin further increased.The company’s management expense ratio decreased by 4.33pct, we expect to continue to improve in the third quarter.  The company’s net profit in the first three quarters has improved significantly quarter-on-quarter.2019Q1 / Q2 / Q3 respectively achieved a net profit of 0.9 billion, 2.8.1 billion, 2.8-3.8 ppm, a quarter-on-quarter increase, and the growth rate exceeded 6 respectively.78%, 23.94%, 52.63% -107.14%, year-on-year growth rate is also constantly increasing.The non-recurring impact of the company in 2018 is mainly due to the US tax reform rules bringing 500 million revenues. The impact on the company is basically over. It is expected that the impact of the tax reform in 2019 will be eliminated and only Lexmark’s international tax rate will be affected.The company’s impact is reduced (non-recurring losses in the first half of the year were 52.53 million yuan), and the net profit that replaced non-recurring gains and losses in the first three quarters of 2018 was 2.1.3 billion, we expect non-post-report net profit to increase in the third quarter of 2019.  With a CAGR of 34% per year, printers have independent controllable suitors and maintain a “Buy” rating.Lowered the profit forecast, mainly adjusted the company’s 2019 Lexmark forecast and the company’s expenses, and it is expected that the net profit of the mother will be 10-2019.72/16.45/23.19/31.5.8 billion (originally 13.68/20.1/25.2.7 billion).The 南京桑拿网 corresponding PE is currently 30/19/14/10 times.If we assume the acquisition of the remaining 49% of Lexmark’s equity in the later period, the profit will still increase.  Risk warning: Lexmark’s integration is less than expected, the risk of goodwill impairment, cost control is not up to expectations, general MCU chip customers are not up to expectations