Ninestar: Lexmark H1 is Expected To Break Even in 2018.

[news]

Ninestar: Lexmark H1 is
Expected To Break Even in 2018.

(Google Translated To English)

Lexmark integration is progressing well, and H1 is expected to break even in 2018.
2017Q1 lost 10 million US dollars, including 40 million US dollars depreciation and amortization and financial expenses, the main business profit was 20-30 million US dollars; 2017 printer sales 1.48 million units, an increase of more than 10% year-on-year, 2018Q1 printer sales completed the company's set goals It is estimated that the annual sales volume is expected to reach 1.7 million units. In the first quarter of 2018, the first quarter of the year was a loss. It is expected that the second quarter and the third quarter will be at a break-even point. In the fourth quarter, they will contribute a small profit and maintain a neutral or a small profit throughout the year. The inflection point is determined, and the long-term stable growth rate of the printer is determined.

 

The printing industry chain integration effect appears, and each business develops synergistically.

The company's main chip business and printer consumables business 2018Q1 contributed a profit of 220 million yuan, the business module profit maintained a year-on-year growth of 36.8%; the annual general-purpose consumables chip is expected to contribute 700 million yuan of profits, the general consumables and the target after the acquisition of the target profit of 400 million Yuan, the company's main business profit of 1.1 billion yuan, maintaining sustained and steady growth. The company is in the leading position in the industry, with outstanding integration ability and strong bargaining power. At the same time, the company's new products are rushing to grab the high-margin space market. The chip maintains a gross profit margin of over 70%, and the gross profit margin of general consumables will remain in 2018. Year-on-year growth, long-term performance can be expected.

 

Looking at the company's development in a long-term dimension, the characteristics of the printed unicorn are obvious.

The company is the domestic industry's scarce chip research and development, consumables production, printer design and manufacturing of the entire industry chain layout. Superimposed national independent controllable chips and information security requirements, the company's long-term logic can look at high valuations. The whole low-end and high-end printers are put into production, and the market share is gradually increasing. We measure the company's development with a 5-8 year dimension. The company has the ability and market to grow into the first in the world, the world's top three printer suppliers and original consumable suppliers. At the same time, in the field of chip design, the company's phase change memory, FPC chip, SoC chip and other technologies make the company maintain market competitiveness for a long time. Earnings forecast: The net profit of the company from 2018 to 2020 is expected to be 9.96/14.27/1.948 billion yuan, the EPS is 0.94/1.34/1.83 yuan, and the current stock price is 36.3/25.3/18.6 times. 

 

Risk Warning: Lexmark integration is less than expected, and competition in the consumables market is intensifying.

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[Author]

September 4, 2018 at 1:22 PM