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New Beiyang New (002376) Annual Report Comments: Performance Meets Expectations New Retail Realizes Large-Scale Sales

New Beiyang New (002376) Annual Report Comments: Performance Meets Expectations New Retail Realizes Large-Scale Sales

Performance is in line with expectations.

In 2018, the company achieved operating income of 26.

35 ppm, an increase of 41 in ten years.

64%, achieving net profit attributable to shareholders of listed companies.

80,000 yuan, an annual increase of 32.

82%, in line with expectations.

Finance, logistics, and new retail have become the core pillars of the company’s revenue growth.

In 2018, the company’s finance, logistics and new retail industries achieved a total of 19 revenues.

860,000 yuan, an increase of 58 in ten years.

70%, accounting for 75% of the company’s revenue.


The financial sector 北京桑拿 continued to make breakthroughs.

The company’s financial key module has completed the development of a new generation of multi-functional bill modules, actively promoted its application in the smart teller machine project of long-term state-owned banks, and explored the application needs of joint-stock banks and local banks, achieving more than 20Mass sales of small and medium-sized banks at home; cash modules successfully broke through foreign technical barriers, completed the development of cash cycle (TCR) movements, and its complete cash teller machine products successfully won the tender of a state-owned bank’s cash recycling equipment.

Financial machine and system solutions, continued to participate in and promote the final bidding of key projects at the head office level, successfully won the tender for the super counter and auxiliary equipment of the Agricultural Bank of China, and the comprehensive version of smart teller machines was recognized by multiple small and medium bank customers and formed mass sales; the company vigorouslyPromote software and hardware package solutions, successfully selected for 20 years in city commercial banks, rural credit cooperatives, and village and town bank tender projects; the first batch of clearing machine series products passed the gold standard test of the People’s Bank of China and achieved mass growth in mass bank sales.
New retail customized products achieved stable large-scale sales.

In the second half of 2018, the company focused on fast-moving consumer goods manufacturers, new retail operators, e-commerce, traditional retailers and other target customers, and increased the market expansion of new products such as smart super, smart drink dispensers, and made positive progress.At the same time, the company piloted smart Weichao lease operations.

Overseas markets are advancing in many ways.

The company continued to promote the mass sales of express cabinets in the US market, and launched the pilot sales of express cabinets in Canada; cooperated with partners to complete the custom development of vending equipment, and achieved small-volume sales in the United States market;It has been certified by the US government and formed mass sales; the European region continued to maintain the steady growth of traditional channel business, and promoted the pilot sales of express cabinets in Europe; actively seized and cultivated lottery business opportunities, and successfully opened markets in the Philippines, Laos, Turkey and other countries, Actively pay attention to and grasp the financial business opportunities in Southeast Asia, and realize small batch sales of financial self-service machines.

Investment suggestion: Since the company proposed “second venture” internally, the company has carried out a fruitful strategic layout in the fields of finance and logistics. The transformation of smart bank outlets and the promotion of new retail business are trying to open up new growth space. EPS is expected in 2019-2020 Is 0.

8, 1.

1 yuan, maintain Buy-A rating, 6-month target 无锡桑拿网 price of 20 yuan.

Risk warning: New product marketing is less than expected.