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Jianlang Hardware: hardware integrated supply leader, category expansion efficiency increased, performance inflection point is obvious

: hardware integrated supply leader, category expansion efficiency increased, performance inflection, so this car is firmly positioned in the category of high-performance vehicles. Point source:

the scale of construction hardware industry continues to grow, and the general trend of upgrading and integration: (1) urbanization and energy conservation and environmental protection drive industry growth. In 2018, the market scale of the construction industry and door and window hardware was 2.05 trillion yuan and 31.049 billion yuan respectively, and the annual CAGR was 12.0% and 18.4% respectively; In 2017, the output value of curtain walls was 36.5 billion yuan, and the annual CAGR was 17.6%. With the increase of urbanization rate and the fact that more than 90% of China's existing buildings are high-energy buildings, the scale of construction hardware industry is expected to further grow. (2) High end products. With the improvement of China's overall manufacturing level, consumption upgrading and relevant policy guidance, the construction hardware industry is developing in the direction of energy conservation, integration and standardization, and medium and high-end products are more favored. (32. The impact of high temperature application conditions on the friction coefficient when considering the friction coefficient) industry integration has accelerated, and the concentration needs to be improved. In 2018, enterprises with a revenue scale of more than 200million yuan of building doors and windows accounted for about 5%, and the Cr5 of curtain wall hardware was less than 7%. The market was highly fragmented. Labor cost and material companies lock in investment risks with appropriate contributions, and the rise in material prices promotes industry integration. Large integrated suppliers coexist with professional small supporting enterprises, and large leading enterprises are expected to benefit from their brand advantages. The advantages of integrated suppliers are prominent, and it is expected to benefit from early-stage investment in the future: (1) significant revenue growth and gradual improvement of performance. In 2018, the company achieved an operating revenue of 3.85 billion yuan, a year-on-year increase of +21.2%, and the annual CAGR was 17.4%; The net profit attributable to the parent company was 172 million yuan, up -9.9% year-on-year, mainly due to the high marketing expenses and R & D investment in the initial stage of the company's new product launch. (2) Categories continue to expand, focusing on R & D investment. The company's products cover door and window hardware, door control hardware, point support glass curtain wall components and accessories, etc. in 2017, it began to enter smart home, bathroom and hardbound room hardware products such as smart locks, providing customers with one-stop procurement services, ensuring product quality and reducing the management cost of procurement by multiple suppliers. In 2018, research and development has now occupied a leading position in the market, with a development cost of 184 million yuan, a year-on-year increase of +54.3%; The number of R & D personnel increased by 203 and more than 100 patents were added. (3) Reasonable layout of marketing network, focusing on the b-end market. In 2018, the company has a sales team of more than 4000 people, with nearly 500 sales points at home and abroad, about 60 overseas sales offices, and 34 regional warehouses across the country, ensuring the timeliness of delivery. Downstream customers of the company include real estate companies, curtain wall companies and decoration companies, and strive to build an online service platform for b-end customers, strictly screen sales personnel and conduct training. In addition, the company's information system has achieved full business informatization and improved management efficiency. Personnel efficiency has been improved, raw material prices have stabilized, and the performance inflection point is expected: in, the gross profit margin and net profit margin of the company fell to 38.0% and 4.4% respectively, mainly due to the rise in raw material prices and higher investment in sales and R & D for the promotion of new products. 19q1 gross profit margin rose to 39.5%, which still has room for improvement compared with that before 2016. In 2018, the total number of employees of the company reached 10333, of which sales personnel accounted for 40.5%. The per capita sales increased to 921900 yuan/person, and the scale effect began to show. The prices of the company's main raw materials (stainless steel, zinc alloy, aluminum alloy) have fallen steadily in the near future after years of significant rise, which is expected to drive the company's gross profit margin to stabilize and rebound. Investment suggestions: we expect the annual operating revenue of the company to be 4.777 billion yuan and 5.827 billion yuan respectively, with a year-on-year increase of 24.0% and 22.0%; The net profit attributable to the parent company was 279 million yuan and 353 million yuan, with a year-on-year increase of 65.1% and 26.5%; The corresponding EPS is 0.87 and 1.10 yuan/share respectively, and the corresponding p/e is 19.69x and 15.57x respectively, which is upgraded to the "buy" rating. Risk tips: fluctuations in raw material prices, intensified industry competition, and fluctuations in the downstream real estate industry

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