Ruide Design (831248): The performance is basically in line with expectations. The integration of production areas effectively reduces costs.

Ruide Design (831248): The performance is basically in line with expectations. The integration of production areas effectively reduces costs.

Event: On April 25, the company released its 18-year annual report with revenue of 1.

3.6 billion, an increase of 0 in ten years.

28%, 南京夜网 net profit attributable to mother is 2027.

07 million, an annual increase of 25.

03%, deducted non-net profit of 1266.

09 million, down 7 every year.


Performance growth was basically in line with expectations.

Driven by the commercial space design sector, industrial design revenues contracted compared to the previous year6.


18 years industrial design realized income 4940.

490,000, lower than expected 17.

66%, gross margin 70.

13%, slightly higher than expected.

The performance of the commercial space design division is not as good as expected, which drags down the entire wood block, and the essential order of the highway service area design contraction has shrunk.

The product design division has a good momentum and its business has steadily improved compared to the previous year.

In the future, the company will maintain its absolute advantages in the design of smart kitchen appliances and smart kitchen and bathroom products. At the same time, it will expand to new consumer hotspot service robots, 3D technology experience design, maintain technical advantages through continuous research and development, and build a moat.

The integration of the two production bases was completed, and the gross profit margin of the business of exhibition equipment began to rise.

After the integration of the production base, the cost of the exhibition equipment was effectively controlled, with a gross profit margin of 24 in 18 years.

03%, up 2.


Since the second half of 2018, the company has begun to expand its display business to new retail areas in the pharmaceutical and tobacco industries, and related projects have entered the landing phase. It is expected that it will effectively support the rebound in the performance of the business display segment.

The design + industry linkage model continued to advance, and the investment income of 818 was obtained through the project in 18 years.


The company’s original design + industrial investment business model has achieved remarkable results. In 18 years, the 3D printing project Dedi Smart made a profit and exited, with an investment income of 818.


In 18 years, he invested 20.8 million yuan in cash and invested in tandem with consumer attractions such as smart life and big health areas.

The advantage of this model is that it maintains the high customer stickiness and irreplaceability of the design business through a small share allocation, while exchanging space for time, and enjoying the valuation premium brought by high-quality projects.

In the future, the company will continue to raise competition barriers in design business through equity participation.

Lower the 19-20 year profit forecast and increase the 21 year profit forecast.

Due to the uncertainty of the rebound in the commercial space design business’s future performance, the profit forecast for the 19-20 year was lowered, and the revenue was 1.


5.3 billion, the corresponding original value is 1.


7.5 billion; net profit was 2062/2194 million, the original value was 246.427.75 million.

Increased 21-year profit forecast and revenue 1.

6.1 billion, with a net profit of 23.47 million.

Revenue CAGR (15-18) is 5.79%, the net profit CAGR (15-18) is 5.


EPS is 0.



43 yuan, the PE corresponding to the latest closing price is 8.



4. Comparing with the PE of similar companies of A shares (Easy Display), taking into account the liquidity difficulties of the New Third Board and the company’s own performance growth rate, it is 12-15 times PE in 19 years, corresponding to a market value of 2.


0.9 billion, corresponding to a reasonable sustainable interval4.


73 yuan