Zhongding (000887) 2018 Annual Report Commentary: Performance Under Pressure, Revenue in New Energy Field Increases Faster
Company dynamics The company released its 2018 annual report and achieved operating income of 123.
68 ppm, an increase of 5 per year.
08%, net profit attributable to mother 11.
1.6 billion, down by 0 every year.
Matters commented that the growth rate of performance basically met expectations, exchange gains improved financial expense ratio, and the company’s 18Q4 performance was under pressure to achieve a total operating income of 36.
1.7 billion, down 7 a year.
92%, net profit attributable to mother 0.
6.6 billion, a year-on-year decrease of 62.
64%, gross margin is 24.
66%, down by 1 every year.
In the overall business, the cooling system business grew rapidly and realized sales revenue28.
730,000 yuan, an increase of 20.
77%; sales of sealed systems business achieved 29.
47 ppm, a ten-year increase of 8.
Noise and vibration reduction chassis system business, air suspension and motor system business slightly shifted to achieve sales revenue28.
5.6 billion, 15.
0.8 billion, down 2 every year.
Initial gross profit margin was 27.
35%, down 1 from 17 years.
05pct, period fee cost 18.
08%, an increase of 0 from 17 years.
23pct, sales expense ratio, management expense ratio, research and development expense ratio increased, but the financial expense ratio decreased by 1 due to exchange gains.
Continuously promote the landing of overseas M & A companies in China, and the relevant business maintained rapid growth.
In 18 years Wuxi Jiake, Anhui Jiake’s income reached 5.
18 ‰, a 10% increase in ten years, net profit of 65.08 million yuan, an increase of more than 18%; Anhui Weigu Shi operating income reached 1.
10 million US dollars, an annual increase of 33%, and a net profit of 1823 million, an annual increase of 45%; TFH domestic project implementation is basically completed, and the establishment of Anmec Anhui
Integrate foreign 北京养生会所 advanced technology, continuously improve the layout of new energy vehicles. The company is actively deploying new energy vehicles. In battery cooling systems, motor seals, battery mold seals, battery motor vibration and noise reduction, bridge seal assemblies and other new energy sectorsIn the international leading level.
In 18 years, the company’s new energy sector has reached 11.
710,000 yuan, an increase of 26 in ten years.
In terms of products, KACO has developed supporting high and new energy seals. The company has developed and produced new energy battery module seal systems and actively developed fuel cell module seal systems.
With the landing of AMK in China, the air suspension system is expected to become a new growth point of the company’s performance.
The investment proposal estimates that the company’s net profit attributable to shareholders of the parent company from 2019 to 2021 will be 11 respectively.
5.6 billion, 12.
8.7 billion, 14.
3.6 billion, the corresponding EPS is 0.
95 yuan, 1.
05 yuan, 1.
18 yuan, the corresponding PE is 13 times, 11 times, 10 times, maintaining the “overweight” level.
Risks indicate the risk of rising raw material prices; the risk of exchange rate changes; and the risk that the internal implementation of the merger and acquisition enterprise is not as expected.