Powerway Alloy (601137): Endogenous and Epitaxial Simultaneous Development of New Materials and Provider of Integrated Solutions in Precision Manufacturing

Powerway Alloy (601137): Endogenous and Epitaxial Simultaneous Development of New Materials and Provider of Integrated Solutions in Precision Manufacturing

Affected by the Sino-U.S. Trade war on international new energy business, the 夜来香体验网 company’s revenue growth in 2018 was on the expressway.

But at the same time the company’s new materials1.

8 The initial project was successfully put into production, and the next stage 5 investment project is progressing in an orderly manner. At the same time, it is planned to acquire Broadtech with 12 times PE and continue to expand high-end alloy business.

We are optimistic about the long-term trend of the company’s new materials business and maintain the “Highly Recommended-A” rating.

Annual revenue for 2018 is +5.

33%, net profit attributable to mother +11.

62%.

The company achieved operating income of 60 in 2018.

6.5 billion, +5 per year.

33%; net profit attributable to mothers3.

41 trillion, ten years +11.

62%; budget benefit 0.

55 yuan.

Of which 18Q4 operating income was 16.

1.5 billion, 深圳spa会所 compared with -1.

88%, ten years +4.

85%; operating cost 15.

3.9 billion, +0.

78%, +23 per year.

96%; net profit attributable to mother 0.

800 million, compared with -18.

36%, ten years +7.

93%.

In addition, the company intends to use the total share capital of 6.

2.7 billion shares are the base number, and a cash dividend of 0 for every 10 shares is distributed to all shareholders.

8 yuan new materials business endogenous: alloy business steadily heavy volume, 1.

8 The initial high value-added alloy project was successfully put into production.

The company has an annual output of 1.

8 announced that the high-strength and high-conductivity special alloy strip project will be expanded in mid-2018, and the company is expected to achieve 13 in 2019.

2Cobalt copper-based alloy production capacity.

In addition, the proposed new 5 aims at the smart factory project is progressing in an orderly manner.

In the next three years, the business of copper alloy strip, rod, and wire will achieve steady and rapid growth.

Develop collaboration and complementarity for downstream 5G, high-end manufacturing and other application products.

In the field of alloy plates and strips, the company has continuously increased the development of new products and independently developed a series of new materials of intelligent interconnection, high strength, high conductivity, and high transmission. It has excellent force, electrical and thermal properties, and can still work stably under high temperaturesIt can be applied to the construction of heat dissipation substrates in 5G base stations.

At the same time, thanks to the company’s close cooperation with Huawei and ZTE, the company’s high-end alloy products are committed to get new applications in the 5G era.

New material business extension: proposed price 9.

900 million acquisition of Broadtech, to achieve synergy in technology, research and development, brand channels and management.

In January of this year, the company released a plan for asset acquisition, which was planned to be 9 years old.Acquired 100% of Baldtech’s shares at a consideration of 9 million.

Broadtech and its subsidiary, German Berkenhoff GmbH (BK), are mainly engaged in the production of precision filament products such as precision cutting wires, precision electronic wires and welding wires. They are the world’s leader in high-end precision filaments, and their products are widely used in high-end manufacturing.Electronic communications and aerospace.

In terms of technology: BK, a wholly-owned subsidiary, its core technology is mainly reflected in the design of material components in the previous process and the filament manufacturing process in the subsequent process, which is in line with the “formulation” and “manufacturing process” of the current main business of listed companies”Two manufacturing cores.

In terms of research and development, BK has been in the industry for many years, and has multiple internal and external patents. The core technical staff has remained highly stable. Most of the core technical staff have more than 10 years of industry experience, and their professional directions are complete.

In terms of brand: In addition to BK’s bedra brand, which has a high reputation in the global high-tech precision filament market, listed companies can achieve parallel development in the Asia-Pacific and European and American markets through their marketing channels.

In terms of profitability: In 2018, Baldtech’s Q1-Q3 gross profit margin was 20.

57% of which precision cut wire 24.

21%, precision electronic wire 17.

28%, welding wire 11.

87%, the highest, the trader promised that Bode Hi-Tech’s net profit after deduction of non-return in 19-22 will not be less than 0.

78, 0.

9, 1.

06, 1.

3.1 billion.

The acquisition intention is to integrate centuries-old German manufacturing genes, joint development, domestic production, promote the upgrading of Bowie alloy alloy products, expand the category, and realize the evolution from a “cost-effective” enterprise to a “technical-effective” enterprise.Provider of integrated solutions in the field of new materials and precision manufacturing.

Extension of new materials business: Utilizing the industry’s deep cultivation for many years and long-term research and development strength, the expansion of production continues to focus on the areas of precision cutting and automotive manufacturing welding materials.

Broadtech’s production expansion includes 1) 2800 tons of high-end coated cutting wires are planned to be expanded and will be put into production in 2019 with an investment payback period of 5 years; 2) Bedra Vietnam’s new 2,400-ton brass cutting wire project will be put into operation in 2019 with an investment payback period of 5.

4 years; 3) 6,700 tons of new aluminum welding wire new project, put into production in 2020, investment recovery period of 8 years.

In the new project, it is planned to expand the profitability index (25% + gross profit margin) of the coated cutting wire project, which will enhance the overall profitability.

The new aluminum welding wire project can replace the existing mature technology of German BK company, realize the import substitution of high-end aluminum welding wire products, and create new profit growth points for listed companies.

New international energy: Reduce the means to reduce the impact of the Sino-US trade war, and actively develop emerging markets such as Vietnam.

On January 22, 2018, the United States opened up Act 201 and imposed a 30% tariff on photovoltaic cells and modules since February 7, 2018, causing the company’s sales in the North American market to shrink in the first half of the year.

The gross profit margin of photovoltaic module business is ten years -4.

08PCT, operating income is -0 per year.

28%.

However, the company actively develops emerging markets such as Vietnam and invests in the construction of 100MW photovoltaic generators in southern Vietnam. It is expected to be connected to the grid for power generation by the end of June 2019.

At the same time, the company continued to work on the key issue of battery conversion efficiency. In 18 years, it has made significant progress in the technology upgrade of PERC, and the average battery conversion efficiency of the production line reached 21.

8%, ensuring that the product ranks first in the global technology.

Maintain “Highly Recommended-A” investment rating.

19-21E, the company is expected to achieve net profit attributable to mothers4.

3, 5.

4, 6.

0 billion, 19-21PE = 13.

7/11.

0/9.

8X, EPS = 0.

69/0.

85/0.

96 yuan.

Maintain Strongly Recommend-A Investment Rating. Risk warning: the risk of raw material price fluctuations; the risk of product price fluctuations; the risk that the actual market demand does not meet expectations

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