Jianghai Co. (002484) Company Express: The overall operation of the first half of the year 成都桑拿网 remains stable and costs increase
Event: The company released its 2019 interim results report and achieved operating income in the first half of the year9.
56 ppm, an increase of 5 per year.
78%, gross margin 30.
0%, up 5 per year.
3 units, net profit attributable to parent company is 1.
4.0 billion, down 5 every year.
10%, net profit is 0.
1274 yuan, down 5 before.
The company achieved operating income of 5 in the second quarter.
11 ppm, an increase of 3 per year.
29%, gross margin 30.
7%, up 5 per year.
4 per share, net profit attributable to shareholders of listed companies was 64.19 million yuan, a year-on-year decrease of 19.
3% revenue in the first half of the year has grown steadily, and the gross margin has benefited significantly from the release of upstream supply: the company’s overall revenue in the first half of 2019 and the second quarter of the year have increased respectively.
78% and 3.
29%, despite the industry’s disadvantaged downstream market, can still maintain a stable income scale, showing that the company still has good competition and risk management capabilities in the industry.
From the perspective of the supply side, the stricter environmental protection policy in 2018 and the overall supply of the uplink industry in the price of raw materials are relatively tight. Through environmental protection policies since 2019, it has eased.On the downside, in addition to the increase in the gross margin in the first half of 2019, the company’s gross profit margin will help the company improve its profitability.
Expenditures increased, and Hubei’s expansion of new supercapacitor expenditures increased: in the first half of 2019, net profit gradually declined. Under the situation of a significant increase in gross profit, the company’s expense ratio level increased significantly at the same time.
In the first half of the year, the company’s sales expense ratio, management expense ratio and research and development expense ratio increased by 0.
9 and 0.
Eight is four.
1% and 6.
2%, the financial expense ratio has basically maintained a stable level.
The two companies are actively expanding the production capacity of the Hubei base. As a result, traditional aluminum electrolytic capacitors and MLPC have brought more efficient production bases. Instead, the company is also actively committed to the development and improvement of the technical capabilities of supercapacitors, which can further develop the company.The better market application of supercapacitors lays the foundation, so the company’s substantial increase in expenses also limits the growth rate of net profit.
The industry’s demand has initially warmed, and the company’s development is focused on the future: the company’s restructuring provides performance expectations from January to September 2019. From the market trend, the demand for consumer products such as home appliances in the downstream application market will be the first half in the second half.It is beneficial to the reduction of the number of products of the company, and downstream application markets including 5G base stations, photovoltaic inverters, wind power, tools, etc. also have different degrees of growth expectations, so the industry market is in the process of gradually picking up.
Judging from the company’s status, the construction of Luotian’s production base in Hubei is progressing continuously and effectively as planned. The combination of capacity expansion and the development of downstream application markets will enable the company’s future revenue growth to have better sources.
The super capacitor has always been an important part of the company’s product system, and even the previous application scenarios are small, but we can see that companies in the rail transit, elevator, new energy, energy storage and other markets are actively active at the same time.Carry out market development and improve product technology capabilities, so we still give positive expectations for the future growth of the product.
Investment suggestion: Our company predicts that the annual income from 2019 to 2021 will be 0.
36 and 0.
Return on net assets were 7, respectively.
9% and 7.
8%, maintain Buy-B investment recommendation.
Risk reminder: The market demand of downstream industrial users is less than expected; Hubei ‘s production capacity expansion is not as fast as expected; Flash Games received environmental protection and other factors that affected supply and the profitability; the exchange rate changes brought pricing risks.