Hua Tailai (603659) 2018 Annual Report Comments: Expected Growth Multi-Business Blossom
This report reads: The company’s 2018 net profit increased by 32%, and Q4 performance improved significantly from the previous quarter, and gradually increased operating cash flow by 778%, showing a good operating quality, replacement, cover film, lithium battery equipment multi-business bloom.
Key points of investment: Performance is in line with expectations, maintaining target price and increasing holdings.
Since the price of polyamide raw materials and graphitization processing costs have increased since the second half of 2018, the company’s gross profit margin has increased, so the company’s profit forecast for 2019-2021 is adjusted to 1.
97 yuan, maintaining the target price of 78.
71 yuan, maintaining the overweight level.
Q4 has a good profit and a large increase in cash flow.
The company’s profit growth rate is slower than its income growth rate, mainly due to the decrease in monthly gross profit margin.
In terms of quarters, Q1-Q4 deducted non-net profits were 1.
59 trillion, a significant quarter-on-quarter growth.
Q1-Q4 comprehensive gross profit margins were 36.
At 06%, the gross profit margin gradually 四川耍耍网 stabilized after experiencing an extension in the third quarter; Q1-Q4 deducted non-net margin was 18.
59%, the net profit margin increased significantly in the fourth quarter, mainly due to scale effects.
The initial operating cash flow was 3.
300 million, a 778% increase, showing a good quality of operations.
Monthly sales have increased significantly, and gross margins have increased.
Maximum income for permanent materials19.
800 million, an increase of 35% in ten years, sales volume2.
93 Initially, the annual increase was 24%, and the unit price was 6.
760,000 / ton, up 8.
Due to the increase in raw material prices and graphitization processing costs, although the company’s sales price has increased, the additional gross profit margin has still dropped from 37% to 32%, a decrease 深圳桑拿网 of 5 percentage points. At the end of 2018, the company’s large-scale production capacity was replaced by 3The threshold of 5 is gradually reached, and Inner Mongolia 5 can be gradually completed by supplementing the supporting graphitization capacity, further improving the repeatability of profitability, and the subsequent gross profit margin will gradually stabilize.
Initially realized profit 4.
200 million, an increase of 11%.
Risk warning: Long-term gross margin expansion exceeds expected catalysts: companies enter international high-end supply chain