Sanlipu (002876): Product price increases and production capacity of Hefei Plant is released.
Investment Highlights: Company Announcement: Release of 2019 Third Quarter Report to Realize Revenue10.
42 ppm, an increase of 61 in ten years.
34%, net profit attributable to mothers was 23.62 million yuan, an increase of 4.
01%, net profit after deduction of 14.53 北京夜生活网 million yuan, an annual increase of 29.
28%; of which the third quarter income4.
250,000 yuan, an increase of 86 in ten years.
27%, net profit attributable to mothers was 22.4 million yuan, a year-on-year increase of 496.
Estimated net profit for 2019 is 4,985.
660,000 yuan, an increase of 80% -130%.
Slightly more than expected.
Revenue was in line with expectations, and profit grew significantly more than expected.
In 2019, the improvement in the quality of some of the company’s products and the release of Hefei Sanlipo Optoelectronics’ production capacity led to a significant increase in the company’s revenue.
The combined company ‘s Shenzhen production line has strong demand for small-size products, and the company has increased some of its capacity through technological transformation. In addition, the merger of the Hefei plant has begun 天津夜网 to realize profits. Large-scale products have been stably supplied to BOE, Huike, and the yield and capacity of the production line have been as much as possible.Maintained at a high level; third, the company’s products basically stabilized at the current level after the price increase in the first quarter.
From an industry perspective, there will be no new capacity launch this year, and we believe that product prices are expected to continue to maintain stability.
The company has a large number of orders and raised production lines to provide continuous growth momentum.
The company recently launched a non-public offering and raised less than 1.1 billion funds. At present, it has feedbacked once to build a new production line with a width of 2500mm. The product size has been extended from small to medium-sized to oversized with more comprehensive coverage.
With domestic 8.
5th generation and 10.
The 5th generation panel line was put into production, which brought a lot of demand for polarizer procurement. It is estimated that the demand for LCD panel polarizers from mainland panel companies (excluding the need to set up factories in mainland China) is 2.
With 700 million square meters, the global panel companies’ demand for LCD polarizers is about 500 million square meters. At present, the self-sufficiency rate of panel polarizers is less than 20%. Therefore, we expect that domestic polarizer companies will still face development space.
We expect that after the new production line is put into production, it is expected to start contributing in the second half of 2022. By then, the company’s TFT-LCD polarizer production capacity will reach 61 million square meters. From the perspective of product size, it will cover small to large sizes and 65 inches or moreSuper-sized polarizer products promote the maximization of production capacity and the bargaining power in upstream and downstream.
The demand for large-size polarizers has opened, driving the company’s performance inflection point, raising its profit forecast and maintaining the “overweight” level.
According to the company’s production line situation, the revenue and profit forecast are slightly raised, and the net profit for 2019-2021 is expected to be zero.
2.2 billion yuan (previous forecast was 0.
1.5 billion), the corresponding EPS is 0.
13 yuan per share, corresponding to PE of 77X / 30X / 21X, if non-public issuance of 20.8 million shares, completed in early 2020, it is expected that the fully diluted EPS in 2020-2021 will be 1.
78 yuan / share.
Risk warning: sharp fluctuations in raw material prices, increased costs caused by exchange rate changes, and the new production line is less than expected