Sanhua Intelligent Control (002050) 2019 Third Quarterly Report Review: Depreciated Non-Profit Growth Exceeds Expectations Tesla Shanghai Plant Starts Zero-Volume Steam
The revenue in the third quarter was in line with expectations.
The company disclosed that it achieved operating income in the first three quarters of 201986.
2.1 billion, an annual increase of 4.
3%, net profit attributable 无锡桑拿网 to mother 10.
56 ppm, a 10-year increase3.
22%, achieving net operating cash flow of 11.
27 ppm, an increase of 101 in ten years.
14%; of which, in the third quarter, the operating income was 27.
9 ‰, an increase of 4 in ten years.
29%, net profit attributable to mothers3.
63 ppm, a ten-year increase4.
91%, net profit after deducting non-attribution to mothers increased by 17.
91%, exceeding market expectations, mainly due to the company’s foreign exchange hedging exceeded in the third quarter.
Traditional business grew steadily.
In terms of traditional refrigeration business, from January to August, the company’s three core products of traditional refrigeration business, namely electronic expansion valves, termination valves and four-way valves, achieved sales growth of 6 respectively.
55%夜来香体验网 and 1.
77%, because the company’s main traditional products use cost-plus pricing mechanism, since the third quarter of the Yangtze River nonferrous copper, the average price of aluminum fell by 4 respectively.
67% and 1.
95%, the company’s traditional refrigeration business revenue growth under pressure.
However, with the upgrading of the industrial structure, the company’s supplier of high-value-added products such as air-conditioning components, micro-channel heat exchangers and electronic expansion valves still achieved steady growth.
We expect the company’s main refrigeration business to achieve a small increase in average revenue and profit in the first three quarters.
Looking forward to the fourth quarter, the date of the official implementation of new energy efficiency standards for air conditioners is approaching. Host companies will start the destocking cycle of the old energy efficiency standards and gradually enable the supply chain of new energy efficiency standards at the production end to promote the acceleration of electronic expansion valves.Penetration and popularity.
New energy auto zero business contributed elasticity.
As the company’s core driving business, the auto zero business has a growth rate of about 20% in the third and third quarters, and the growth rate of 10% from the previous quarter is accelerating. It is mainly due to the rapid volume of new energy vehicle orders.After the report, the company won another US $ 1 billion GM order, which was benefited from the company’s traditional car orders that gradually stopped falling in the third quarter and warmed up. Revenue growth turned positive; we counted the company’s large auto zero orders announced in the past three years and gradually approached55 billion US dollars, taking into account scattered orders that have not yet been announced, the company’s new-energy vehicles have redundant orders on hand to ensure the rapid growth of zero-gas revenue in the future; conversion, the company as a core supplier of Tesla thermal management componentsTesla’s Shanghai plant started trial production, and mass production is expected before the end of the year, with short-term event catalysis.
Gross profit margins have picked up quarter by quarter and profitability has continued to improve.
The company ‘s gross profit margin increased in the short term in the third quarter.
06 to 29.
64%, maintaining the improvement trend in the second quarter. We analyze the increase in the proportion of high-margin business in the product structure (electronic expansion valves, commercial refrigeration, new energy vehicles, etc.). The depreciation of the RMB exchange rate increases the profitability of export sales.; In the third quarter, the expense-side sales expense rate and the management expense rate only decreased significantly, falling by 1.
4 and 0.
23 pct, and the increase in R & D expense ratio increased slightly by 0 during the same period.
79 pct, indicating that the company’s fee control is outstanding.
Profit forecast and investment rating.
We maintain the company’s 2019-2021 return to net profit forecast to 14.
3.6 billion, 16.
8.8 billion and 20.
430,000 yuan, an annual increase of 11.
5% and 21%, the corresponding EPS is 0.
52 yuan, 0.
61 yuan and 0.
74 yuan, corresponding to a dynamic market surplus reduction of 28 times, 24 times and 20 times, maintaining the “overweight” level.