Aikedi (600933) semi-annual report comment: Q2 operation improvement orders steadily increased
Q2 operation improved, orders steadily increased 1) The company achieved revenue 12 in the first half of 2019.
53 ppm, an increase of ten years.
19%, of which Q2 revenue was 6.
24 ppm, a ten-year increase4.
22%, the ratio Q1 changes from negative to positive.
In terms of markets, foreign revenue increased by ten years in the first half of the year.
67% is the main driver of the company’s revenue growth.
In terms of profit, the company achieved net profit in the first half of the year2.
08 billion, down 12 a year.
25%, of which Q2 net profit is 1.
1.3 billion, down 4 every year.
53% (narrower decline), an increase of 17 from Q1.
81%, quarterly profit improvement is more obvious, Q2 net profit margin increased by 2 quarter.
Net operating cash flow 4.
820,000 yuan, an increase of 256 in ten years.
71%, basically, the repayment is better, and the mold development funds are both received.
During the ten-year period, the expense ratio increased by 0.
93 single items, mainly because management and R & D expenses are still growing fast, increasing by 20 each year.
81% / 29.
2) Termination of the first half of the year, the company’s mold development models3.
90 ‰, an increase of 15 in the reference period.
44%, continued to rise, at the same time, the company’s holding mold subsidiary Ningbo Uninet increased revenue in the first half of 13%.
97%, net profit increased by 8.
82%, steady and fast growth.
These data indicate that the company’s order status is in a normal state of steady rise.
Benefiting from the industry’s lightweight trend, the automotive aluminum alloy market has greatly responded to energy conservation and emission reductions. Major countries in the world have tightened automotive fuel emission standards. While developing new energy vehicles, promoting 成都桑拿网 traditional energy-saving technologies such as lightweight vehicles is also an important approach.One.
Automotive aluminum alloy precision die-casting has overlapped in the automotive parts industry due to its light weight and cost-effective advantages. In recent years, aluminum alloy die-casting has accounted for about 80% of the internal automotive die-casting consumption.
At present, the development of the automotive aluminum alloy die casting market benefits from the continuous growth of automobile production and sales, replacement, and benefits from lightweight demand leading to an increase in the amount of aluminum used in bicycles.
According to the company’s prospectus, the average amount of aluminum used in Chinese cars is currently 105Kg / vehicle, with a lot of room for improvement in the light of Europe and the United States.
According to estimates, in the future, the domestic / global automotive aluminum alloy market size will reach 2000/6400 ppm, and the market space is large. In the future, the company is expected to fully benefit from the industry’s lightweight trend.
Actively explore the new energy vehicle market, the company has great growth potential1) Since the company’s customers are mainly international parts giants such as Valeo, Bosch, Magna, and Denki, its stable and large orders continue to be faster for the companyGrowth provides important impetus.
Judging from the company’s orders in recent years, we expect that the company’s current orders are still normal, which will strongly support the company’s future growth.
2) The company’s total additional capacity of IPO investment projects is 130 million pieces, which is expected to solve the company’s tight capacity utilization situation and meet customers’ growing order demands.
At present, the expansion and expansion projects of automotive precision die-casting parts have been significantly heavy, and the 2018/2019 H1 achieved benefits of 9116.
680,000 yuan, the automobile wiper system parts construction project realized benefits of 2,502.35/1375.
With the successive launch of the raised projects, we expect the company’s future growth will be supported.
3) The company has accelerated the development of new energy vehicle markets and increased product development efforts in electric control and electric drive systems. At present, it has obtained PhD, Continental, and United Electronics and other new energy vehicle projects. It is expected to become the company’s new supporting growth point in the future.
4) We believe that under the background of the current low-speed growth of the auto market and weak bargaining power of parts, tapping the potential of internal management to improve management efficiency and production efficiency is the best way for traditional parts companies to improve their profitability and enhance their overall competitiveness.
Compared with the major domestic and foreign peers, the company’s current production and management efficiency, differences in business scale, conversion of the company’s digital information, automation, and intelligent work are actively promoted. In the future, the company’s asset turnover rate will be earlier than the per capita index.There is room for improvement, to improve the company’s profitability from cost reduction and efficiency, and to enhance the company’s overall competitiveness. In particular, the company’s active “machine replacement” strategy has gradually expanded more than 350 sets of industrial robots and established fully automated production lines.100, these can effectively reduce the scrap rate, reduce production costs, increase per capita output value, per capita income has stabilized and recovered in 2018.
Considering the company’s continuous and stable order acquisition capability, the medium and long-term growth potential is good.
Earnings forecast and maintain “overweight” rating We expect the company’s EPS to be 0 in 2019-2021.
81 yuan / share, corresponding to 14/12/10 times PE, maintaining the “overweight” rating.
Risk warning: trade friction risks; orders and revenue growth exceed expectations; cost and cost growth exceed expectations; raw material price increases exceed expectations; quality improvement and efficiency improvements exceed expectations