Riyue shares (603218)： High wind power boosts performance, high growth, profit growth and momentum are expected to continue
Riyue shares (603218): High wind power boosts performance, high growth, profit growth and momentum are expected to continue
Riyue shares issued an interim report, which reported an operating income of 15.
36 ppm, an increase of 50 per year.
04%, achieving a net profit of 2.
15 ppm, an increase of 81 in ten years.
75%, realized non-net profit deduction2.
07 million yuan, an increase of 96 in ten years.
40%, net cash flow from operating activities2南京龙凤网.
2.65 million yuan, an increase of 163 in ten years.
The core point of view is that volume and price go up to drive high revenue growth. It is reported that the two companies have realized casting sales.
9 Initially, annual growth of 32%, of which wind power business is the main source of revenue growth, reported a series of wind power products business to achieve sales revenue12.
10,000 yuan, accounting for 79 of the company’s operating income.
73%, an increase of 99 per year.
64%, injection molding machine products can be reduced by 25.
89% to 2.
Increasing prices and falling costs are driving profitability.
In terms of prices, the comprehensive price of castings in the first half of the year was about 10,184 yuan / ton, which increased by 1,288 yuan / ton per year. The increase was 北京夜生活网 due to the switch of product structure to high-priced fan products and product price increases for a year.In the first half of the year, the cost growth rate was lower than the price. The gross profit per ton of castings increased from 1,877 yuan to 2,435 yuan in the same period last year, and the net profit per ton increased from 1,038 yuan to 1,441 yuan in the same period last year.
By quarter, operating income and profitability have accelerated.
Revenue growth in the first quarter and second quarter was 49.
9% and 50.
1%, net profit attributable to mothers increased by 70 each year.
2% and 89.
9%, initially the wind power industry continued to have a high boom since the third quarter of 2018. It is expected that the net profit per ton of castings per quarter in the second quarter has risen to more than 1,500 yuan, which is about 300 yuan / ton higher than the previous quarter.
The industry boom continues, production capacity continues to expand, and performance is expected to maintain a high growth rate.
In 2019, wind power installed capacity is expected to achieve a high growth of 30%. As a casting, the company has become the leader with the most cost advantage. Its market share is still increasing, and its performance growth rate will exceed the industry average.
In addition, the company started to promote the “Two Seas Strategy” in 2018 to increase the new capacity of casting and finishing of large castings. It is expected that by the end of 2019, a total of 40 tons of casting and 10 finishing capabilities will be made, and the leader will be further solidified.
Financial forecast and investment recommendations We expect the company’s EPS for 2018-2020 to be 0.
42 yuan, comparable company’s 2019 PE is 15 times.
As the company is better located, the market capacity is average, and it can still maintain a high growth rate by 2020, we believe that the company’s reasonable estimate is 21 times the price-earnings ratio in 2019, a 40% premium over comparable companies, corresponding to the targetThe price is 19.
32 yuan, maintaining the “overweight” level.
Risks indicate that wind power installed capacity is lower than expected; rapid growth in raw material prices leads to lower-than-expected profitability