Sinoma Science and Technology (002080): Long-term profit growth slightly ahead of market expectations has the potential to increase
Event: The 南宁桑拿 company announced a quarterly report for 19 years, reporting a series of realized revenue26.
50,000 yuan, an increase of 27 in ten years.
4%, net profit attributable to mother 2.
1 ‰, an increase of 45 in ten years.
2%, after deducting non-profit 2
0 million yuan, an increase of 52 in ten years.
After the blade business contributed the main incremental spin-off in the first quarter, we estimate that the fiberglass business revenue will be 16-17 trillion and the blade business revenue will be 6-7 trillion in the first quarter.
The first quarter is the off-season of the glass fiber industry, especially the price of electronic yarns has dropped significantly, from a high contraction of 14,000 yuan per ton to more than 8,000 yuan per ton.There is growth, we forecast the first quarter net profit of Taishan fiberglass1.
About 800 million.
The blade industry is not off-season in the first quarter, and the expansion is expected to be close to 1GW. It is estimated that the 400MW in the same period last year has more than doubled and achieved 0.
Net profit of about 400 million.
(The first quarter of last year was expected to be about 0.
2 ‰) is expected to maintain rapid growth in the second quarter.
The company’s first quarter performance growth exceeded market expectations, and we believe that the second quarter can still maintain similar growth.
The reason is that the wind power industry entered the peak season from the second quarter, and the company’s blade expansion volume will increase significantly from the first quarter, and is expected to reach 1.
8GW, compared with less than 1GW in the second quarter of last year.
In terms of gross profit margin, due to the dual factors of price adjustment of some models and increase in production capacity, it will continue to increase in the first quarter.
After recent adjustments, the expected attractiveness is estimated.
Due to policy disturbances and the impact of the overall market environment, the company has continued to decline in the past half month, and the current market value is only about 16 billion.
Corresponding to this year’s price-earnings ratio is only slightly higher than 11 times, listed in the glass fiber industry comparable company China Jushi 14 times and wind power components comparable company Sun Moon shares, Shuangyi Technology 18 times significantly underestimated.
The volume and impurities of the leaves also have the potential to be adjusted upwards, and actual estimated levels may cause attractiveness.
Profit forecast: Through the rush installation and the change of leaf shape from small to large, the company’s large blades will continue to be tight, and will usher in a profit reversal, driving the company’s overall net profit growth in 19 years.
It is expected that the EPS for 2019-2020 will be 1.
31 yuan, corresponding to PE and 11 and 10 times respectively, maintaining the “recommended” level.
Risk warning: the price of glass fiber has fallen too fast; the competition pattern of the blade industry has continued to deteriorate; policy changes have led to less-than-expected rushing efforts.