Sanhua Intelligent Control (002050) Quarterly Report Comment: Performance Meets Expectations Benefits from Tesla Domestic
Investment Highlights Event: The company released the third quarter of 2019 report. The company achieved operating income in the first three quarters of 201986.
21 ppm, a ten-year increase4.
3%, realizing 杭州桑拿 net profit attributable to mother 10.
56 ppm, a 10-year increase3.
Opinion: The performance is in line with expectations, and the profitability has improved. It continues to benefit from the average revenue and net profit attributable to Tesla Domestic Progress in the first three quarters of 2019.
In the first half of the year, the company’s gross profit margin was 28.
74%, an increase of 0 from the first quarter.
4 averages, net interest rate increased by 0 from the second quarter.
We believe that the main driving factors for the company’s performance growth include: 1) high-end customer structure, good cash flow, and a large number of new orders; 2) continued to benefit from the localization of Tesla; 3) the proportion of new energy automotive businessIncreased, the probability of gross margin gradually increased; 4) The company has excellent management capabilities and good overall operating conditions.
In the first three quarters of 2019, the company’s expense ratio was 13.
65%, increase by 1 every year.
The increase of 13 expenses was mainly due to 1) the increase in management costs caused by the increase in labor costs and R & D expenses, and 2) the increase in financial expenses caused by the decline in exchange gains.
In the first three quarters, the company’s operating cash flow increased by 101% annually, mainly due to the increase in sales and withdrawal of funds, and the cash flow from financing activities decreased by more than 6%.
10,000 yuan, mainly due to the increase in net borrowings, the company’s overall cash flow is good.
Profit forecast and estimation We expect the company’s operating income in 2019, 2020 and 2021 to be 123.
64 ppm, 142.
900,000 yuan, 166.
6.3 billion, net profit attributable to mother is 14.
86 million yuan, 18.
07 million yuan, 21.
54 ppm, EPS is 0.
54 yuan, 0.
65 yuan, 0.
78 yuan, comprehensive consideration, maintain “Buy” rating.
Risks indicate downside risks to the home appliance industry’s business climate, and new energy vehicle sales are less than expected.