TBEA (600089): 1Q performance is basically in line with expectations
The 1Q19 results were basically in line with expectations. TBEA released the 1Q19 results with revenue of 80.
14 ppm, an increase of 0 in ten years.
09%; net profit attributable to mother 4.
49 ppm, 10-year average of 10.
49%; deducted net profit 3.
570,000 yuan, an average of ten years.
The company’s revenue and profit fluctuated to a certain degree in the quarter. The 1Q earnings were maximized and prolonged.
Development Trend The expansion of profitability in 1Q19 improved significantly from the previous quarter.
Company 1Q19 gross profit margin 20.
31%, with a ten-year average of 2.
8ppt, an increase of 2 from the previous month.
2ppt; sales, management, R & D, and financial expense ratios are 5.
14%, the overall expense ratio is stable; net interest rate is 6.
57% twice a year.
0ppt, an increase of 4 from the previous quarter.
1Q power generation increased by 2.
The company’s 1Q generator already has an installed capacity of 2150MW (coal power, wind power, and photovoltaic account for 65%, 14%, and 21% respectively), and the cumulative power generation is 21.
6.1 billion kWh, an annual increase of 2.
78%, of which coal power fell by 4.
04%, while wind power and photovoltaic respectively achieved 276.
50% rapid growth.
Initial results are expected to blossom more, expecting UHV + new energy to support growth.
UHV: Order confirmation strengthens 2019-21 results.
4Q18 Energy Bureau issued a document to accelerate the promotion of 9 transmission projects, and we expect that 19 years will usher in the peak period of high-voltage approval.
According to our calculations, this round of restart will bring the company an order increase of 9.5 billion.
New energy: Expansion of production expansion + plus power station project.
1) Power plant, the company announced that the holding subsidiary plans to invest in 6 wind power projects, including Longhua, for a total planned investment amount of 25.
9 billion yuan.
The average annual equivalent utilization hours of the project is about 2213h, and the average annual on-grid power generation is expected to be 7.
2.7 billion kWh, corresponding to the projected annual average annual revenue3.
27 ppm, achieving a total profit of 1.
2) One year, the company invested 18 years to build 3.
6Minimum exchange rate / year high-purity pure project, after completion, the output will reach 7 euros / year.
Continuous breakthroughs in overseas markets are expected to drive performance growth.
Earnings forecast We maintain net profit for 2019 / 20e26.
400 million profit forecast.
Estimated and recommended company’s overall expected corresponding value is 12/10 times 2019/20 P / E.
We maintain 9.
The target price of 8 yuan, corresponding to 14 / 12x P / E in 2019/20, currently has about 19% growth space.
Risk 淡水桑拿网 UHV approval progress lags behind, new energy generation electricity prices are reduced, and silicon material prices have fallen sharply.