Main points of investment:
The quarterly results increased by 85.18%. Lucky Film released its quarterly report for 2017. during the reporting period, the company achieved revenue of 455 million yuan, an increase of 34.43% over the same period last year, and a net profit of 26.68 million yuan belonging to the parent company, an increase of 85.18% over the same period last year. Implement EPS0.07 meta.
Benefit from the rebound in sales of the company's products. The substantial increase in the company's performance during the reporting period is mainly due to the rebound in sales of the company's main products, and the price of the company's products is basically stable. During the reporting period, the company sold 19.6452 million square meters of color photographic paper, and the price increased by 0.57% over the same period in 2016. Solar backpanels sold 8.3311 million square meters, with prices down 4.9 per cent from a year earlier.
The construction site has changed and the fund-raising project has been postponed. The fund-raising project is the PE diaphragm industrialization construction project of high-performance lithium-ion battery. The project is one of the non-public offering fund-raising investment projects of the company in 2014. it has completed plant construction, equipment installation, single and linkage chemical commissioning and product sample delivery, realized small batch trial production, and is preparing for project completion and acceptance. Due to the change of the construction site, the overall construction plan has been postponed. Solar cell backplane fourth phase expansion project-production lines 14 and 15. Due to the change in the construction site of the project, the overall construction plan was postponed. At present, the design of the project has been completed and the preparatory work before construction is under way. The company will continue to implement the project until it is completed.
The diaphragm is about to reach production, contributing new performance growth points for the company. The rapid development of the new energy vehicle industry has led to the development of domestic power batteries and lithium battery diaphragms. China's lithium diaphragm output value in 2015 was 2.13 billion yuan, an increase of 29.2% over the same period last year. The company relies on the three core technologies of "coating, film formation and particles". Actively promote the industrial development of high-performance lithium diaphragm products. At present, the company raised and invested 40 million square meters of high-performance lithium-ion battery PE diaphragm industrialization construction project in 2014, and the first phase of the lithium diaphragm coating production line with an annual output of 5 million square meters is about to reach production. After the project is successfully put into production, the company will have the production capacity of high-performance lithium-ion battery diaphragm and contribute new performance growth points for the company.
No rating for the time being. Benefiting from the rapid development of new energy and photovoltaic industry, the project of solar cell backplane, high-performance lithium battery diaphragm and coated film raised by the company deserves attention. It is estimated that the company's EPS in 17-19 is 0.27,0.29,0.37 yuan respectively, because the company lithium diaphragm has not yet reached production, the company valuation is still on the high side in the short term, so it will not be rated for the time being.
Risk hint. The production of lithium battery diaphragm project is not as expected, and the capital operation is lower than expected.
