Events:
The company released its semi-annual report of 2018 on the evening of August 20: the operating income in the first half of 2018 was 196 million yuan, an increase of 18.18% over the same period last year, and the net profit belonging to shareholders of listed companies was 19.25 million yuan, an increase of 3.02% over the same period last year. Shareholders belonging to listed companies deducted 13.36 million yuan in non-net profit, down 26.69% from the same period last year
Comments:
1. The company is one of the leading domestic enterprises of PCB photosensitive ink, with shipments of 6702.79 tons of photosensitive ink in the first half of 2018, an increase of 38.21% over the same period last year, accounting for about 7% of the market share of PCB photosensitive ink market, but due to the increase in the price of raw materials, the gross profit margin of photosensitive ink decreased by 5.99%. Shipments of special inks in the first half of the year were 104.78 tons, an increase of 65.28% over the same period last year.
two。 The fund-raising project is expected to be put into production this year, the company has an annual production capacity of about 8000 tons of photosensitive ink, has been fully produced, raised and built an annual production line of 10000 tons of PCB photosensitive ink and an annual production line of 1000 tons of photoresist and supporting chemicals are being carried out in an orderly manner, and is expected to be trial-produced in October 2018, and is expected to be fully put into production by the end of the year, when the capacity bottleneck will be solved.
3. The company's photoresist products shipped 76.32 tons in the first half of the year, an increase of 42.08% over the same period last year. The main products include UV positive glue, UV negative glue and supporting reagents, which are mainly used in the field of LED and flat panel display, and TFT photoresist is also opening up the market.
4. The company has obvious technological advantages and continuous development of new products. In terms of photosensitive inks, electrostatic spraying inks have been supplied in bulk, while in automotive circuit board inks, IC board inks and other fields of development and market development; photoresist, in addition to TFT photoresist in opening up the market, the company is also actively developing semiconductor I-line photoresist products.
Profit forecast and rating:
The fund-raising project is expected to be put into production in the second half of the year, and we maintain our profit forecast. It is estimated that the EPS of the company from 2018 to 2020 will be 0.33,0.49,0.65 yuan, maintaining the "overweight" rating.
Risk Tips:
The market verification process of new photoresist products is not as expected; the risk of over-concentration in the field of product application; the risk of bad debts in accounts receivable.