Events:
The company's Q1 operating income in 2019 was 225 million yuan, up 25.68 percent over the same period last year; net profit was 36.686 million yuan, up 30.86 percent over the same period last year; deducting non-net profit was 33.0766 million yuan, up 27.31 percent over the same period last year; and the company's comprehensive gross profit margin was 33.84 percent, an increase of 1.67 percent over the same period last year.
Comments:
The off-season and order confirmation factors led to a slight slowdown in Q1 growth and high growth throughout the year. The first quarter was the off-season for the whole year, taking into account some order confirmation problems, which led to a slight slowdown in first-quarter growth. During the reporting period, the advance payment of the company was 204 million, an increase of 39.73% over the previous month; however, due to the fact that many existing orders had not yet been executed, the advance payment increased generally, resulting in a negative net cash flow. However, we believe that with the gradual implementation of on-hand orders, the company's advance receipts and cash flow will continue to improve, and the company will also usher in high growth!
The trend of high nickel is obvious, and the professional EPC contractor has a bright future. The trend of high nickel is obvious, and the 811 line is downwards compatible, which will force the industry to build new capacity in accordance with high nickel standards. According to statistics, the planned production capacity of 811 in China has reached more than 400000 tons, and the estimated space can reach 28 billion yuan according to the investment of 700 million yuan / 10,000 tons. At the same time, 811 technical barriers are extremely high, and the production process has stringent requirements on temperature, humidity, magnetic foreign bodies, corrosion resistance and automation, and the scale of superimposed new production capacity is more than 10,000 tons, so it is particularly difficult for enterprises to build their own production lines. third-party solution solutions will have a bright future.
The company has obvious advantages, full of orders, and is expected to rise rapidly in the future under the trend of high nickel. Nanda Zijin is committed to the development of powder automation equipment and undertakes the first fully automatic production line of lithium cobalt / lithium manganate / lithium iron phosphate and other cathode materials in China. The customers are Dangsheng, Bamo, Shanshan, etc. If we successfully acquire Hantaike, it will bring the coordination of technology and customers (Umico, Samsung, LG). At present, the order for lithium electricity is more than 3.5 billion yuan, and the confirmation period is generally 12-14 months, which will bring greater performance flexibility in the future.
Enter the field of hydrogen fuel cell, the new energy map is the next city! At present, the mainstream route of hydrogen fuel cell is proton exchange membrane fuel cell, and proton exchange membrane is the core material, which is extremely difficult in technology. Kun'ai new material has successfully developed a new generation of high temperature fuel cell proton exchange membrane (HTPEM) with ultra-high molecular weight and high performance phosphoric acid doped polybenzimidazole (PBI) as the core, which is expected to fill the domestic technology gap. The company and Kun Ai new materials in-depth cooperation, is expected to take the lead in occupying the commanding heights of hydrogen fuel cell industrialization, the prospect is worth looking forward to!
Maintain the "highly recommended-A" rating! We expect the company's net profit in 19-21 to be 300 million yuan, 439 million yuan and 546 million yuan, and the EPS is 0.96,1.40 and 1.74 yuan, respectively. The current stock price of 24.56 yuan corresponds to 25.6,17.5 and 14 times of PE in 19-21, maintaining the "highly recommended-A" rating.
Risk hint. The promotion of high-nickel is not up to expectations, and the competition in the industry is intensified.
