On March 28, 2018, Ningbo Shenglong Automotive Power system Co., Ltd. officially disclosed its 2017 annual report. It was announced that the total revenue in 2017 reached 1.576 billion yuan, an increase of 25.78 percent over the same period last year, with a return profit of 94.4765 million yuan, an increase of 18.54 percent over the same period last year, with a weighted average ROE of 13.52 percent. The company's board of directors plans to distribute a cash dividend of 1.50 yuan (including tax) for every 10 shares, totaling 33.5022 million yuan.
Conclusion:
1) the downstream industry has grown strongly, and the company's performance has improved significantly. In 2017, the company's performance depends on the better development trend of the vehicle market and its own persistent lean cost management, sales revenue and profit levels have achieved the goal of steady growth. The company achieved an operating income of 1.5755712 billion yuan, an increase of 25.73%, of which engine oil pump increased by 49.82%, transmission oil pump increased by 8.05%, camshaft sales increased by 10.93%, and transfer box oil pump increased by 13.45%.
2) domestic and foreign markets go hand in hand, and the layout of new energy is the icing on the cake. The advantages of technological innovation and R & D driven by industry-university-research cooperation are increasing day by day, actively embrace new energy vehicle business opportunities, optimize customer structure, improve business layout, and have good prospects for its development. The company has obtained further cooperation opportunities with domestic and foreign high-quality vehicle manufacturers such as Jaguar Land Rover, Peugeot Citroen, Chrysler Fiat, Geely and so on. The eight-speed automatic transmission developed for Changan Ford and the CVT core components developed by SAIC will be put into production this year and next, which will make the company officially enter the field of transmission core components such as high-performance clutch assembly and planetary gear rack. In 2017, the hub motor project jointly developed with Suzhou Automobile Research Institute of Tsinghua University was listed as a major science and technology project in Yinzhou District, and the research and development of new energy technology has achieved intermittent results.
It is estimated that the company's operating income from 2018 to 2020 is 1896 million yuan, 2290 million yuan and 2782 million yuan, the net profit of returning mother is 117 million yuan, 145 million yuan and 199 million yuan, and the corresponding EPS is 0.57,0.71,0.98 yuan.
Risk Tips:
This investment may face market risk, technical risk, operational risk, management risk and financial risk in the future business process. Please pay attention to the investment risk.