2020H1 performance is expected to increase by 69.43% year on year, 20Q3 is expected to increase 84% in 2020, revenue is 695 million yuan, up 61.45% over the same period last year; net profit from home is 99 million yuan, up 69.43% over the same period last year, near the median of previous performance forecasts; 20Q2 revenue in a single quarter is 480 million yuan, an increase of 115.06% over the same period last year The net profit of returning to the mother was 77 million yuan, an increase of 138.28% over the same period last year. At the same time, the company issued a forecast of 20Q3 performance, which is expected to achieve a net profit of RMB1.58-194 million in the first three quarters, an increase of 75% RMB115% over the same period last year. The corresponding net profit of 20Q3 in a single quarter is about RMB0.59-0.95, an increase of 84.38% RMB196.88% over the same period last year, reflecting the continued improvement of the wind power market and the company's full orders for wind power adhesive.
The continued growth of adhesives is promising. From the perspective of the company's military business expansion and layout, 1) the company's adhesive business achieved revenue of 615 million yuan, a year-on-year increase of 71.42%, of which wind power epoxy structural adhesive achieved revenue of 412 million yuan, a year-on-year increase of 117.68%. In the short term, fully benefit from the wind power rush installation market to maintain high growth In the medium and long term, the company will benefit from the development of flexible packaging, consumer electronics and rail transportation in addition to wind power, as well as cut into overseas wind power giants Vestas and Siemens Gomeisa, the company is expected to continue to grow rapidly. 2) the company's military electronic business achieved revenue of 68 million yuan, an increase of 9.63% over the same period last year. At present, the company further strengthens the research and development of new products and expands electromagnetic compatibility products and their extended products. It has covered component-level filtering products, system-level power filtering products, intelligent filtering products, and some supporting products have entered the stage of small batch production, providing strong support for follow-up development. In addition, the company has newly participated in the power supply and electromagnetic compatibility design of a certain type of aircraft in the national aviation field, and dozens of newly developed power supplies and electromagnetic compatibility products have been tested together, providing a new growth point for the follow-up company's performance, and the business is expected to accelerate growth.
Investment advice: maintain a "buy" rating
The company terminated the Jing Hanyu acquisition business, but the main business continued to exceed expectations, and we raised the company's 2020-22 net profit to 271Plus 219 million (the previous value is 2.71Universe 277 million), corresponding to times the PE value in 19-16-14, and adjusted the one-year reasonable valuation to RMB21.40-24.61( corresponding to PE 20-23X in 2021), maintaining the "Buy" rating.
Risk Tips:
The expansion of overseas customers is not as expected; the military business is not as expected; the price of raw materials fluctuates.