台海核电(002366)中报点评:中报业绩略低于预期 核电装备模块化项目市场空间大

Taiwan Strait Nuclear Power (002366) China report comments: China report performance is slightly lower than expected nuclear power equipment modular project market space is large

東吳證券 ·  09/01/2018  · Researches

Event: the company achieved revenue of 972 million yuan in the first half of 2018,-7.57% year-on-year; realized return net profit of 437 million yuan, + 2.60% year-on-year, deducting non-return net profit of 404 million yuan,-4.69% year-on-year.

Main points of investment

The number of new projects approved by 2018H1 nuclear power has decreased, and new products have been actively developed to ensure stable performance.

The company's operating income decreased by 7.57% compared with the previous year, mainly due to the small number of new nuclear power projects approved during the reporting period, and the company has not yet signed a major contract for the main pipeline of nuclear power. In terms of products, the revenue of the main pipeline of the first loop of the reactor is 52 million yuan,-88.90% compared with the same period last year, accounting for 5%; revenue from container equipment and forgings of new products is 526 million yuan, accounting for 54%; revenue from other nuclear power equipment is 187 million yuan, year-on-year + 903.41%, accounting for 19%; revenue from petrochemical equipment products is 135 million yuan,-28.02%, accounting for 14% Revenue from forging products was 28 million yuan, accounting for 3%, compared with the same period last year; revenue from complete sets of converter equipment was 13 million yuan, compared with the same period last year, accounting for 1%; revenue from cobalt concentrate was 31 million yuan, + 41.01% from the same period last year, accounting for 3%. Through technological innovation and introduction, the company has realized the transformation from single material R & D and production to high-end equipment manufacturing. New products, container equipment and forgings account for more than half of the revenue, supporting performance growth.

Profitability increased significantly, and the expense rate increased during the period.

2018H1 comprehensive gross profit margin of 69.95%, year-on-year + 8.85pct. Gross profit margin of container equipment and forgings is 89.70%; gross profit margin of other nuclear power equipment is 59.58%, year-on-year + 62.53 PCT; gross profit margin of petrochemical equipment products is 13.47%, year-on-year-23.57pct. With the company's technological upgrading and the launch of new business, the company's profitability has been greatly improved. During the reporting period, the company's expense rate was 20.13%, year-on-year + 9.43pct; of which the sales expense rate was 0.72%, year-on-year + 0.25pct, mainly due to increased market development efforts; management expense rate 10.55% pct, mainly due to increased R & D efforts, R & D investment of 69 million, year-on-year + 168%; financial expense rate of 8.86%, year-on-year + 3.47pct, mainly due to the increase of current loans and financial leases.

Actively promote nuclear power modularization projects and occupy new markets

In order to improve the product structure and occupy the new market, the company has steadily promoted the construction of nuclear power equipment modular manufacturing project by virtue of the technical reserve and experience accumulated in the main pipeline products. actively expand and have realized the R & D, production and sales of pump castings, valve castings and other nuclear power equipment. The company has developed the manufacture of reactor pressure vessels, evaporators, pressure regulators, main pipes and reactor internals, pump and valve components, etc., and realized the manufacturing of steam reforming system equipment to promote the company's performance growth. So far, the company has achieved full coverage of nuclear power main equipment forgings, the value of a single unit is about 700 million yuan.

Profit forecast and investment rating: it is estimated that the net profit of 2018, 2018, 2019, and 2019, respectively, will be 1.370 billion, corresponding to PE of 10.63, 11.87, and 8X, respectively, maintaining the "overweight" rating.

Risk hint: the progress of nuclear power plant construction is lower than expected; industry competition intensifies.

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