Sinoma Science & Technology (002080) Interim Review: Performance Meets Shen Wanhongyuan’s Expectations Wind Turbine Blade Benefits Industry High Prosperity

Sinoma Science & Technology (002080) Interim Review: Performance Meets Shen Wanhongyuan’s Expectations Wind Turbine Blade Benefits Industry High Prosperity

Event: The company released its semi-annual report for 2019 on August 21, 2019.

At the core of the report, the company achieved operating income of 60.

63 ppm, an increase of 27 in ten years.

74%; net profit attributable to mother 6.

52 ppm, an increase of 69 in ten years.

70%.

Key points of investment: The performance is in line with Shen Wanhongyuan’s expectations, and the volume and price of wind power blades are rising.

The report reports that the wind power industry has benefited from the recovery. The company’s wind power blade product volume has risen steadily, stacked lithium batteries, and high-pressure gas cylinder business have continued to grow rapidly.

The company achieved operating income of 60 in the first half of 2019.

63 ppm, an increase of 27 in ten years.

74%; net profit attributable to mother 6.

52 ppm, an increase of 69 in ten years.

70%.

The growth rate of net profit was higher than the growth rate of revenue, mainly because the company reported that it expected reasonable management and control of management expenses, financial expenses, and research and development.

The blade capacity is leading the industry, and the market share has increased to consolidate the leading level.

The company reflects an annual output of 8.

35GW wind power blade production capacity, seven production bases covering all domestic target customer markets; supply 6 series of products from 1MW to 6MW, suitable for various operating environments; in the supply system of the first two complete machine manufacturers in domestic citiesWith absolute advantages, it can fully benefit from the recovery in downstream demand.

The report totals that the company sold 3,201MW of wind power blades in total, achieving sales revenue of 19%.

800 million, net profit1.

800 million US dollars, the market share has further increased by about 5 percentage points.

Glass fiber’s advantageous production capacity has expanded, and costs have been further reduced.

The company’s subsidiary, Taishan Glass Fiber, is one of the top three glass fiber manufacturers in the country and the top five in the world. Its annual production capacity exceeds 90 inches, and its mid- to high-end production capacity accounts for over 50%.

Taishan Glass Fiber intends to build a high-performance glass fiber production line with an annual output of 9 in Tai’an City to replace the shutdown of the production line in the old factory area and increase it appropriately1.

5 nominal.

After the construction of the project, the production capacity of Taishan glass fiber has expanded, and the cost advantage has become more obvious.

The high-strength and high-modulus HMG glass fiber products to be produced in this project have higher strength and form differentiated production with traditional glass fiber enterprises, thereby optimizing the product structure and enhancing the competitiveness of the enterprise.

Acquired Hunan Zhongli and expanded its production capacity rapidly.

The report summarizes that the company ‘s four lithium battery hybrid first-phase projects built in Tengzhou, Shandong Province, are in good working condition with superior product performance, and have been supplied to mainstream battery companies in batches.

At the same time, the company invested 15.

50,000 yuan to build the second-phase project “annual output”.

08 billion square meters of power lithium battery accessory production line. ”

In August 2019, the company increased capital to Hunan Zhongli9.

9.7 billion acquired 60% of its equity.

Hunan Zhongli is the leading domestic manufacturer of lithium batteries in series. It has more than 12 production lines and its end-to-end capacity will reach 7.

200 million square meters.

The issuance of mergers and acquisitions helps the company quickly increase its market share, deeply bind strategic customers, and increase overall performance.

Maintain profit forecast and maintain “Buy” rating.

The company is the leader in wind power blades and glass fiber. The market share of wind power blades is the first for six consecutive years. The company helps to directly absorb the demand for wind power.We maintain our profit forecast, and we expect the company to achieve net profit attributable to its mothers in the years 19-21 of 13, respectively.

02, 15.

53 and 17.

68 ppm, corresponding EPS is 0.

78, 0.

93 and 重庆耍耍网 1.

05 yuan / share.

At present, it corresponds to PE of 14, 12 and 10 times in 19-21. Maintain “Buy” rating.

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