璞 泰来 (603659) 2019 First Quarterly Report Review: Termination and Replacement of the High-Growth Growth of the Membrane Business

璞 泰来 (603659) 2019 First Quarterly Report Review: Termination and Replacement of the High-Growth Growth of the Membrane Business

Matters: The first quarter revenue grew rapidly79.

52%, after deducting non-performance growth of 9.

78%.

The company released a quarterly report with revenue of 10 in the first quarter of 2019.

2.9 billion, an increase of 79 in ten years.

52%, net profit attributable to mother 1.

2.9 billion, an increase of 0 in ten years.

51%, net profit after deduction to mother 1.

1.4 billion, an increase of 9 in ten years.

78%.

The company’s revenue growth was mainly due to the increase in the volume of supplementary 武汉夜生活网 materials and supplementary supplementary processing business. The gradual decrease in profit growth was mainly due to the decline in the gross profit margin of supplementary materials due to the increase in raw material prices. Non-quarterly recurring gains and losses were quarterly and year-on-year.Reduced by nearly 10 million.

Comment: The amount of ultimate material replacement is growing rapidly, and profitability is expected to gradually pick up through the landing of graphitization capacity.

The company’s permanent material products are positioned to seek high-end supply and demand. This year, the Puyang base has been temporarily released, and the raw materials in the first quarter can achieve rapid growth.

Last year, the company increased by about 80% in the field of consumer batteries. This year, it has made a breakthrough in the field of power batteries. In the first quarter, the proportion of power categories reached about 30%.

Due to the continuous decline in the price of raw materials since the beginning of last year, the company’s short-term prices continued to decline in the first quarter, although they have not changed much from the previous month, while the price of raw needle coke has increased, and the demand for fast-charging products has increased.Both have increased, and the long-term business profitability will decline significantly.

The graphitization capacity of the company’s internal construction in Mongolia will significantly reduce costs in the second quarter, and we expect the company’s long-term business profitability to gradually recover.

The rapid release of the production capacity of the implant film business has led to explosive growth in sales, and this year is expected to contribute to continuous performance growth.

The company’s implant film processing business is leading in the industry, and has been recognized by customers such as Ningde Times, Zhuhai Coslight, Tianjin Lishen, etc., and it has only 2 in the capacity conversion.

At 0.9 billion flats, rapid releases increased rapidly by increasing production capacity.

At present, the company’s production capacity in Dongguan is about 100 million square meters per year, and Ningde’s production capacity is 400 million square meters per year. At present, the company plans to have a total of 1.5 billion square meters of long-term alternative membrane production.

The gross profit margin decreased by 10% on average, and the expense ratio decreased significantly during the period.

The company’s gross profit margin in the first quarter was 26.

51%, a decrease of 10 per year.

04%, a decrease of 2 from the previous quarter.

55%, mainly due to the long-term rising cost of raw material products, is expected to gradually recover from the second quarter.

Selling expense ratio 2.

87%, a decrease of 1 per year.

10%, management expense ratio 3.

29%, a decrease of 1 per year.

39%, increase operating efficiency through revenue scale expansion.

R & D expenses 0.

44 billion yuan, an annual increase of 74%, R & D expense ratio4.

29%, a decrease of 1 per year.

43%.

Accounts receivable increased by 17% and net operating cash flow replaced 1.

$ 2.7 billion.

Company Inventory 19.

40 billion, a slight increase of 1 earlier.7%.

Accounts receivable 11.

4.4 billion, an increase of 17% over the beginning of the year, and bills receivable2.

0.8 billion, an increase of 1% over the beginning of the year, all less than the growth rate of revenue.

Net cash flow from operating activities of the company decreased by 1.

2.7 billion in net inflows last year.

1.4 billion in money has fallen, mainly because some bills need to be paid in cash.

Earnings forecasts, estimates and investment ratings.

We maintain the company’s expected net profit attributable to mothers for 2019-2021.

33, 10.

76, 13.

8.9 billion, with an EPS of 1.

92, 2.

48, 3.

20 yuan, with reference to the same industry assessment level, maintain a target price of 60 yuan, corresponding to 31 times the PE in 2019, maintain a 杭州桑拿网 “strong push” rating.

Risk warning: The sales growth rate of new energy vehicles exceeds expectations, and the progress of new capacity launch exceeds expectations.