Asia Pacific Technology (002540): 1H19 results fell year-on-year 134%
1H19 performance year-on-year decline Asia-Pacific technology announced 1H19 results: operating 合肥夜网 income of 1.5 billion US dollars, a year-on-year decrease of 14%; net profit attributable to mothers1.
50,000 yuan, corresponding profit 0.
12 yuan, a year-on-year decrease of 21%, basically in line with expectations. The decline in the first half of the year was mainly affected by the decline in aluminum sales.
In addition, the company plans to distribute 1 for every 10 shares.
6 yuan cash dividend, the dividend ratio is 134%, and the half-year dividend income is injected into 3.
The company’s operating income in the second quarter of 19 8.
100 million US dollars, a year of -11% / chain + 15%, net profit attributable to the mother is 7,655 million, corresponding to 0 profit.
06 yuan a year, -28% / mom + 6%.
Comments: 1) Aluminium production and sales decreased.
1H19 company’s total output of aluminum 深圳桑拿网 profiles, pipes and rods6.
8 at least, down 6 each year.
2%, sales 6.
7 At least, 9% per year.
2) Gross profit margin is basically stable.
1H19 company’s gross profit margin (gross profit before tax and surcharge) is 20.
1%, basically unchanged for a year, with a gross profit margin of 20 in 2Q19.
1%, ten years -0.
4ppt / ring ratio -0.
3) 1H19 company sales, management and R & D expenses for half a year -1.
3% and + 14% to 0.
29 ppm, 0.
7.6 billion and 0.
4) The financial expenses for 1H19 were +6.56 million to 1.58 million, mainly due to the increase in discounted interest expenses on deferred bill financing.
5) 1H19 assets + credit impairment losses decreased by more than 162 million to -702 million, mainly due to the increase in bad debts of receivables and the decline in inventory price losses.
6) 1H19 change in fair value + investment income + 127% / 0.
3 billion to 0.
Development Trend Capacity continues to expand.
As of the end of 2018, the company’s total aluminum pipe, profile and bar production capacity reached 20 pieces / year.
Currently, the company is promoting 8 preliminary lightweight advanced aluminum extrusion projects, 6.
5 Initial new energy vehicle aluminum projects and 4 lightweight environmentally friendly aluminum alloy projects are expected to drive the company’s scale expansion.
It is expected to benefit from the trend of lightweight transportation.
On January 7, 2019, China’s new energy vehicle sales totaled 700,000, a year-on-year increase of 41%. The short-term growth rate may be affected by the subsidy decline, but the long-term positive trend remains unchanged.
Lightweighting is an effective way to improve the life of new energy vehicles and save energy and reduce emissions. The trend of lightweighting traffic will benefit the company’s demand for aluminum products. Earnings Forecasts and Estimates We maintain our 2019/20 earnings forecasts of zero.
The current sustainable correspondence is 202014.
9 times price-earnings ratio.
Maintain Outperform rating and 6.
A target price of 00 yuan corresponds to 21.
4 times 2020 price-earnings ratio, 44 more recently included.
Risk Aluminum demand is less than expected, the company’s project progress is not smooth