Yingliu (603308): “Two-machine” blades with rapid performance in line with expectations

Summary: The company’s three quarterly results are in line with expectations, and the expected net profit is expected to grow by 70% -90% per year.

  Maintain 2019 EPS to 0 respectively.

29, 0.

43, 0.

53 yuan; maintain target price of 16.

4 yuan, overweight.

  The company’s three quarterly results are in line with expectations, and its long-term net profit is expected to increase by 70% -90%.

① The company reported revenue of 14 in the third quarter of 2019.

2 ‰, an increase of 11西安耍耍网 in ten years.

0%; net profit attributable to mother 1.

0.6 million yuan, an increase of 52 in ten years.

8%; net profit after deduction to non-mother 0.

78 ppm, an increase of 53 in ten years.

4%.

The company’s three quarterly report results are in line with expectations.

②The company’s announcement predicts that the net profit will increase by 70% -90%, about 1.

2.4 billion-1.

39 ppm; mainly benefited from the substantial growth in revenue of the “two-machine” and nuclear power business segments.

③ The company continues to invest in gas turbine and aero engine blades, and projects under construction9.

76 ‰, an increase of 47% in ten years; research and development costs1.

480,000 yuan, an increase of 46% in ten years.

Net operating cash flow 4.

$ 200 million, a significant improvement each year.

④ The company received the non-public issuance approval on August 12, which is valid for 6 months; the company plans to raise no more than 9.

500 million, expanding the production capacity of 200,000 high-temperature blades.

  The company’s “two-machine” blades are heavy, and operating leverage brings high flexibility in performance.

① Yingliu’s benchmark PCC company has introduced the GE supply chain, which will help start the long-term growth.

Benefiting from the global industrial chain transfer, the company’s “two-machine” blades are on the verge of entering the performance release period.

② Taking into account the global aviation investment casting business scale of 6 billion US dollars, if Yingliu shares cut into 5% share, corresponding to about 2 billion revenue.

③ The company depreciates about 1 every year.

7 trillion, interest rate expenditure 1.

100 million, “two aircraft” blades, heavy nuclear power orders, operation, and financial leverage bring high 佛山桑拿网flexibility in performance.

  Catalyst: Obtained bulk orders from customers such as GE and aero engines.

  Core risks: Expansion of orders for blades of two engines exceeded expectations, and approval of nuclear power units exceeded expectations.