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.
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.
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.
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.