天津夜网

Fuyao Glass (600660): The short-term decline in Q2 performance continued its steady strategy

Fuyao Glass (600660): The short-term decline in Q2 performance continued its steady strategy
Event: The company announced in the 2019 Interim Report that the operating income of January to June was 102.90,000 yuan, an increase of 2 in ten years.0%; net profit attributable to mother 15.南宁桑拿1 ‰, ten years ago 19.4%; net profit deducted from non-return to mother 13.Four ten percent, an average of 26 a year.8%. The auto market continued to slump, and the company’s Q2 performance fell. The company’s Q2 achieved operating income of 53.500 million, a slight increase of 0 a year.3%; net profit attributable to mother 9.0 ppm, with a ten-year average of 31.1%, the company’s performance fell short-term, mainly due to the continued negative growth of the domestic automotive industry.In the first half of the year, the company’s automotive glass revenues tripled.9%, float glass revenues increase by 6 per year.1%.Under the strategy of further + product optimization and upgrading, the company’s market structure and product structure continued to optimize, and the proportion of high value-added products in the first half of the year increased by 1 compared with the same period last year.7pct, providing the company with a new growth engine. Consolidation of overseas trim business dragged down gross profit margin, and exponential growth increased expense ratio. The company’s Q2 gross profit margin was 36.1%, a decrease of 5 per year.9pct, a decrease of 3 from the previous month.0pct, mainly because the overseas trim business is in a consolidation period, the cost is high, and the short-term drag on gross profit margin.2019H1, the company’s automotive glass gross margin is 34.5%, decrease by 1 every year.2pct, float glass gross margin 34.6%, a decrease of 6 per year.5 points.The company’s expense ratio in the first half of the year was 17.1%, increase by 1 every year.2pct, of which the sales expense ratio is 6.7% (previously flat) and overhead cost ratio of 9.7% (previously +0.5pct), financial expense ratio is 0.7% (previously +0.7pct), mainly due to the decrease in exchange income and the increase in interest expenses. 19) The US plant is on track, production capacity continues to climb, and operating income is achieved in the first half of the year.100 million, an increase of 13 in ten years.7%, achieving a net profit of 1.50,000 yuan, an increase of 16 in ten years.4%; 2) The proportion of overseas sales of automotive glass in the first half of the year was 38.7% increased to 48.3%.In the first quarter, the company acquired the assets of Germany’s SAM aluminum decorative strip. Due to its bankruptcy and liquidation in the short term, the integration cost is high. In the medium and long term, SAM is expected to further strengthen the company’s integration capabilities and improve the company’s global industrial chain layout. Profit forecast and investment advice The company’s forecast strategy enters the harvest period, and the moat is further deepened.The EPS in 2021 will be 1.51 yuan, 1.69 yuan, 1.87 yuan, corresponding to 15 for PE.1x, 13.4 times, 12.1 times.Maintain the company’s “overweight” rating. Risk warning: The automotive industry is weaker than expected; overseas business expansion is weaker than expected.

Call Now