Sinoma Science & Technology (002080): Steady business development performance and steady growth

Sinoma Science & Technology (002080): Steady business development performance and steady growth

Event: The company released the third quarter report of 2019, and the total revenue in the first three quarters was 95.

34 ppm, an increase of 22 in ten years.

21%; Realized net profit attributable to mother 10.

190,000 yuan, an increase of 36 in ten years.

66%; net profit deducted from non-attributed mothers9.

62 trillion, an increase of 47 in ten years.

98%.

In a single quarter, the company achieved revenue of 34 in 19Q3.

71 ppm, an increase of 13 in ten years.

62%; net profit attributable to mothers3.

67 ppm, an increase of ten years.

50%; net profit deducted from non-attributed mothers3.

4.9 billion, an annual increase of 17.

88%.

Stable business performance and steady increase in performance: The report consolidated the company’s business segments to achieve stable development: 1) Wind power blades: The beneficiary demand side continued to flourish, and product sales and profitability gradually increased through product innovation and capacity layout adjustment; 2)The prosperity of the glass fiber industry has declined. The company continues to optimize the production capacity and product structure, further promote cost reduction and efficiency, and gradually increase the volume of new products, and gradually develop the industry against the trend. 3) Lithium battery segmentation: expansion of production and acquisition of bothThe rate continues to increase, production capacity accelerates, and market share increases significantly. 4) Gas cylinders: The commercial vehicle and unmanned aerial vehicle market has been deployed, and the average sales volume and gross profit margin have increased significantly.

The demand side continues to be strong and the profitability of the blades continues to increase: At present, the volume and price of tenders continue to rise, 2.

5/3.

In September, the average bidding price of 0MW wind turbines was above 3800 yuan / kw, which continued to increase from the previous month. The gradual bidding volume reached 50GW, which increased by more than 100%, which will ensure that the industry will continue to maintain a high prosperity next year; and through wind power bases such as UlanchabuProjects have started one after another, coupled with the traditional peak season for wind power, parts and components companies have full orders, and the company’s gradually expanding volume is expected to reach 8-9GW.

The company currently has a total annual output of 8.

35GW wind power blade production capacity, of which high-power and large-leaf blades account for more than 20%, ranking the industry leader.

Since this year, the supply and demand of high-power and large-leaf blades have been tight, and the company is expected to benefit significantly.

Continue to optimize the capacity scale and maintain stable development of the fiberglass business: In the first half of the year, due to the increase in the production capacity of the industry and the friction between China and the United States, the volume and price of glass fiber were under pressure, and the performance of most of the industry’s enterprises declined.

Through continuous optimization of production capacity and product structure, the company has further promoted cost reduction and efficiency enhancement as well as the gradual volume increase of new products. The main products of spun yarn, wind power yarn and thermoplastic yarn have maintained a high level of profitability.

Among them, in the third quarter, Sinoma Jinjing, a holding subsidiary, will deploy R & D, production and sales of glass fiber wet felt and high-pressure glass fiber reinforced plastic pipes.

At present, the actual annual production capacity of the company’s glass fiber 上海夜网论坛 has exceeded 90 tons, and it has continued to steadily advance in internationalization and new product development. Through the continuous expansion of glass fiber product business, the structure has been further optimized, and the proportion of high-end and high-end products has continued to increase.It has exceeded 50%, and the comprehensive cost of the glass fiber industry will be further reduced under the scale effect.

The expansion of production paralleled the acquisition, and the profitability of lithium membranes was steadily improved. According to GGII, it ranked second in the second quarter. The overall scale slightly increased, and the growth increased.

8%, an increase of 10 from the previous month.

1%; The company’s budget for the first three quarters of the wet process reached 800 tons, and the report was 南京夜网论坛 extended. The four production lines of the first phase project of Sinoma’s lithium film lithium battery separators are operating well, and at the same time, they will increase capital to Hunan Zhongli 9.

9.7 billion acquired 60% of its equity. The combination of expansion and acquisition will rapidly increase the company’s scale of production capacity and market share.

In terms of market development, the company is still in full swing. At present, the company has provided bulk supply for conventional domestic battery companies, and has long-term cooperation agreements with some well-known battery manufacturers. At the same time, it actively develops international customers. It is expected that small-volume supply will be achieved in the second half of the year.
With the effective release of production capacity and the concentration of production capacity to the companies on the right, the company’s lithium battery breakthrough industry profitability has continued to improve.

Investment suggestion: We expect the company’s 19/20/21 revenue to be 141/163/177 billion, with a growth rate of 23% / 15% / 9%; net profit attributable to the mother14.

53/17.

46/19.

8.7 billion, a growth rate of 56% / 20% / 14%.

Maintain the company’s Buy-A rating and target price of 13.

05 yuan.

Risk warning: glass fiber, subdivision price increases significantly, etc.