Sanhua Zhikong (002050) 2019 Annual Results Express Comment: Refrigeration Steam Zero-Wheel Drive Company’s Performance Exceeds Expectations
The company released the 2019 performance report, and the company is expected to achieve a total operating income of 113 in 2019.
24 ppm, +4 a year.
50%; net profit attributable to mother 14.
21 trillion, ten years +9.
93%; basic profit return is 0.
52 yuan, +10 for ten years.
In a single quarter, the company expects to achieve a total operating income of 27 in the fourth quarter.
30,000 yuan, +5 for ten years.
14%; net profit attributable to mother 3.
64 ppm, +35 a year.
46%, profit growth exceeded expectations.
Comment: Refrigeration + steam-zero two-wheel drive, helping steady revenue growth.
The company expects to achieve revenue of 113 in 2019.
2.4 billion, +4 per year.
50% in the fourth quarter is expected to achieve revenue of 27.
30,000 yuan, +5 for ten years.
14%, the company’s operating performance is stable and better.
From the perspective of different industries, the company’s refrigeration + steam zero two-wheel drive, refrigeration business: The new energy efficiency standards for air conditioners have recently been officially released, which promotes the company’s downstream household appliance product structure to continue to be upgraded.
The expansion and improvement of energy-efficient inverter air conditioners is expected to release the market demand for electronic expansion valves and help the company’s refrigeration business to grow.
Auto zero business: Currently, the company’s auto zero business has a high-end customer structure, which has covered mainstream global auto companies.
As an important supplier of Tesla, the company exclusively supplies thermal management parts for Tesla Model 3 models. The localization of Model 3 is expected to continue to increase the company’s revenue scale.
In addition, since 2019, the company has announced that it has received orders from Volkswagen, GM, and BMW. The order lifecycle plan is expected to total $ 4.5 billion.
With the gradual release of new energy vehicle demand, the company’s new energy auto zero business preparation will achieve rapid growth, contributing to the company’s revenue increase.
Performance growth exceeded expectations, and profitability is expected to continue to grow.
The company expects to maximize profits in 201916.
8.3 billion, +9 per year.
36%, net profit attributable to mother 14.
21 trillion, ten years +9.
In the single quarter, the company achieved net profit attributable to mothers in 19Q43.
64 ppm, an increase of 35 in ten years.
46%, performance was slightly higher than expected.
In the long run, we believe that the company’s outstanding growth rate will continue ahead of schedule. The expectations are as follows: 1) The proportion of high net profit business segment will increase.
According to the company’s survey, the net profit of the auto zero business is slightly higher than that of the refrigeration business. Through the rapid growth of the company’s new energy auto zero business, the proportion of the company’s revenue will continue to increase, which is expected to increase the company’s overall performance.
2) The proportion of high value-added products increased.
The implementation of the new air-conditioning energy efficiency standards will promote the conversion of high-efficiency air-conditioning into mainstream products, and will drive the company’s demand for high-end spare parts electronic expansion valves.
In addition, Tesla’s so-called new electric vehicle Model Y series has been put into mass production in advance. The size of this model and the value of bicycle parts are higher than the Model 3.Under the comprehensive influence, the company’s future high value-added products need to continue to increase volume, and the improvement of the product structure will help drive the company’s profitability to continue to increase.
Future outlook: The refrigeration business has the leading edge, and the new energy sector has a bright future.
The company has been deeply engaged in refrigeration business for many years. It is the world’s leading refrigeration and air-conditioning electrical component company. Traditional refrigeration components such as electronic expansion valves, four-way reversing valves, solenoid valves and other products occupy the largest market share in the world.
With the implementation of new energy efficiency standards for air conditioners, the 杭州桑拿网 company’s market demand for electronic expansion valves needs to be continuously released, helping the traditional refrigeration business to grow steadily.
In addition, the new energy vehicle business has a bright future, and the company’s new energy vehicle zero order volume has grown rapidly.
In the future, the popularity of new energy heat pump air conditioners will be transformed, and the company’s supporting value is expected to further increase.
Generally speaking, the company’s two-wheel drive of refrigeration and auto-zero business can be expected in the long run.
Investment suggestion: Change the new energy efficiency standards for air conditioners to land, and the company’s demand for electronic expansion valves will gradually be released, which is expected to drive revenue growth in the refrigeration 青岛夜网 sector.
At the same time, benefiting from the acceleration of Tesla’s localization, zero-energy vehicles and new energy vehicles are expected to grow at a high speed, which will become the main driving force for the company’s future growth.
Based on the above, we adjusted the company’s EPS forecast for 19/20/21 to 0.
70 yuan (previous forecast: 0.
66 yuan), corresponding to PE is 43/36/32 times.
With reference to the assessment of comparable companies in the home appliance industry and the Tesla industry chain, the target price was raised to 24 yuan (the original target price was 17 yuan), corresponding to 40 times PE in 20 years, and maintained a “strong push” rating.
Risk warning: the expansion of the air-conditioning industry’s business climate has declined; new energy vehicles have replaced alternatives; and raw material prices have changed dramatically.