Clarinet (603960): Q3 performance growth in line with expectations High-quality track leader continues to make efforts
Event: The company achieved revenue in the first three quarters of 20195.
610,000 yuan, an increase of 52 in ten years.
92%; net profit attributable to mother is 0.
70 ppm, an increase of 65 in ten years.
04%; of which, the company achieved revenue 2 in Q3.
1.3 billion, an annual increase of 67.
22%; net profit attributable to mother is 0.
24 ppm, a 69-year increase of 69.
The growth in the third quarter was in line with expectations, and the new decade alone continued to land.
The company’s third quarter revenue and performance continued to maintain steady and rapid growth, basically in line with expectations.
The company received zero advance funds at the end of the third quarter.
59 trillion, an average of 37 in ten years.
31%, mainly due to the delay in the board of directors of major customers from April to June, which led to a delay of 2 months in the approval of procurement plans.
杭州夜网论坛 With the further advancement of the client’s board of directors, high-intensity capital expenditures will still be maintained. New breakthrough orders for the company in the second half of the year will continue to land, supporting the company’s stable growth next year.
Significant improvement in profitability and continuous optimization of management capabilities.
The company’s gross profit margin for H1 in 2019 is 29.
68%, an increase of 0 a year.
With the delivery of the company’s high-tech technology orders and the increase in the proportion of Zhongyuan’s six products, subsequent profitability has gradually increased.
The company’s period expense ratio is 11.
18%, a decrease of 2 per year.
04 pct; of which the sales expense ratio, management expense ratio, research and development expense ratio, and financial expenses are zero.
07%, ten years change -0.
56 pcts, reflecting the company’s continuous optimization of its management capabilities.
The company’s operating cash flow is zero.
0.94 million yuan, a significant increase of 184 every year.
Extend the automotive industry chain layout and create new momentum for the company’s performance growth.
As a major supplier of Volkswagen fuel distributors, Zhongyuan, a subsidiary of the company, has significantly benefited from the vigorous promotion of National Five and Six National Fuels, the increase in volume and price of fuel distributors, and significant improvement in profitability.In addition, the company has accumulated an extended industrial chain layout. At present, it has achieved significant results in the fields of IGBT, optical communications, and stem cells, creating new momentum for the company’s performance growth.
Investment suggestion: As a leader in the field of automotive electronic equipment, the company has a thriving downstream market and an excellent competitive structure. It enjoys the bonus of engineers, gradually erodes the market share of foreign rivals, and continues to grow steadily.
From the consolidation caliber, the company’s net profit for 2019-2021 is expected to be 1.
1.9 billion yuan, corresponding to 0 EPS.
Maintain Buy-A rating and give 6-month target price of 35.
6 yuan, equivalent to 40 times the price-earnings ratio in 2020.
Risk warning: Automobile sales are lower than expected, downstream demand is growing, new business expansion is lower than expected