Jiangling Motors (000550): Waiting for the Climbing Capacity of the Territory to Set Optimistic Growth Targets
2018 results meet expectations JMC Motors announced the company’s 2018 results: the company’s revenue reached 282.
RMB 50,000, 9.
9%; the company’s net profit reached 91.83 million yuan, an annual extension of 86.
7%, which is in line with the previously released quick results.
Development trend The gross profit margin supplemented and accrued large amounts of asset impairment, and continued to expand in 4Q18.
The company’s 4Q18 revenue was 80.
6 ‰, an average increase of 10% in ten years, an increase of 37% MoM; net return to motherhood decreased by 1.
$ 27 trillion, an average of 3 per year.
7 times, and the molecular weight is 27%.
Mainly because the company’s sales decreased by 10%, coupled with the intensified market competition, the company’s product profitability decreased significantly, resulting in the company’s gross profit margin continued to shrink to 10%, the same, the chain replaced 5.
9ppt and 2ppt.
The company’s 4Q18 asset impairment losses have nearly doubled to zero every year.
5.2 billion, dragging down earnings.
Capital expenditures have increased, and cash on books is still 杭州桑拿 surplus.
The company’s negative operating cash flow in the past 18 years was mainly due to the increase in sales volume and the increase in the proportion of new energy vehicle sales. Its supplementation caused an increase in accounts receivable.
The company’s capital expenditure increased by 3 last year.
700 million (previously an increase of 36%), mainly due to the company’s increased investment in the new plant in Toyama, and actively promote the company’s blue projects.
After increasing capital investment and paying special dividends in the mid-17 years, the company’s cash on the account decreased by about 10%, but still reached the level of 7.6 billion US dollars, which promoted the company’s high dividend payout ratio and product research and development investment.
Awaiting the ramp-up of the production capacity in the territories, the company sets an optimistic growth target.
Since the company’s business was listed, market order feedback has been better, but due to insufficient capacity, the sales volume of the first two months was 4,224 units. Currently, it can only be ordered at any time to wait for delivery.Positive contribution from sales.
The company has formulated extremely optimistic sales and revenue indicators for 19 years: estimated sales of 38.
30,000 vehicles, an annual increase of 34%, sales revenue of about 37 billion US dollars, an annual increase of 31%, reflecting the company’s product adjustments, channel integration and other improvements to improve the confidence.
Profit forecast We temporarily maintain the company’s profit forecast for 19 and 20 years6.
900 million and 9.
Estimates correspond to the company’s overall expectations1.
7x / 1.
6x 2019e / 2020e P / B, we maintain the neutral rating of A / B shares. Considering the upward adjustment of the sector, we raise the company’s target price of A / B shares by 32% to RMB 23 and 11.
6 reconstruction, A shares correspond to 1.
8x / 1.
7x 2019e / 2020e P / B, there is 7% growth space from the current price, and B-share target price has 22% growth space.
Competition in the risk industry is intensifying, and demand exceeds expectations.