Enjie (002812): Expansion strong Hengqiang cuts into overseas 佛山桑拿网 customers and hopes to increase penetration
Event: The company released its 2018 annual report and ① realized revenue 24.
5.7 billion (+16.
23%), net profit attributable to mother is 5.
1.8 billion (+40 compared to the same period last year).
79%), net of non-attributed net profit3.
180,000 yuan (+125 compared with the same period last year).
5%); ② sales, management (including research and development) / finance of the three expenses are 0.
25 trillion, the first two changes +18 respectively.
05% / + 13.
15%, corresponding fee 2.
03% / 10.
22% / 1.
01%, the expense ratio becomes +0 respectively.
03 / -0.
Performance is in line with expectations.
Shanghai Enjie’s performance increased rapidly, and net profit margin increased by 1.
85 units: the company’s wet 武汉夜网论坛 dispersion of revenue13.
30,000 yuan (+48 compared with the same period last year).
57%), net profit 6.
3.8 billion (+62 y / y).
16%), the net profit of shareholders of listed companies.
RMB 760,000 (Among them, Shanghai Enjie’s net profit from January to July was 27,225.
09 million yuan, press 53.
86% calculated net profit was 14,662.
100,000 yuan; Shanghai Enjie’s net profit from August to December was 36,567.
30,000 yuan, press 90.
After calculating 08%, the net profit attributable to listing was 32939.
The net profit margin of Shanghai Enjie’s molecular weight industry is 47.
8% (compared to 3 in 2017).
8 pct), Zhuhai Enjie realized income 3.
5.8 billion, net profit1.
1.2 billion, net interest rate 31.
28%, mainly because Zhuhai Enjie’s production capacity is gradually expanding, and some production lines are used for customer product verification.The company’s 2018 budget is 4.
6.8 billion square meters, single square meter excluding tax price2.
85 yuan / square, net profit per square meter is about 1.
36 yuan / flat (2017 base film 1.
3.4 billion flat + coating film 0.
800 million flats, comprehensive price 4.
2 yuan / flat, net profit per square meter1.
84 yuan, the decline in profit per square meter is mainly due to the substantial decline in prices).
In general, combined with the company’s report size, the restructuring gross profit margin remained relatively high. In 2018, the company’s restructuring gross profit margin remained high, while the advantages of scale reduced the management expense ratio and the overall profitability of the company.
Cost advantages are prominent under scale, and expansion and expansion continue to increase.
Shanghai Enjie is currently the largest domestic wet-process branch supplier, with a domestic market share of 45% for wet-process division.
As the scale base film tends to be standardized, the expansion enterprises with large-scale production capacity, full cost advantages and technical capabilities to replace the film are expected to stand out from the fierce competition in the future.
1) In terms of production capacity, the company’s production capacity reached 1.3 billion square meters (mother roll) at the end of 18, with 300 million square meters of base film in Shanghai +2.
4 billion US dollars (billion US dollars) 4 billion US dollars (billion US dollars) 1 billion US dollars (billion US dollars) 400 million US dollars (billion US dollars) Zhuhai Enjie Phase 2 4 + Jiangxi Ruitong 8 + Wuxi IndustryThe first phase project of the base is 8), with a capacity of 2.8 billion square meters by 2020; of which, the Wuxi base plans to build 16 base film (1.2 billion square meters) + 40 selected films (500 million square meters) + 5 aluminum-plastic film production lines.
2) Cost side: Through the release of production capacity, the scale effect is further highlighted, the procurement cost is low, and the capacity utilization rate is high. Through the improvement of production technology, single-line substitution is improved, and the efficiency of auxiliary materials recovery is improved.
3) Technically, the company has 150 R & D teams, including well-known experts from the United States, South Korea, Japan and China. It has a strong ability in product research and development and product conversion. At present, it has made breakthroughs in oily PVDF products (with patents).
Understand R & D, plan to build a research institute, introduce global expansion of high-end talents, and invest 0 in R & D in 2018.
97 billion, accounting for about 3 revenues.
4) Excellent customer structure: CATL, BYD, Guoxuan, Funeng, etc. are the main ones in China, and they have both price advantages and stable scale production capacity, and have entered the international lithium battery leaders Panasonic, Samsung, and LGC.
In the future, it will gradually transform into overseas vehicle attempts, continue to increase the penetration rate of breakthrough overseas supply, and consolidate the position of a breakthrough leader.
Investment suggestion: Wet budget global leader, rapid expansion of production scale advantages, strong cost control capabilities, become the core supplier of domestic mainstream battery factories, and have strong product quality, price and scale advantages to cut into overseas lithium power giants to achieve rapid volume.
We estimate that the company’s net profit attributable to its parent for 2019-2021 will be 8.
78 ppm, corresponding to PE is 31/25/20 times, giving an overweight rating.
Risk reminder: performance promises are less than expected, new energy vehicle policies are less than expected, intensified competition leads to a significant rise in product prices, and capacity release is less than expected