Chujiang New Materials (002171)： Merger and acquisition of Tianniao High-tech into the field of carbon composite materials
Category : emhhmjf
Chujiang New Materials (002171): Merger and acquisition of Tianniao High-tech into the field of carbon composite materials
Event description: The company released its 2018 annual report and 2019 first quarter report. In 2018, it realized revenue of 13.1 billion US dollars, an increase of 18%.
68%; net profit attributable to mother is 4.
09 million yuan, an increase of 13 in ten years.
3%; budget benefit 0.
34 yuan / share.
Revenue in the first quarter of 2019 was 29.
500 million, a decrease of 1 previously.
97%; net profit attributable to mothers was 71.93 million yuan, a year-on-year decrease of 29.
2%, the budget benefit is 0.
06 yuan / share.
Event comment: The slight increase in sales of metal materials led to growth in performance, and Tianniao High-tech completed its performance commitment.
The company achieved a total sales of 48 metal materials.
In the 1980s, it was an increase of 9 over the previous year.
39%, of which: sales of advanced copper alloy strips, precision copper alloy wires, copper conductor materials, and special steel were 17 respectively.
92 constant, 3.
9 for the first time, 9.
91 for the first time, 17.
07 for the first time, increasing by 7 every year.
Metal materials products achieved revenue of 12.9 billion yuan, an increase of 19.
15%, gross margin is 7.
26%, an increase of 2 per year.
Revenue from high-end equipment manufacturing1.
7.8 billion, a decrease of 12 previously.
68%; corresponding gross margin is 55.
88%, an increase of 3 per year.
Skybird High-tech successfully completed its 2018 performance commitments and realized deduction of non-net profit of 6,159.
750,000 yuan, but because the asset transfer was completed on December 20, 2018, the impact on the company’s performance was small.
Sales expenses, management expenses, and financial expenses increased steadily, and research and development expenses increased significantly.
In 2018, the company’s sales expenses and management expenses were 1.
64 ppm, an increase of 11 per year.
7%; financial expenses were 9.89 million yuan, and the expenses brought about by the increase in operating scale increased.
R & D expenses are 4 ‰, increasing by 1607 annually.
5%, mainly because the company increased the research and development expansion of the three major sections, and optimized and upgraded the product structure.
Skybird is emerging and leading, and the future of carbon composite materials is broad.
Tianniao High-tech’s main research and development are the application of special high-performance fibers. Carbon composite materials will gradually replace graphite materials and powder metallurgical materials in the future, and have broad application prospects.
Profit forecast and investment advice: The company’s net profit attributable to its parent in 2019-2021 is expected to be 5, respectively.
78 ppm; EPS is 0.
57 yuan, with a P / E of 14 on April 23, 2019.
36X, give overweight rating.
Risk reminder: Sky Bird High-tech cannot complete the promised profit, and the copper price fluctuates greatly