Sanlipo (002876) 2019 Q1 Performance Trailer Review: Performance Forecast Lower than Expected Capacity Cumulative Accumulation Season by Quarter

Sanlipo (002876) 2019 Q1 Performance Trailer Review: Performance Forecast Lower than Expected Capacity Cumulative Accumulation Season by Quarter

This report reads: 2019Q1 performance forecast exceeds expectations.

The company’s maximum production capacity increased quarter by quarter, but due to expenses, depreciation, exchange rates, etc., net profit exceeded expectations.

Maintain target price of 56.

40 yuan, maintaining the “overweight” level.

  Investment Highlights: The 2019Q1 performance forecast exceeds expectations and maintains a target price of 56.

40 yuan, maintaining the “overweight” level.

The company’s 2019Q1 performance forecast returns to the mother’s net profit -1200?
-15 million yuan, -189 in ten years.

77%?
-212.

21%, lower than market expectations, mainly due to the higher exchange rate and the company’s Hefei plant costs.

Taking into account the company’s Q1 performance, lowered its profit forecast, and the revenue for 2019-2020 was 11 respectively.

88 (-17.

00%), 15.

60 (-20.

51%) million yuan, net profit attributable to mother 0.

81 (-27.

90%), 1.

41 (-33.

14%) million yuan, corresponding to EPS 1.

01 (-28.

41%), 1.

76 (-33.

21%).

Maintain target price to 56.

40 yuan, corresponding to the 2019 PE 55X, maintaining the “overweight” level.

  Hefei Plant successfully introduced customers in 2019, and its current cumulative production capacity has increased quarter by quarter.

In 2018, the company’s Hefei plant audit progress was slow, and the capacity utilization rate was low (less than 10%). In January 2019, the capacity utilization rate was around 20%. At present, the capacity utilization rate of Hefei plant has reached 50%.Capacity utilization reached 90%.

In terms of customer structure, the company has now cut into BOE, Sharp, Huike and other customers, and the cumulative production capacity has increased quarter by quarter.

  Domestic LCD panel manufacturers have vigorously expanded production, and the supply of polarizers is tight.

Domestic LCD manufacturers represented by BOE and Shentianma will gradually release their production capacity in the next two years, which will increase the demand for polarizers. It is expected to increase from 200 million square meters in 2018 to 300 million square meters in 2021.

At present, structural tensions have occurred in domestic polarizers. Polarizer companies represented by Chi Mei have started to increase prices. As a domestic industry leader, Sanlipo will deeply benefit from this round of polarizer 南京桑拿网 import substitution and price increase logic.

  Catalyst: Downstream LCD prices stop falling and rebound risk prompt: single product structure

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