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Yingliu (603308): Interim report results are in line with expectations

26/03/2020

Yingliu (603308): Interim report results are in line with expectations

This report reads: The company’s interim results are in line with expectations, and net profit is expected to increase by 50% in the first three quarters.

With the “two-machine” blades, the nuclear power business volume increased, and operating leverage brought performance flexibility.

Investment points: Conclusion: The company’s interim report performance is in line with expectations, and the net profit for the first three quarters is expected to grow by 50% annually.

With the “two-machine” blades, the nuclear power business volume increased, and operating leverage brought performance flexibility.

Proposed to raise no more than 9.

5 ppm, increasing the production capacity of superalloy blades to 200,000.

Maintain 2019 EPS to 0 respectively.

29, 0.

43, 0.

53 yuan; maintain target price of 15.

12 yuan, corresponding to 35 times PE in 2020, increase holdings.

The company’s interim report results are in line with expectations, and its net profit in the first three quarters is expected to grow by 50% annually.

① The company’s 2019 interim report revenue is 9.

5 ‰, an increase of 15% in ten years;

7 ‰, an increase of 23% in ten years;

520,000 yuan, an increase of 15% in ten years.

The company’s interim results were in line with expectations.

② The company expects that the net profit in the first three quarters will increase by 50%, about 1.

05 ppm; mainly benefited from the substantial growth in revenue of the “two-machine” and nuclear power business segments.

③ The company’s asset structure is improved, and the financial expenses decrease by 9 each time.

7%.

At the end of 2018, the company received a 500 million investment from Liuan Industry Investment and corresponding aviation company, which helped improve the company’s balance sheet and reduce financial costs.

The company’s new products continue to spend, R & D expenses 0.

94 million, a year-on-year increase of 150%.

With the “two-machine” blades, the nuclear power business volume increased, and 南京夜网论坛 operating leverage brought performance flexibility.

① The “two-machine” blades have been preliminarily heavy, and their income has increased significantly.

The company’s aerospace segment revenue was zero.

72 million, a year-on-year increase of 138%.

② Benefiting from the restart of nuclear power, the company accelerated the delivery of nuclear power orders, and its supplementary orders increased significantly.

Revenue from nuclear power business 1.

30,000 yuan, an annual increase of 40%.

③ The company received the non-public issuance approval on August 12, which is valid for 6 months; the company plans to raise no more than 9.

500 million yuan for the expansion of high-temperature alloy blade projects and an increase of 200,000 pieces.

Catalyst: Obtained bulk orders from customers such as GE and aero 杭州桑拿网 engines.

Core risks: Expansion of orders for blades of two engines exceeded expectations, and approval of nuclear power units exceeded expectations.