Chint Electric (601877) 2019 Third Quarterly Report Review-Results Meet Expectations, Steady and Steady Growth

Chint 返回码: 500 网站打不开?重查 Electric (601877) 2019 Third Quarterly Report Review-Results Meet Expectations, Steady and Steady Growth

The company’s 2019Q1-3 performance is in line with expectations, and its low-voltage electrical and photovoltaic dual-main business performance has grown steadily; maintaining its EPS forecast for 2019-2021 to 1.

90/2.

26/2.

64 yuan, corresponding to PE is 12/10/8 times, given a target price of 30.

4 yuan (corresponding to 18 times PE in 2019), maintain “Buy” rating.

The performance was in line with expectations, and the growth was steady.

The company achieved revenue of 224 in 2019Q1-3.

77 trillion (decade +17.

62%, the same below), net profit attributable to the mother 28.

6.4 billion (+2.

65%); of which, the company achieved revenue of 80 in Q3.

5 billion (+11.

67%), net profit attributable to mother 10.

800,000 yuan (+7.

21%); excluding the impact of the company’s hydropower generator trading in the same period last year, the company’s net profit attributable to its mother in Q1 2019 increased by 20.

46%, performance is in line with expectations.

In 2019Q1-3, the company’s comprehensive gross profit margin was 29.

41% (-0.

36 cases), period expenses 14.

80% (-0.

31 cases), in which the sales / management / financial expense ratio is 6.

23% / 7.

04% / 1.

53% (+0.

05 / -0.

61 / + 0.

26pcts), the profit and expense control ability is basically stable; the operating net cash flow is 29.

5.5 billion (+99.

05%), the net profit cash ratio is 1.

03. The cash repayment ability was significantly improved.

The layout of low-voltage electrical appliances is perfect, and direct sales and overseas markets provide incremental increase.

As of H1 2019, the company has 16 offices, 510 core and core dealers, and more than 4,000 distribution outlets across the country. Through the quality and quantity of distribution channels, the company can tap the potential of end customers and promote sustained growth in performance.

The company continued to expand the growth of direct sales customers, the industry market orders increased, and strategic major customers increased their business orders by over 170%, achieving a breakthrough in the quality and quantity of direct sales of low-voltage appliances.

The company has established subsidiaries in more than 20 countries around the world, and covers specialized channel networks in major target markets. Through the “global localization” strategy and building brand influence, it has accelerated the expansion of overseas markets. Sales in overseas markets have maintained strong growth and global competitiveness.Stand out.
The photovoltaic industry layout has been upgraded, and the scale of performance has steadily expanded.

The company expanded and upgraded the capacity of battery modules, pushing the efficiency of mass-produced batteries to exceed 22.

5%, half-chip, double-sided module power exceeds 400W, leading in non-silicon cost industry.

As of the third quarter of 2019, the company had 4327MW (+124.01%), of which 1147MW are centralized generators, 3180MW are distributed generators, and Q1-3 generates a total of 3.6 billion kWh (+ 89%).

71%), electricity bill income 17.

9.6 billion (+14.

50%).

At the same time, the company gave full play to its brand advantages and distribution channel 合肥夜网 resources, and actively deployed the household photovoltaic market in Shandong, Hebei and other provinces. The installed scale of the household photovoltaic market ranked first.

In addition, the company has also accelerated the deployment of overseas power stations and EPC business, and is currently gradually entering the project revenue recognition period.

Risk factors: demand for low-voltage electrical appliances, photovoltaic development is less than expected, customer development is less than expected, etc.

Investment suggestion: Maintain the company’s net profit forecast for 2019-2021.

9/48.

6/56.

7 trillion, corresponding to EPS 1.

90/2.

26/2.

64 yuan, corresponding to PE 12/10/8 times, given a target price of 30.

4 yuan (corresponding to 16 times PE in 2019), maintain “Buy” rating