Depth-Company-Qibin Group (601636): Flat glass original film leading high score conversion safety margin

Depth * Company * Qibin Group (601636): Flat glass original film leading high score conversion safety margin

The company is a leader in the flat glass industry, with pure standards.

The company has 26 production lines in the Democratic Party bases in four provinces including Guangdong.

Foreign Malay production capacity has been set on fire.

At present, the company’s production capacity has been fully released.

As a leader in the industry, the company has a high market share, a high percentage of annual dividends, solid fundamentals, and is a rare cash cow.

The key adjustment amount of the support level first fell and then rose, and the profit indicator per ton improved: the company’s 2018 flat glass output1.

99.9 billion heavy boxes, an increase of 6.

79%; sales volume 1.

100 million heavy boxes, an increase of 6.

53%.

Affected by the low level of completion, the number of companies in the first half of the year decreased and gradually improved afterwards.

However,重庆耍耍网 the highest price continued to fall. The minimum gross profit per box fell to 17 yuan, and the net profit fell to 10 yuan.

Have an impact on the company’s profit level.

Overseas production capacity was fully released, and overseas revenue increased significantly: Malay production capacity was released, and overseas revenue for the year was 800 million, even a significant increase of 208.

24%; gross profit 1.

6.6 billion.

Assume that the overseas revenue mainly comes from Malay, the single container price is 80 yuan, and the capacity utilization of Malay is close to 100%, resulting in full release.

Give full play to the leading advantages of the enterprise and accelerate the industrial layout: the company has gradually advanced in the field of deep processing.

Zhejiang, Guangdong, Malaysia energy-saving glass deep-processing projects have begun to run; Yinzhou photovoltaic photovoltaic substrate production line has been ignited in September 2018; Liling high-performance electronic glass project was promoted in mid-2018, and is expected to be put into use in 2020.

The company’s industrial layout will continue to be optimized.

Leaders under the rebound of completion and real estate sales are expected to fully benefit: the current real estate sales are picking up, completion is expected to rebound, glass adjustment volume promotes the rebound, and the company as a leader in the industry is expected to fully benefit.

It is estimated that the company’s fundamentals are stable and its profitability is strong. It is a rare cash cow.

It is expected that from 2019 to 2021, the company’s revenue will be 91.

64, 96.

67, 101.

51 ppm; net profit attributable to mothers is 13.

61, 14.

47, 15.

71 ppm; EPS is 0.

51, 0.

54, 0.

58, maintain the company’s buy rating.

The main risks facing rating Glass inventory continues to accumulate, product prices continue to fall, and demand rebounds less than expected.