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Sanhua Intelligent Control (002050): Steady Performance Expects Auto Zero Business to Spread Everywhere

Sanhua Intelligent Control (002050): Steady Performance Expects Auto Zero Business to Spread Everywhere

The company announced the third quarter of 2019 report, the first three quarters of 2019 realized revenue, net profit attributable to mothers and net profit after deductions to mothers were 86.

2.1 billion, 10.

5.6 billion, 11.

2.7 billion each year 4.

30%, 3.

22%, 2.

90%.

The EPS is 0.

38 yuan.

In the third quarter of 2019, revenue was realized. Net profit attributable to mothers and net profit after deductions to mothers were 27.

9 billion, 3.

6.3 billion, 4.

09 billion, respectively 4 each year.

29%, 4.

91%, 17.

91% business analysis performance was good, and gross profit margin improved month-on-month.

(1) Boosted by the rebound of the home appliance industry and the auto zero business driven by new energy vehicles, the company’s performance was good, with a gross profit margin of 28 in the first three quarters.

7%, the gross profit margin in the third quarter reached 29.

6%, compared with 28 in the same period last year.

6% up 1.

1 pct.

(2) The expenses are properly controlled, and the sales / management / R & D / financial expense ratios in the first three quarters are 4 respectively.

3% / 5.

twenty four.

5% /-0.

4%, compared to 12.
.

5% up 1.

2pct.

Among them, the financial expenses were previously + 54%, due to the decrease in exchange income, and the expense ratio rose by 0.

8 points.

(3) The evaluation target of stock appreciation rights in the incentive plan is three consecutive years from 2018 to 2020 (the standard reached in 2018). The 杭州夜网论坛 expected average return on net assets is not less than 17%, which shows confidence.

Steadfastly ranks as the global leader in refrigeration valves, and the home appliance business is a “ballast stone.”

The home appliance business has stable revenue and continues to deepen its binding with major customers. The company’s electronic expansion valves, four-way reversing valves, solenoid valves, micro-channel heat exchangers, omega pumps and other products have the world’s leading market share.

Holding 14 billion steam and zero orders, it is expected to share the Model 3 heavy volume bonus.

The company leads the absolute leading automotive expansion valve products, enters the mainstream electric vehicle enterprise supply system, wins new supply orders for GM electronic water pumps, and holds 14 billion more orders, guaranteeing future performance.

And Sanhuaqi Zero exclusively supplies 7 thermal management parts projects for Model 3 with a bicycle value of 2,000 yuan. It is expected to share the Model 3 heavy volume bonus, and the demonstration effect produced by the Tesla industry chain will help the company expand its product categoriesInto development) and further develop quality customers.

Earnings forecast and investment recommendations The company’s net profit attributable to its parent in 2019-2021 is 14 respectively.
17/14.
51/14.

950,000 yuan, the corresponding EPS is 0.

51/0.

53/0.

54 yuan.

It is estimated that the switch raises the target price by 13% to 15.

75 yuan, corresponding to the 30x estimate in 2020, maintain the BUY rating.

Risks suggest that the automobile market is down; the growth rate of the home appliance industry; the development of new energy vehicles is less than expected; the development of commercial refrigeration customers is less than expected; the market share of refrigeration products is falling; exchange rate changes; Model 3 sales are less than expected.