Xingyu shares (601799) 2019 first quarterly report comment: headlight business continued to rise against the upward trend

Xingyu shares (601799) 2019 first quarterly report comment: headlight business continued to rise against the upward trend

Event: The company released the first quarter report for 2019, which achieved a total of 14 operating revenues in the first quarter.

20,000 yuan, an increase of 21 in ten years.

2%; budget benefit 0.

62 yuan; net profit attributable to shareholders of the listed company.

700 million, an annual increase of 30.

2%.

The performance continued to materialize, and the leader of the lamp industry achieved another glory: According to data from the China Automobile Association, in the first quarter of 2019, China’s passenger car production and sales volume decreased by 14% in the automotive industry.

Under the negative tone of the industry’s negative growth, Xingyu’s revenue reached more than 21%, which was 13 MoM.

1%, profit growth of 30%.

The company ‘s substantial increase in profits and revenue was mainly due to the intensive launch of its new headlight projects, FAW-Volkswagen and FAW Toyota ‘s new vehicles, which became an important increase in the last quarter of last year.

The gross profit margin increased. The supplementary expense ratio decreased, and the return on 深圳桑拿网 investment continued to increase. In the first quarter of 2019, the gross profit margin of the automotive lamp business was 23.

3%, an increase of 2 per year.

Two averages, which continue to improve.

Due to the increase in employee compensation, the management expense ratio increased by zero.

Two units continue to invest in new research and development projects, with R & D costs increasing by 11 each year.

7%, slower than revenue growth is expected to be mainly related to the timing of new project batch production.

The company’s expenses are well controlled, with a total expense ratio of 8.

9%, a decline of 0 per year.

Two averages, the increase in gross profit margin is mainly due to the continuous improvement in yield.

In addition, the company’s net operating cash flow inflow in the first quarter11.

73 ppm, a 77% annual increase, and a significant improvement in cash flow performance.

The growth in the second half of 2019 is expected, and the German and Japanese are further growing: we believe that the situation in the second half of 2019 is optimistic.

In the fourth quarter, Nissan Xuanyi, Zhixuan and other orders will be supported globally. The value of bicycles is around 1,600 yuan, which is expected to bring more than 900 million yuan in revenue growth.

In addition, German orders are full, LED headlights in the new Polaris, Magotan and other models supporting the promotion of heavy volume in the second half of 2019.

In 2019, the three major brands of FAW-Volkswagen (Volkswagen, Audi and the third brand) are expected to continue to launch a number of new cars, which will increase the company’s performance.

The company has considerable room for growth in the second half of 2019, and the situation is optimistic.

Estimates and profit forecast: We forecast the company’s revenue for 2019/2020/2021 to be 6/84 / 10.4 billion and net profit to be 7.

5/10.

4/13.

4 ‰, corresponding to 27/20/15 times for 2019/2020 / 2021PE, and corresponding net profit margins of 22 respectively.

68% / 38.

57% / 28.

70%, maintaining the “overweight” rating unchanged.

Risk Warning: Product Restructuring Risk, Gross Margin Reduction Risk, Sales Risk of Major Customers