Home新闻Fuyao Glass (600660): Robust domestic performance and accelerated overseas market revenue

Fuyao Glass (600660): Robust domestic performance and accelerated overseas market revenue

Fuyao Glass (600660): Robust domestic performance and accelerated overseas market revenue
The company released its 2018 annual report, and the company initially achieved operating income of 202.25 ppm, a ten-year increase of 8.08%; operating profit 49.73 ppm, an increase of 35 in ten years.51%, net profit attributable to parent company 41.20,000 yuan, an annual increase of 30.86%; equivalent EPS is 1.64 yuan / share. Opinion: Long-term replacement of Q4 revenue and profit growth, expected growth in performance.The company achieved revenue of 51 in the fourth quarter.30,000 yuan, the average ten years is 4.02%, mainly due to the weak overall sales of the domestic and foreign auto industry in the fourth quarter.At first glance, the company’s revenue has 杭州桑拿网gradually achieved steady growth, of which 115 from mainland China.7.2 billion, a small margin of 0 a year.01%, but income from overseas reached 83.1.2 billion, an annual increase of 25.59%, revenue accelerated.In terms of profit, the company achieved maximum profit in the fourth quarter.16 ppm, a ten-year average of 5.80%. Previously, after the impact of the investment company’s sale of 75% equity in Beijing Futong and other investment gains, the substantial increase in profit was 0%.29%, stable growth rate. The Q4 expense ratio increased slightly, and exchange gains increased the company’s net profit.In the fourth quarter, the company’s sales expense ratio increased annually and sequentially.53 and 1.42 single, we expect to be related to the increase in cost of sales caused by market pressure.At the initial stage, the company’s sales expense ratio and management expense ratio increased by 0 each year.46 and 0.Six average values, basically stable.In 2018, the company was affected by the exchange rate and generated a total of exchange gains2.$ 5.9 billion, directly reducing financial costs by 5 per year.2.9 billion, increasing the company’s net profit.In terms of gross profit margin, the company’s gross profit margin for the 18 years reached 42.22%, a reduction of 0 every year.The total number of 14 remained at a high level, and the small margin was mainly due to the decline in the gross profit of automobile glass in overseas markets. Both the volume and price of automotive glass rose, and the operating pattern continued to improve.In 2018, the company’s auto glass sales reached 1.1.7 billion square meters, an increase of 4 in ten years.46%, according to estimates, the unit price of automotive glass reached 164.47 yuan / square meter, a steady increase from 2017.We expect that in the future, the company will gradually increase the proportion of high-value-added products such as display glass, sound insulation glass, and water-repellent water glass. Overseas markets have begun to provide stable growth momentum.In 2018, Fuyao Glass America Co., Ltd. (including its 100% holding subsidiary) achieved revenue of 34.120,000 yuan, net profit 2.46 yuan, after realizing a loss in the second half of 17 years, has started to continue to contribute to the increase in profits. At present, the net profit of American companies has decreased.2%, there is still a gap with domestic business. We believe that in the future, the company ‘s capacity utilization and efficiency will gradually improve, and there is room for further improvement in profitability.At present, the company’s overseas revenue growth rate has reached the domestic level. In the future, the overseas production capacity will be further released. The company’s growth space is worth looking forward to. Profit forecast: We expect the company’s operating income for 2019-2021 to be 239.10, 268.58 and 277.810,000 yuan, the net profit attributable to the owner of the parent company was 42.32, 47.71 and 49.4.5 billion, equivalent to 1, respectively.69, 1.90 and 1.97 yuan, corresponding to the closing price of 24 in the latest trading day.Calculated at 45 yuan, the price-earnings ratios are 14.5, 12.9 and 12.4 times, aiming at the company’s stable profitability of its main business, the rising volume and price structure, the impact of the RMB exchange rate on the company’s performance will stabilize, and the overseas market will help bring new growth space.Recommended “” investment rating. Risk warning: (1) Car sales are lower than expected; (2) Renminbi exchange rate changes exceed expectations; (3) U.S. companies’淡水桑拿网 earnings are lower than expected; (4) Raw material costs continue to rise.