Wanrun shares (002643): 10 years of steady growth in performance to the future of OLED two-wheel drive

Wanrun shares (002643): 10 years of steady growth in performance to the future of OLED two-wheel drive

The event company released the 2019 third quarter report on the evening of October 25, and the company achieved revenue of 6 in Q3.

5 billion US dollars, an annual increase of 13.

6%, an increase of 2 from the previous month.

9%; net profit attributable to mother 1.

36 ppm, an increase of 19 years.

7%, an increase of 4 from the previous month.

9%; net profit after deduction to non-returned mothers1.

33 ppm, an increase of 17 in ten years.

8%, an increase of 5 from the previous month.


Brief comment on the expansion of business scale and steady growth, the growth attribute has become more prominent. The company’s performance has grown steadily for decades, mainly due to the expansion of revenue scale: ① Under the situation of increasing revenue scale, the gross profit margin is basically stable, and the gross profit increases.16%, an absolute increase of 39.16 million yuan; ② period expenses, taxes and additional total increase of 5.56 million yuan; ③ income increased by 5.53 million yuan; ④ minority shareholders’ profit and loss increased by 6.48 million yuan.

The four items mentioned above contributed 21.59 million yuan to the increase in net profit attributable to mothers for many years, which is basically in line with the actual increase in net profit attributable to mothers to 22.29 million yuan.

From a month-on-month basis: ① The company’s insufficient revenue increased slightly month-on-month, but the gross profit margin shifted 2 to 43% month-on-month, shifting the gross profit margin 2%, an absolute decrease of 484,000; ② period expenses, taxes and total reductions35.17 million yuan; ③ interest rate increased by 18.72 million yuan; ④ profit and loss of minority shareholders increased by 4.72 million yuan.

The above four items contributed a total of 6.89 million yuan to the increase in net profit attributable to mothers, which basically matched the actual increase of 637 million.

At the end of the reporting period, the company had a surplus of construction in progress7.

US $ 1.9 billion, an increase of 24% from the end of the first quarter report, and the ratio of construction in progress / fixed assets reached 51%, and the growth attribute has become increasingly prominent.

The maximum production capacity increase is near-increasing. In the future, it is expected to rebuild a total inverter production capacity of 3,350 tons, and another 2,500 tons will be put into production in the second half of 2019.

In addition, the company’s convertible bond project increased the capacity of 7,000 tons, and the cumulative throughput increase plan reached 9,500 tons, and the 7,000-ton throughput reached the new and old kinetic energy conversion project in Shandong this time.Started “directory.

We make corrections based on the latest corporate communications data to use 4 for each vehicle.

875kg, light diesel uses 1 per vehicle.

125kg, the global annual demand in 2017 is about 1.

2 is the earliest and will increase to 2 by 2021.

7 is the lowest; and due to the successive implementation of the National Sixth Standard in China will directly generate a net increase of about 7,100 tons.

Most of the 4,000-ton ZB series of the company’s 7,000-ton new capacity is mainly used for automobile exhaust catalysts, and the 2,500-ton capacity put into operation in 2019 can also be used for automobile exhaust treatment.

The company’s new production capacity is in line with the growth of industry demand, and its benefits are highly certain.

The construction period of the company generally does not exceed one year. The planned production capacity is linked to the explosive growth of market demand. According to our estimates, the company that has reached the full capacity of the project is expected to double its net profit.Increased profits will reach 4.

75 billion).

OLED finished materials with independent intellectual property rights have entered the volume verification stage. The company is a domestic leader in OLED organic materials. The OLED business is mainly undertaken by Yantai Jiumu and Jiangsu March.

Yantai Jiumu is the largest OLED intermediary company in China and has successfully dated strategic investors.

Jiangsu mainly researches and develops OLED monomers in March.杭州桑拿网 Currently, it has the ability to produce OLED terminal materials. It is trying to break through patent issues and will launch OLED terminal material products in the future.

The company’s research and development of OLED materials has been progressing steadily. OLED finished materials with independent intellectual property rights have been verified by downstream manufacturers. However, there is still uncertainty as to whether they can be supplied in batches.

In the future, with the expansion of the application scale of OLED materials in the small-sized display field, the company’s OLED material field is expected to further expand its market share in this field and gradually increase the profitability of this business segment.

It is expected that the company’s net profit attributable to the parent in 2019 and 2020 will 成都桑拿网 be 5, respectively.

2, 6.

2 ‰, corresponding to PE 22, 18X, maintaining the overweight level.