Ningbo Huaxiang (002048): Performance growth surpasses expectations Mass production of thermoformed products injects vitality into the company

Event description The company announced the 2019 semi-annual report with operating income of 75.

50,000 yuan, an increase of 8 in ten years.

14%; net profit attributable to mother 4.

160,000 yuan, an increase of 39 in ten years.

98%; deduct non-net profit 4.

40,000 yuan, an increase of 49 in ten years.


Opinion: The revenue and profit growth exceeded expectations, first of all, the quality of the customer structure and the launch of new products.

“Changchun Huaxiang” and “Ningbo Trem” both showed operating income and profit growth. Among them, Changchun Huaxiang’s thermoforming production line began batch production to bring new profit points to the company.%, Profits grow 249% every year.

Gross profit margin increased steadily and profitability increased.

Gross profit of the company’s products in the first half of 201919.

78%, an increase of 0 every year.

65 units.

In terms of products, except for interior parts, other business revenues have maintained positive growth.

Revenue from interior parts at least twice.

1%, gross profit margin increased by 3 in ten years.

82 units; the income of exterior parts increases by 5 per year.

02%, gross margin decreased by 4 in ten years.

74 units; metal parts revenue increased 51 in ten years.

62%, gross margin increased by 5 in ten years.

49 units; electronics revenues increase by 3 per year.

87%, gross margin short-term interest rate 3.

95 units.

Germany Huaxiang reduced losses, but the overall overseas business is unstable.

German Huaxiang’s first half net profit was -5292.

50,000 yuan, a reduction of at least 38 per year.

43%, a loss of more than 30 million yuan; Ningbo Lawrence net profit of 2440.

60,000 yuan, 45 years ago.


Earnings forecast and rating: We estimate that the company’s net profit in 2019 and 2020 will be 8 respectively.

4.8 billion, 9.

4 trillion, corresponding to an estimate of 7.

2 times, 6 times

5 times.

Give “Recommended” rating.

Risk warning: New product mass production progress is less than expected, and downstream vehicle industry growth is less than 武汉夜生活网 expected.