Mingtai Aluminum (601677) 2018 Annual Report Comments： Sales increase and performance growth continue to be bullish on new production line volume
Mingtai Aluminum (601677) 2018 Annual Report Comments: Sales increase and performance growth continue to be bullish on new production line volume
Investment Highlights The company released the 2018 annual report and the 2019 quarterly report: In 2018, the company achieved operating income of 133.
20,000 yuan, an increase of 28 in ten years.
5%; net profit attributable to mother 4.
96 ppm, an increase of 40 in ten years.
8%; deduction of non-net profit 3.
94 ppm, a 10-year increase of 10.
In Q1 2019, operating income was 34.
30,000 yuan, an annual increase of 23.
2%; net profit attributable to mother 1.
43 ppm, a ten-year increase of 9.
3%; net profit deducted from non-attributed mothers1.
30 ppm, an increase of 27 in ten years.
Analysis of reasons for company performance growth.
First, production and sales continued to increase in 2018, boosting performance growth.
In 2018, the company sold aluminum foil10.
8 cobalt aluminum plate with 64.
98 nominal, totaling 75.
78 growth rate, an annual growth rate of 19%.
The gross profit margin of aluminum strips reached 8.
1%, an increase of 0 over the previous year.
5 units, and the gross margin of aluminum foil is 14.
05%, a decrease of 1 from the previous year.
Overall, the company achieved gross profit in 201811.
7.4 billion, an increase of 2 over the previous year.
Secondly, in 2018, other income and investment income all contributed positively to performance.
In 2018, the company’s other income and investment income reached 51.72 million yuan and 36.22 million yuan, respectively, an increase of 43.02 million yuan and 41.16 million yuan over the previous year.
The third is that the period cost has dragged down performance.
The company’s period expenses in 2018 reached 5.
9.9 billion yuan, a large increase over the previous year.
The 深圳spa会所 projects under construction have been put into production one after another, and will continue to boost performance in the future.
First, the welding production line has been running steadily, and the supporting aluminum production equipment is being installed. In the future, it can be self-supplied and sold outside, increasing profits.
The second is an annual output of 12.The main equipment of the aluminum plate project for the 5 spindle car has been installed in place and is being moved.
Third, the convertible bond investment has been completed, and the 1 + 1 hot-rolling project is undergoing an orderly transformation and upgrade.
Earnings forecast and grade: The company is expected to achieve net profit attributable to mothers from 2019 to 2021.
27 trillion, the corresponding EPS is 1.
04 yuan, 1.
20 yuan, 1.
40 yuan, with a closing price of 10 on April 26, 2019.
The calculated PE of 59 is 10.
We maintain a “prudent overweight rating” for the company.
Risk reminder: Aluminum prices fluctuate sharply, new projects are less than expected, other factors