Evergrande High-tech (002591): 19Q1 performance exceeded expectations, optimistic about downstream recovery brings performance inflection point

Evergrande High-tech (002591): 19Q1 performance exceeded expectations, optimistic about downstream recovery brings performance inflection point

The event company announced the announcement of the 2019 performance pre-increasing announcement. The company expects to achieve net profit attributable to its parent of RMB 20 million to RMB 30 million in the first quarter of 19, an increase of 180 over the same period last year.

95% to 321.

43%, exceeding the original estimate of 11 million yuan to 14.5 million yuan (a few dozen increase by 54.

52% -103.


The short-scored performance was higher than expected, and the repayment effort increased to increase the company’s profits. The company’s 18-year performance bulletin disclosed and realized operating income3.

29 ppm, an increase of 26 per year.

85%; the net profit attributable to the parent company is 41.8 million yuan, an annual increase of 183.


In Q1, the company expects to realize a net profit of RMB 20 million to RMB 30 million, an increase of 180 from the same period of the previous year.

95% -321.

43% (originally revealed that net profit attributable to mothers was 1,100 times to 14.5 million, an increase of 54 over the same period last year.

52% -103.


), Performance growth exceeded expectations.

In addition, the company began to increase the receivables receivables in 18 years, and reduced the provision for bad debts under accounting policies to increase the company’s profits.

The newly acquired target Wuhan Feiyou in 2017, Changsha Jufeng, a subsidiary of the company’s Internet marketing business, has continued to develop. It has overfulfilled its performance commitments for two consecutive years to provide the company with stable operating income.

Since 18 years, the digestion of production capacity in the upstream industry has come to an end, and the demand for equipment investment has recovered. The company’s traditional anti-wear through business has stabilized and rebounded.

The company, as the only listed entity in the wear-resistant cutting-edge field and the developer of industry benchmarks, is expected to enjoy leading advantages when the industry recovers.

In addition, the company took the lead in the deployment of the acoustic environmental protection industry chain 杭州桑拿 in 2006. The independently developed cold welding technology for garbage furnace protection is leading in the country. With the increase of incinerator parameters, the demand for protection is increasing.

After 18 years, the company’s acoustic noise reduction and waste incinerator protection business have achieved rapid growth in orders and performance in 19 years.

The parallel operation pattern of the two main business sectors reduces the company’s environmental protection and energy-saving business risks. Adequate operating funds have promoted the company’s performance to progress steadily and continue to improve.

The growth of internal sources is strong, and the number of orders has increased rapidly. The company’s supplementary environmental protection business includes two areas of acoustic noise reduction and garbage stove protection. A large amount of R & D investment in the early stage has significantly benefited since last year.

The number of new orders in 2018 has grown explosively, and the cumulative bid amount from January to November has exceeded 70 million yuan.

In addition, the company has started technology research and development in the field of corrosion resistance of garbage furnaces since 2009. It has gradually become one of the few domestic companies that have core technology and is capable of large-scale construction. It has an alternative first-mover advantage. This technology can effectively improve incineration equipment.The heat and accurate engineering construction ensure that the company’s orders in hand continue to increase.

The orders obtained in 2017 exceeded 15 million yuan, and the new orders from January to September 2018 exceeded 30 million yuan. We have provided anti-wear and wear services for large enterprises for a long time and established a good customer relationship.

The company’s processable waste incinerator has an anticorrosive area of about two.

60-30,000 square meters / year, and it is planned to expand production to 4 according to the advancement of orders.

50-50,000 square meters / year.

Accelerating the release of policy dividends, optimistic about the company’s long-term development of the “13th Five-Year Plan,” the general requirements for the construction of ecological civilization have been gradually gradual, environmental protection policy dividends accelerated release.

The scale is the largest, the waste incineration treatment gradually expands the mainstream of the industry, and the market capacity of waste furnace protection needs is rapidly increasing. It is estimated that the market capacity will reach 7.8 billion in 2020.

At the same time, noise pollution has become increasingly serious, and policies have been intensively introduced to continuously establish a standard system for noise pollution correction. The amount of taxes is clearly stipulated for industrial noise exceeding the standard, and companies are forced to strengthen their control of noise pollution by themselves. The market for noise pollution control in the future is broad.

We expect that the company’s downstream customer relationships will be stable and orders will increase significantly under the support of existing technology and experience. In the future, it is expected that the market share of multiple business areas will increase rapidly, and there is great room for environmental protection business to increase.

In addition, the performance commitments of Internet companies have been well completed. They have established long-term in-depth cooperation relationships with upstream Internet giants such as upstream Baidu, Ali, Tencent, and Sun and Moon peers. They have gathered a wealth of high-quality media resources.Improve the company’s industry level.

We are optimistic about the company’s long-term development and maintain the previous profit forecast. It is expected that the company will achieve revenue 3 in 2018-2020.

29, 6.

05, 8.

3.5 billion; net profit attributable to mother42,1.


64 ppm; EPS 0.

14, 0.

38, 0.

53 yuan