Wanrun shares (002643) 2019 first quarter report comment: the first quarter results significantly increased internal materials growth can be expected

Wanrun shares (002643) 2019 first quarter report comment: the first quarter results significantly increased internal materials growth can be expected

Event: The company released the 2019 first quarter performance report, reporting and realizing operating income6.

6.2 billion, an increase of 0 every year.

62%, achieving net profit attributable to the parent company1.

10,000 yuan, discounted to EPS 0.

11 yuan, an increase of 58 each year.


杭州桑拿 Opinion: The long-term growth of the company’s net profit is mainly due to changes in its orders and product structure to increase the company’s product gross profit margin, and boots increase its net profit.

In addition, the additional reduction in research and development expenses and exchange losses must increase the company’s net profit.

The convertible bond project was launched, and new solid material production capacity transmission ensured that the company’s performance increased. The national and national standards required diesel vehicles to be equipped with SCR to reduce nitrogen oxide emissions.

As the core material of SCR, basic molecular sieve is expected to exceed the first level after the comprehensive promotion of National VI.

The company has 3350 tons of new intermediate materials, which is in full 深圳丝袜会所 production and sales, with a capacity of 2500 tons under construction. It is expected to be completed and put into operation in mid-2019.

In addition, the company publicly issued convertible bonds12.

The US $ 7.8 billion expansion of a new-type environmentally friendly material production line with an annual output of 7,000 tons. We believe that relying on increasingly stringent global automotive emissions standards, these environmentally friendly materials businesses are expected to become a stable source of performance growth for the company in the future.

The growth of OLED materials can be expected. The companies each own a subsidiary of March Optoelectronics and Jiumu Chemical.

At present, the verification of OLED finished materials produced by Optoelectronics in March has progressed smoothly in downstream manufacturers and has entered the volume verification stage; Jiumu Chemical has successfully released three strategic investors, Yantai Kunyi, Luxiao Group and Gao Hui Technology, which are expected to be coordinated by the war investmentContinue to improve the production technology level of OLED intermediate and pre-sublimation materials, and consolidate its market share.

In the future, with the expansion of the application scale of OLED materials in the small-sized display field, the company’s OLED material business growth can be expected.

Estimates and ratings We maintain our profit forecast for the company in 2019-2020 and increase our profit forecast for the company in 2021.

It is estimated that the company’s net profit attributable to the mother in 19-21 will be 5 respectively.

22, 6.

10 and 6.

93 trillion, the corresponding EPS is 0.

57, 0.

67 and 0.

76 yuan, maintaining the company’s 21 times PE in 19 years, maintaining a “buy” rating.

Risk reminders: New projects fail to meet expected risks; OLED promotion falls short of expected risks; appreciation of renminbi reduces company’s revenue risks; National Six promotion falls short of expected risks