Huayu Automobile (600741) Quarterly Report for the Year of 19 Comment: Performance decline is affected by increase in downstream production and non-recurring gains and losses

Huayu Automobile (600741) Quarterly Report for the Year of 19 Comment: Performance decline is affected by increase in downstream production and non-recurring gains and losses

The company’s net profit attributable to its parent was reduced by 36 in the first quarter of the year.

6% / 15.

1% of companies released quarterly reports, and achieved revenue of 355 in the first quarter of 1919.

7 ‰, the ten-year average of 11.

6%; net profit attributable to mother 18.

5 ‰, 36 years ago.

6%; net profit after deduction of non-return to mother 13.

6 ‰, 15 years ago.

1%.

The company’s revenue and passenger vehicle output increased by 12 in the first quarter of 19th.

4% related, and the company’s net profit before and after the deduction in the first quarter of 19 changes in the company’s main profit, and the company’s first quarter of the acquisition of the original holdings of Huayu Vision held a one-time premium9.

26 trillion is included in the current investment income.

  The gross profit margin increased, the net profit margin, and the expense ratio during the period was affected by the acquisition of Huayu Vision in the first quarter of 19th, and the company’s gross profit margin was 14.

3%, up 1 from the first quarter of 2018.

2 single; affected by the high base of investment income in the same period of last year brought by the company’s acquisition of Huayu Vision in the first quarter of 2018, the company’s net interest rate was 6.

6%, down from the first quarter of 20182.

6 averages, as of June 18.

The net interest rate of 6% was basically flat.

Affected by Huayu Vision’s consolidated statement on March 1, ’18, the company’s period expenses in the first quarter of 19 were 10.

4%, an increase of 1 over the first quarter of 2018.

Eight totals, of which the R & D expense ratio / management expense ratio / financial expense ratio are 3 respectively.

6% / 5.

4% / 0.

0%, rising by 1 every year.

14/0.

47/0.

15pct, selling expenses 1.

4%, a decline of 0 per year.

02 points.

  Intelligent vehicles and new energy fields continue to advance. The company is committed to independently controlling the development of the company’s intelligent interconnection. The new energy field continues to advance. 24GH rearward millimeter wave radar is mass-produced. Yanfeng Trim Fast Intelligent Cockpit System Domain Controller. Smart Trim.Research and development, Huayu electric drive motors have been matched for a variety of models, and Huayu Magna electric drive system research and development are progressing in an orderly manner.

In addition, the company focused on independent and controllable development. According to the announcement, the company achieved independent control of the automotive lighting business through the acquisition of 50% equity in Xiaoying’s car lights; the sale of Shanghai Tianhe shares, and 武汉桑拿 the establishment of Yanfeng Automotive Intelligent Safety System Company and integration of related technologiesAnd resources, to achieve the independent and independent development of the intelligent safety system for automobile occupants; by acquiring 50% equity of Shanghai Sax Powertrain, it has created conditions for the independent development of key components of the transmission system module.

  The investment suggestion is that the company underestimates the high dividend types, has high stability in profitability, and its automotive interior business has global competitiveness. At the same time, the company actively explores new energy and intelligent driving fields, and focuses on independent and controllable development.

We expect the company’s EPS to be 2 in 19-21.

28, 2.

42, 2.

57 yuan, corresponding to the current sustainable PE of 9.

9/9.

3/8.8 times.

The company’s estimate is at a historically low level. Combined with the company’s historical estimate and a comparable company’s assessment, we give 12 times PE in 19 years, with a reasonable value of 27.

4 yuan / share, maintain “Buy” rating.

  Risks suggest that the automotive industry is weaker than expected and overseas business; the uncertainty of foreign markets under trade friction.