Sanhua Intelligent Control (002050): Revenue maintained steady growth and profitability declined slightly

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Sanhua Intelligent Control (002050): Revenue maintained steady growth and profitability declined slightly

Sanhua Intelligent Control (002050): Revenue maintained steady growth and profitability declined slightly

Revenue maintained steady growth and profitability declined slightly. The company disclosed the 2019 first quarter report: the company achieved revenue in Q1 201927.

800 million (+7 year-on-year.

9%), to achieve net profit attributable to mother 2.

600 million (+4 year-on-year.

2%), corresponding to a net interest rate of 9.

3% (YoY-0.


The downstream demand of the refrigeration business may shrink, and the global leader highlights the pressure-bearing capacity industry online data shows that from January to February 2019, air-conditioning production was 21.63 million units (YoY-0.

5%), the previous cumulative sales of continuous valves, four-way valves, and electronic expansion valves were 40.69 / 1.868 / 8.27 million, respectively, while increasing by -0.

56% / 0.

97% / 9.


In addition to the better expansion of electronic expansion valves that benefit from increased permeability, the growth of termination valves and four-way valves has been caused.

When the industry’s overall inventory pressure and other factors drive downstream demand or contraction, the company’s pressure capacity as a global leader in refrigeration 杭州夜生活网 components is obvious, and the steady growth in the income side shows a good advantage.

Under the influence of the prosperity and raw materials, the gross profit margin is under pressure, the exchange rate pressure has improved, the financial costs have improved, the raw material prices have rebounded, and the industry’s prosperity has changed.The increase in the merger’s downstream prosperity has led to the company’s gross profit pressure level, and the gross profit margin in Q1 2019 was 25.

2% (-2% YoY).

3pc); exchange rate pressure to improve the overall expense ratio: the company’s expense ratio during the 2019Q1 period reached 4 respectively.

0% / 9.

6% / 1.

8%, a ten-year change of -0.

3 / +1.

3 / -1.

3pct. At the same time, the increase in the floating profit of foreign exchange forward contracts drives the increase in fair value gains, accounting for 1.

3% (+ 1% year-on-year.


The profit forecast predicts that the company’s net profit attributable to its mother for 2019-2021 will be 14.

2, 16.

3, 18.

600 million, an increase of 10 in ten years.

2%, 14.

4%, 14.

1%, the latest closing price corresponds to PE 26 in 2019.


Considering the continuous growth of new energy auto zero business orders and expected to be heavy in the next two years, and the long-term certainty of the refrigeration business, it is estimated that it will be repaired after conversion to 2019, giving the company PE 27x in 2019, and 2018 closing priceThe corresponding median static forecast for the year remains the same, corresponding to a reasonable value of 18.

09 yuan / share.

Maintain “Buy” rating.

Risks suggest that the industry’s prosperity is falling; the prices of raw materials are rising; the penetration of new energy vehicles is less than expected.