Inner Mongolia First Machine (600967) 2018 Annual Report and 2019 First Quarterly Report Review: Full Orders and Delay in Product Delivery
This report reads: The company’s 2018 annual report is slightly lower than market expectations, mainly due to the delayed pace of product delivery.
We believe that the company’s full orders will benefit from “new products + military trade + pricing reform”, and stable growth is still expected.
Investment Highlights: Maintain “Overweight” rating, and reduce EPS for 2019深圳桑拿网-2021 to 0 due to delayed product delivery.
54 / yuan, the original forecast for 2019-2020 EPS is 0.
54 yuan, cut target price to 14.
82 yuan, corresponding to 38 times PE in 2019.
The company achieved revenue / net profit of 122 in 2018.
34 trillion, ten years +2.
5% / + 1.
67%, net income attributable to mothers in Q1 201916.
37 trillion, ten years +9.
03% / + 126.
96%, the net profit attributable to the parent was slightly higher than expected, due to the increase in index income and investment net income, as well as the impairment or reduction of assets.
We believe that the company is the leader of ground and ground armor. In the future, “Army Replacement + New Equipment + Military Trade” is expected to help the stable growth of performance, and the short-term delivery 苏州夜网论坛 delay will not affect the company’s long-term value.
The delayed delivery caused the 2018 performance to be slightly lower than expected, and long-term stable growth is still expected.
1) The company paid 59 in advance in 2018.
4.4 billion, up from +79.
It shows that the company’s order is still full; 2) The book balance of the in-process product in 2018 is 15.
6.4 billion, previously +39.
64%, and delivery is expected to gradually form in the first half of the year; 3) Net profit attributable to mothers in Q1 of 20191.
The growth rate of 3.7 billion was slightly higher than expected, and the index revenue increased by 9455.
180,000 (one year +152.
69%), with an impairment of 49.
650,000 (previous issue 1298.
880,000), investment income of 1758.
540,000 (63 in the previous issue).
Ground armored faucet, “new product + military trade + pricing reform” opens up room for growth.
1) There is a large demand for replacement of conventional armoured armor. It is estimated that the space of main battle tanks + wheeled combat vehicles exceeds 100 billion yuan; 2) Conventional armored vehicles are competitive and have an international market share of 11.
9%, resistance to development space; 3) The pricing reform of military products is expected to come to fruition, and the profitability of assembly plants can be expected to reach market levels.
Catalysts: new product launches; military pricing reforms.
Risk Warning: The delivery of orders is less than expected; the growth rate of military spending exceeds expectations.