Enjie (002812): Shanghai Enjie consolidated performance commitments
Investment Highlights: The company released its 2018 annual report: the report consolidated and the company realized operating income24.
5.7 billion (+16.
2%), net profit attributable to mother 5.
180,000 yuan (+40 compared with the same period last year).
8%), the performance was in line with expectations.
Due to the fact that the listed company completed the actual controller Shanghai Enjie 90, a multiple wet splitting company, on July 21.
For the purchase of 08% equity, the annual data is calculated after adjusting for 17 years.
Shanghai Enjie achieved consolidation and successfully fulfilled its performance promises.
Shanghai Enjie is mainly engaged in wet process scale. Due to the continuous increase in sales of new energy vehicles and the rapid increase in the ternary battery penetration rate, the demand for wet process scale is continuously expanding, and the pressure of product prices facing the replacement industry is falling.Expansion and technological upgrading, the cost side continued to be optimized at the same time, and under the circumstances of other gradual profit growth of other wet alternative companies, the company still maintained high profitability.
Shanghai Enjie Wet Dispersion Revenue in 201813.
28 ppm, an increase of 48 in ten years.
6%, net profit 6.
3.8 billion, net profit after deduction 5.
8.5 billion, more than 5.
5.5 billion performance commitment.
Shanghai Enjie’s net profit attributable to shareholders of listed companies.
76 ppm (of which the net profit from January to July was 2.
72 ppm, based on the proportion of equity purchased from the ultimate controlling party53.
After a gradual adjustment of 86%, the net profit attributable to the mother is 1.
4.7 billion; Net profit from August to December was 3.
66 ppm, based on the company’s actual purchase of Shanghai Enjie’s equity ratio of 90.
08% credited to net profit attributable to mother is 3.
The global leader in wet laws and regulations has been further 南京夜网 improved, and overseas customers have promoted accelerated volume.
As of the end of 2018, Shanghai Enjie’s wet-dispersed production capacity was 1.3 billion square meters, with a replacement volume of 4.
6.8 billion square meters, the global budget market accounts for 14% of the market share, and China’s wet segmentation market accounts for 45% market share.
Maximize production capacity and market share. The world’s largest, global leaders merge.
The company’s downstream covers mainstream power battery companies. In addition to domestic high-quality customers such as CATL, Guoxuan Hi-Tech, BYD, Funeng, Lishen, overseas customers such as LG Chem, Samsung, and Panasonic continue to develop supply chains. It is expected that overseas high-end products will accelerate in 2019.Heavy volume.
As overseas customers have higher requirements for product quality and product prices are more than 50% higher than domestic prices, an increase in the proportion of overseas customers is conducive to weakening the negative impact of the continuous downward price decline.
In order to further meet the growing demand of downstream customers, the company plans to complete the construction and commissioning of 20 production lines by the end of 2019, and the capacity scale is expected to reach 2.8 billion flats in 2020, further expanding its leading advantages.
Fundamental progress in the main business, the focus of the future shift to the field of consumer goods.
The main business of listed companies is the leading companies in the packaging industry, mainly supporting tobacco. In the past two years, due to intensified competition in the industry, the prices of major products have fallen, raw material prices have increased, and merger and acquisition costs have increased.
420,000 yuan, an average of 73 in ten years.
The company’s raised projects will expand the capacity of aseptic packaging and specialty paper, and focus on the fast-growing consumer goods sector. It is expected to return to the growth track in the future.
Investment suggestion: Maintain the “overweight” rating, maintain 2019-20, and add a profit forecast for 2021. It is expected that net profit will be returned to the mother in 2019-21.
33, 15.7.2 billion, EPS 1.
32 yuan, PE 31X, 23X, 16X.
Risk reminder: release of production capacity exceeds expectations, intensified competition in the industry leads to sharp fluctuations in product prices