Zhejiang Dingli (603338): Growth and maintenance continue to exceed domestic expectations
The company’s net profit increased by 69 in 2018.
7%, an increase of 51 in the fourth quarter.
The company achieved revenue of 17 in 2018.
08 million yuan, an increase of 49.
9%; net profit attributable to mother is 4.
800,000 yuan, an increase of 69.
7%, including government subsidies, wealth management and equity investment income.
Deduct non-net profit 4.
280,000 yuan, an increase of 58.
Comprehensive gross profit margin decreased slightly by 0.
46%, exchange gains helped improve financial costs.
We believe that the primary reason for the reduction in gross profit margin is the reduction in the gross profit margin of miniature shears exported overseas.
In addition, on the basis of heavy volume, the gross profit margin of arm-type products has increased by 9.
In the current period, the company realized 0 exchange gains.
23 trillion, an increase of 0 from last year.
460,000 yuan, helping to greatly improve financial costs.
The domestic growth rate exceeded expectations, and the company will reach a new level of growth under the release of arm-type demand.
In 2018, the company’s domestic market revenue reached 7.
16 trillion, an increase of 84.
2%, exceeding expectations.
The 南京夜网 domestic aerial work platform market is in a rapid growth period, and it pays attention to two positive changes: First, it has expanded rapidly.
Sales in 2018 were about 30,000 units, an increase of 66 in ten years.
7%, an average growth rate of 57 in the past five years.
As of the end of 2018, the number of equipment holdings has also increased to 9.
About 50,000 units.
The second is the release of arm-type demand.
The vertical of the construction scene and the operation of the leaser are relatively mature, and the domestic arm type demand will gradually increase.
In 2018, the sales volume of the company’s arm products increased by 98 compared with last year.
The new arm-type product developed by Magni has been released. The new production line is expected to be put into production in May 2020. The release of high-efficiency arm-type power generation will help the company reach a new level.
Foreign countries continue to grow, and 2019 is expected to remain booming.
In 2018, the company’s overseas sales reached 9.
25 trillion, an increase of 30.
2%, an improvement.Overseas business conditions are expected to improve this year: United Leasing’s AWP rental income will increase by 14% in the fourth quarter of 2018, and capital expenditure on new equipment purchases in 2019 is expected to increase by 2% -9%; Oshkosh raised the growth rate of access equipment business to 16%-22％；特雷克斯 预期AWP收入同增21％。
We believe that the company will maintain stable growth in overseas revenue through high-quality cost-effective, differentiated products and through high-quality distributor channels.
Optimize production processes and increase production and efficiency.
Through intelligent transformation, in 2018, the company’s production speed of shear fork products increased from 15min / set to 11min / set.
The mini-scissor technical transformation project was put into production in July, achieving a production speed of 8min / set.
The release of new capacity and the improvement of efficiency are the core support for the company’s high growth in 2018.
Profit forecast and estimation.
It is estimated that the net profit for 2019-2021 will be 6, respectively.
1.8 billion, EPS is 2 respectively.
11 yuan, corresponding to the current sustainable PE is 31.
Maintain the “overweight” rating.
Risk reminder: the subdivision of the boom platform industry in Europe and the United States; the domestic boom platform market’s growth is less than expected; industry competition is intensifying.