Yinlun shares (002126) 2019 third quarter report review-short-term bottom has long-term development can be expected

Yinlun shares (002126) 2019 third quarter report review-short-term bottom has long-term development can be expected
The company achieved zero net profit attributable to its mother in the third quarter of 2019.54 ppm per year -33.6%, net of non-attributed net profit 0.23 ppm (decade -69.6%), slightly lower than expected, short-term performance lows have now been reached, and subsequent expectations have improved.As a leader in the field of automotive thermal management, the company has a clear medium- and long-term development strategy. Its business has expanded from commercial vehicles to passenger vehicles, from traditional thermal management to new energy thermal management.Buy “level. The net profit attributable to the mother in the single quarter of 2019Q3 was zero.54 ppm per year -33.6%.The company 南宁桑拿 achieved revenue of 38 in the first three quarters of 2019.6 trillion, +1 a year.1%; net profit attributable to mother 2.56 ‰, at least -9.8%; deduct non-attributed net profit1.63 ppm, ten years -37.6%.In terms of quarters, 2019Q3 achieved quarterly revenue11.6 ‰, at least -2.2%; net profit attributable to mother 0.54 ppm per year -33.6%, -41.7% (Q1 and Q2 return to the mother’s net profit are 1 respectively.0.9 million yuan and 0.9.3 billion); Q3 net non-attributed net profit 0.23 ppm, ten years -69.6%.The short-term performance of the third quarter under pressure in the main categories of traditional passenger car business was low, and the initial costs of mergers and acquisitions with foreign mergers and acquisitions were relatively high. Gross margin decreased slightly on average, and expenses increased during the period.The 深圳SPA会所 company’s gross profit margin for the first three quarters of 2019 was 24.0%, 24 last year.9%, a decline of 0 per year.9.In a single quarter, the gross profit margin for a single quarter of 2019Q3 was 23.0%, down by 1 every year.5pcts, down from the chain.9pcts (Q1 and Q2 gross margins are 24.9% and 23.7%), the decline in gross profit margin is expected to be mainly due to the impact of traditional passenger car business.Period expenses have risen, and the rate during the single season in Q3 was 21.0%, ten years +4.2pcts, +4 from the previous quarter.7pcts (Q1 and Q2 are divided into 16.2% and 16.3%), of which sales expenses decreased by 5.9%, ten years +1.8pcts, is expected to be mainly due to the impact of consolidated Sweden Setrab; management fee rate 5.9%, ten years +1.6%, which is expected to be mainly due to the cost increase caused by new business development of European silver wheels; R & D expense ratio4.8% +0 per year.7pcts, which is mainly the growth of new projects in Europe; the financial rate is 0.9%, ten years +0.2pcts, relatively stable. Strategic upgrades expand business space and actively deploy Europe to welcome global substitution.The company has successively completed multi-dimensional strategic upgrades in recent years, and customers have transitioned from construction machinery, commercial vehicles such as Caterpillar, Cummins, Weichai, Geely, Great Wall, Ford, Jaguar Land Rover, GM, etc.The company grasped the direction of electrification of automobiles, and the new energy business entered GM, Volvo, Ford, Ningde Times, Geely and other high-quality customers at home and abroad.In addition, the company actively promotes progress, 1) in terms of overseas entities: the European operation center is established on the basis of the German Preh company and the British office, and cuts into the European passenger market.Already owns subsidiaries such as Yinlun Europe, Prime, and Staples to replace the first-mover advantage.2) In terms of talents and mechanisms: In 2018, he once worked at Daimler, and Jaguar Land Rover’s executive Wang Ning served as the chief executive officer of Euro Silver.European native talent. Continue share repurchases, demonstrating confidence in development.The company’s share repurchase plan announced by the company intends to use its own funds to repurchase shares at a total price of no more than 9 yuan per share within the next year.5-1.It is estimated that the total repurchase amount is up to 100 million US dollars, and the maximum repurchase price is 9 yuan per share. It is estimated that 11.11 million shares can be repurchased (accounting for 1 total share capital.40%), reflecting the company’s confidence in the future development prospects and company value. Risk factors: Sales of major downstream passenger car customers are not up to expectations; new product development is not up to expectations; raw material prices fluctuate. Profit forecast and estimation.Considering the third quarter of the passenger car industry’s economic pollution, which has a certain impact on the company’s performance, the company’s 2019/20/21 return to net profit attributable to mothers is reduced to 3.26/4.11/5.2.2 billion (previous forecast 19/20/21 3).67/4.46/5.5.7 billion), the corresponding EPS is 0.41/0.52/0.66 yuan (previously 19/20/21 predicted 0.46/0.56/0.69 yuan), the current price of 7.14 yuan, corresponding to 17/14/11 times PE in 2019/20/21.Considering the company’s current development strategy in the field of new energy vehicles, as well as the company’s product and customer reserves, it is optimistic about the company’s future growth in the long term, and continues to recommend and maintain a “buy” rating.