Xingyu Co., Ltd. (601799) 2018 Annual Report Comments: Performance Meets Expected Gross Margin Level

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Xingyu Co., Ltd. (601799) 2018 Annual Report Comments: Performance Meets Expected Gross Margin Level

Company dynamics The company recently released its 2018 annual report.

Matters comment The expected performance has reached expectations. The growth rate forecast in the fourth quarter affected by the industry is in line with expectations, thereby achieving operating income of 50.

0.74 million yuan, an increase of 19 in ten years.

24%, net profit attributable to shareholders of listed companies.

11 ppm, an increase of 29 in ten years.


Affected by the sales of the automobile market, the company’s growth rate in the fourth quarter was preliminary and realized operating income13.

50 ppm, a ten-year increase of 8.

15%, net profit attributable to mother 1.

71 ppm, an increase of 16 in ten years.


The gross profit margin of sales increased steadily. During the period, expenses were properly controlled. The gross profit margin of Q4 company was 25.

86%, an increase of 5 over the same period last year.

31pct, the higher gross margin is 22.

56%, up 0.

99pct, in which the gross margin of headlights, triangle warning signs, and expansion joint cables rose by 0.

75pct, 1.

34 points, 4.

38 points.

In terms of period costs, the cost for the period of 18 years is 9.

03%, a decrease of 0 from 17 years.

88pct, sales expense ratio, R & D expense ratio, financial expense ratio improved slightly, and management expense ratio was basically flat.

The sales of car lights and the steady increase in prices, product research and development smoothly promoted the company to undertake 73 new lamp projects in 2018, batch production of 102 lamp projects, basically unchanged from the 17 years.

Sales of car light products were 6,459.

530,000, an increase of 13 in ten years.

3%, with an average price of 69.

75 yuan / piece, 6% increase in ten years.

At the same time, the company successfully developed predictive headlights, NDAS intelligent headlights, LIN / CAN controlled RGB turn 武汉夜网论坛 lights, two-way dual-light LED lens components and other products. The automotive electronics and lighting research and development center project has begun construction.

The investment proposal estimates that the company’s net profit attributable to shareholders of the parent company from 2019 to 2021 will be 7, respectively.

9 billion, 9.

7.3 billion, 11.

5.3 billion, the corresponding EPS is 2.

86 yuan, 3.

53 yuan, 4.

18 yuan, the corresponding PE is 21 times, 17 times, 14 times, maintaining the “overweight” level.

The risks indicate that the sales of downstream customers are lower than expected risks, and the new production capacity is not in line with expected risks.