Halma Technology (002595): Increase in mold revenue but profitability

Halma Technology (002595): Increase in mold revenue but profitability
Event: The company’s 1H19 revenue was 19.690,000 yuan, an increase of 14% in ten years, net profit attributed to the mother3.750,000 yuan, an increase of 6% in ten years.By quarter, 1Q19 / 2Q19 revenue was 10 respectively.06 ppm / 9.64 ppm, the annual growth rate is +37% /-3%.In terms of products, the revenue of mold / large parts / casting 1H19 was 13 respectively.84 ppm / 2.18 ppm / 3.09 million yuan, the annual growth rate is +5% / + 42% / + 40% /.The company’s gross profit margin for 1H19 was 32.0%, down by 1 every year.At 4ppt, we think that it is expected that the income structure will be adjusted. On a quarter-on-quarter basis, the company’s profitability is improving. Domestic sales of molds may be affected by domestic car sales, but the market share continues to increase.According to the Automobile Industry Association, China’s auto output fell by 13 in 1H19.7%, we 杭州夜网 believe that it is a consumable for tire manufacturing, and the company’s mold business for domestic tire supporting companies may suffer.In the same industry, the revenue of the giant wheel intelligent 1H19 tire mold decreased by 24%, and the gross profit margin was only 11.0%.The company’s mold business in 1H19 has annual revenue growth of 5% and a gross profit margin of 35.3%.As a tire mold leader with customers all over the world, we believe that the company’s global city share may continue to increase. Revenues and gross profit margins of foundry and large parts both rose.In 1H19, the revenue growth of the casting and large-scale parts business even exceeded 40%. At the same time, the company’s other business except molds saw a decrease in gross profit margin by 5%.09ppt, as two non-mould business segments with relatively 杭州桑拿网 large revenues, we believe that the gross profit margin of casting and large parts may increase.Looking back, we believe that the casting business is expected to continue to grow through the successive release of new production capacity and the improvement of customer recognition.At the same time, we believe that as part of the processing of incoming materials, large parts are also expected to benefit from the heavy growth of the casting business. Estimates and ratings.Due to the 1H19 revenue growth of the mold business, and the casting / large parts performance is still strong, we expect the EPS to be 1 in 2019-2021.09 yuan, 1.24 yuan, 1.42 yuan, with reference to a comparable company’s assessment, giving the company a 19-20 year PE estimate, with a reasonable value range of 19.62 yuan-21.80 yuan, “continuous market” rating. risk warning.The price of raw materials has risen, the transfer of prices has been hindered, and international trade has been in friction.