Qibin Group (601636): Performance warming and flexibility can be expected

Qibin Group (601636): Performance warming and flexibility can be expected

This report reads: The company’s Q3 float price increased significantly quarter-on-quarter, and its single-quarter performance increased by 34.

5%, exceeding market expectations.

Investment Highlights: Maintain “Overweight” rating.

The company achieved revenue of 65 in the first three quarters.

3.2 billion yuan, the same as 7.

8%, net profit attributable to mother 9.

27 ppm, 10-year average3.

33%, it is estimated that the net profit attributable to mother in Q3 will be about 4.

1 trillion, with an increase of 34.

5%, exceeding market expectations.

Increase the company’s EPS in 2019-21 to 0.

51 (+0.

05), 0.

63 (+0.

12), 0.

75 (+0.

17), raise the target price to 6.杭州夜生活网

1 Yuan.

Q3 float price has increased significantly in the past, and the price increase is still ongoing.

It is estimated that the original float box of Q3 company is about 75 yuan per box, and it will increase by 1.

7 yuan, up by 1 month.

The gross profit of the box and the net profit of the box are about 19 and 13 yuan, respectively, which will increase by about 1.

8, 3.

2 yuan, an increase of 2 from the previous month.

8, 2.

6 yuan.

After the third quarter, the float price center continued to rise. It is expected that the price in September will increase by more than 2 yuan from July, and the profit will continue to climb. The increase in box net profit in September will match the scale.

The production and sales rate in Q3 exceeded 100, and demand continued to pick up.

It is estimated that the company’s 南宁桑拿 Q3 float production and sales are about 33 million and 31 million heavy boxes respectively, which increase by 3.8 million and 600,000 heavy boxes each year, compared with the increase of 3.6 and 1.8 million heavy boxes.

5%, an increase of over 5pct.

As of October 16, the company’s domestic inventory had replaced less than 4.3 million heavy cases, a decrease of approximately 1.2 million heavy cases compared with the end of the second quarter.

As of the end of September 2019, the company has 26 float lines with a daily melting volume of 17,600t.

The company’s 65t / d electronic glass production line was completed and put into production in July, and it is still in the process of debugging. We judge that the proportion of the company’s high-end products will promote a steady increase in the future.

Engineering glass turned losses into profits, and profitability continued to climb.

It is estimated that the company’s energy-saving glass revenue in the first three quarters was about 4.

7 trillion, the sector profit of about 650 trillion, turned losses into profit, Q3 income of about 2.

2 trillion, net profit of 8.5 million yuan, Guangdong, Zhejiang profit continued to improve, Malay to make up for the narrowing.

Risk reminder: Shahe production line shuts down less than expected