Guiyan Platinum (600459): Performance meets expected emissions, new nominal emissions drive growth

Guiyan Platinum (600459): Performance meets expected emissions, new nominal emissions drive growth
Event description: The company released its 2018 annual report and achieved 170 revenue.74 ppm, a 10-year increase of 10.57%; net profit attributable to mother is 1.570,000 yuan, an increase of 31 in ten years.69%; budget benefit 0.46 yuan / share. Comment on the incident: Guiyan, China and Greece consolidated their financial statements.The operating income of precious metal special functional materials increased compared with the same period last year.83%, the main reason is the new consolidated statement of Guiyan, China and Greece this year; gross profit margin increased by 2.There are 43 single ones, the first of which is the high gross profit margin of products such as rivets, composite strips, and silks from Guiyan.The company holds 60% equity of Guiyan Zhongxi, and is mainly engaged in electrical alloy functional materials, electrical contact materials and components and other businesses.30,000 yuan, net profit 26.97 million yuan. Three expenses have increased, and the allocation of funds is expected to reduce financial expenses.In 2018, the company’s sales expenses, management expenses and financial expenses were 0.62, 1.06, 1.4 ‰, an increase of 18 per year.92%, 23.05%, 70.63%.The substantial increase in financial expenses was initially due to the increase in the size of bank loans and the increase in loan interest rates during the reporting period.In the first quarter of 2019, the company raised US $ 1 billion through rights placements to repay bank loans and replenish liquidity, and it is expected to reduce financial costs. The national five liter national six and hydrogen fuel cell catalyst are expected to become the 重庆耍耍网 company’s future performance growth point.According to the Ministry of Environmental Protection’s time plan, the National Six A Standard will be popularized in July 2020; the National Six B standard will be popularized in 2023.The improvement of each round of emission standards will increase the use of platinum group metals in bicycles, and will increase the company’s catalyst vehicle revenue and profits.In addition, as a rare domestic fuel cell catalyst manufacturer (currently in the laboratory stage), the company is expected to benefit from the volume of hydrogen fuel cell vehicles in the future. Profit forecast and investment suggestions: It is expected that the company’s net profit attributable to the parent in 2019-2021 will be 1.97, 2.37, 2.RMB 870,000; EPS are 0.45, 0.54, 0.66 yuan, with a daily corresponding P / E 成都桑拿网 of 49 on April 19, 2019.78X, 41.38X, 34.15X, give overweight rating. Risk reminder: Gasoline vehicle sales significantly expand, platinum group metal prices fall sharply