China Jushi (600176) 2019 Third Quarterly Report Review: The company’s performance at the bottom of the fiberglass industry cycle fluctuates slightly, and its future development looks better
Investment Highlights Event: China Boulder released the third quarter report of 2019, which reported a real operating income of 77.
38 ppm, an increase of ten years.
43%; realized operating profit 18.
61 ppm, a decrease of 19 per year.
16%; realize net profit attributable to shareholders of listed companies.
49 trillion, down 19 a year.
02%, press the latest 35.
Based on the total share capital of 2.0 billion shares, it has realized diluted earnings.
44 yuan (0 after deduction).
44 yuan), semi-annual operating net cash flow of 0.
Among them, the third quarter achieved operating income of 26.
76 ppm, a ten-year increase2.
49%; realized operating profit 5.
95 trillion, down -24 a year.
11%; realize net profit attributable to shareholders of listed companies.
95 ppm, a decrease of 23 per year.
26%; quarterly EPS is 0.
Maintain the level of “prudent overweight”.
The capacity expansion of the glass fiber industry in 2018 caused the overall supply of glass fiber industry to exceed demand in the first three quarters of 2019. The price of glass fiber roving continued to fall, the 夜来香体验网 price of electronic yarn has been falling sharply, and profitability has declined.
During the period, the company’s product sales increased compared with the same period of last year, and the balance of production and sales has been basically achieved at the end of the third quarter.
China Stone is a leading company in the fiberglass industry. The company continues to expand its advantages in cost control and product quality, and leads the industry in profitability.
Since 2019, the price of glass fiber has continued to decline, and the company’s single quarter performance has declined slightly from the previous quarter.
At present, the downstream high-end application areas of the glass fiber industry are rapidly expanding, and the company continues to adjust its customers based on its research and development advantages. The product structure still has considerable growth space in the long run.
We adjusted the company’s EPS for 2019-2021 to 0.
70 and 0.
88 yuan, maintaining the investment rating of “prudent increase”.
Risk reminder: the risk of intensified industry competition; the company’s project construction progress is slower than expected.