Zhejiang Dingli (603338) 2018 Annual Report Review: Leading Steady Growth Continues High Growth Trend for 18 Years
This report reads: The company’s 18-year performance has maintained rapid growth, and its internal sales and arm sales have significantly improved in structure.
Looking forward to 2019, the AWP industry will maintain a better development trend, and the company’s increased production efficiency will lead to capacity expansion.
Investment highlights: Conclusion: The company’s 2018 revenue / attributable net profit were 17 respectively.
8 billion, an increase of 49.
9% / 69.
7%, in line with expectations.
According to the expected growth of the domestic AWP market in 2019, the company’s production capacity continues to contribute to the increase, raising the company’s EPS in 19-20 to 2.
24) / 3.
69) yuan, plus 21 years of EPS is 5.
20 yuan, with reference to the industry average level, giving the company 33 times PE in 19 years, correspondingly raised the target price to 92.
07 yuan, maintaining the “overweight” level.
The proportion of domestic sales increased, and the gross profit margin of arm-type products increased as scheduled: ① In terms of regions, the company’s overseas revenue in 18 years9.
2 trillion, the same increase of 30.
2%; the domestic market has deepened the cooperation with large leasing companies, and the income in 18 years7.
200 million, an increase of 84.
2%, the proportion 西安耍耍网 increased to 42%.
According to our grassroots research, based on the expansion of downstream applications, customer acceptance and other reasons, the development of the domestic market in 19 years is still expected to be better; ② by product, arm revenue2.
100 million, a 103% increase, the gross margin increased by 9 under the effect of scale.
35 Crata 34.
58%; cut fork income 12.
800 million, an increase of 50.
3%, gross margin is stable at more than 40%.
Judging that the company’s gross profit margin is expected to further increase after the company’s investment projects have reached production.
The production efficiency continued to improve, and the capacity of the shear fork + arm type continued to expand: ① The company’s shear fork products have been upgraded from one in 15 minutes to one in 11 minutes.
“An 武汉夜网论坛 annual output of 1.
The “50,000 Scissors and Fork Project” has also been put into production smoothly, and one mini-scissor product has been rolled out every 8 minutes, and the production capacity and efficiency have been effectively improved; ② The company has completed the layout of arm-type products and production lines and upgraded the arm-typeThe new product has become the leading work, and it has been produced in small batches and put on the market.
The fourth phase of the arm-type project has also completed the construction of the main factory, which is in the final stage of construction and the equipment procurement stage, and will lay out the focus of the future development of the industry in advance.
Catalyst: Arm-type products are coming out Risk factors: Risk of Sino-US trade friction