Guiyan Platinum (600459) 2018 Annual Report In-depth Comments: Performance Meets Expectations Precious Metals New Materials Help Boost High Profits

Guiyan Platinum (600459) 2018 Annual Report In-depth Comments: Performance Meets Expectations Precious Metals New 深圳桑拿网 Materials Help Boost High Profits
The company achieved revenue of 170 in 2018.74 ppm, a 10-year increase of 10.57%; net cash flow from operations 3.1.8 billion, an increase of 12 over the same period last year.600 million; net profit attributable to mother 1.570,000 yuan, an increase of 31 in ten years.69%.Give the company a PE estimate of 35 times in 2019, corresponding to a target price of 19.6 yuan, maintain “Buy” rating. The company’s performance growth was in line with expectations.The company achieved revenue of 170 in 2018.74 ppm, a 10-year increase of 10.57%; net cash flow from operations 3.1.8 billion, an increase of 12 over the same period last year.600 million; net profit attributable to mother 1.570,000 yuan, an increase of 31 in ten years.69%; net profit after deduction to mother 1.250 thousand yuan, an increase of 36 in ten years.29%; basic profit return is 0.45 yuan / share, an increase of 31 in previous years.43%.The rapid growth of the company’s profits is basically the company’s main business profit growth and Guiyan Zhongxi (Shanghai) ‘s performance consolidation; the actual net operating cash flow rebounded, mainly due to the increase in sales receipts and discounted notes receivable during the reporting period. Leading precious metals and new materials have made steady progress, and their main business income has increased rapidly.As a leading domestic noble metal material company, the company has a complete industrial chain and advanced technology.In 2018, the company continued to expand the market, the scale of production and operation continued to expand, and the profitability continued to increase: 1) The revenue of precious metal products such as precious metal special functional materials, information functional materials, precursor materials, industrial catalyst materials, and catalytic decomposition purifiers increased significantly, respectively.Increasing 31 per year.83% / 14.71% / 31.24% / 66.41% / 27.81%, the revenue of precious metal renewable resource materials increased by 37 each year.At 48%, the precious metal trade remained stable; 2) The gross margins of precious metal products and precious metal renewable resource materials were 6, respectively.49% / 6.02%, 0 each year.9pct / 0.6 points. The fields of hydrogen fuel cells and automobile exhaust catalysis are expected to become new growth poles for the company.The implementation of National Six emission standards is expected to significantly increase the use of platinum group metals in catalytic converters for exhaust gas. It is expected that the amount of platinum group metals used in the domestic automotive exhaust catalyst industry will increase to 110 tons in 2020, and the CAGR will be 10 in 2017-2020.8%.The company’s precious metal catalytic materials are widely used in hydrogen fuel cells. The fuel cell industry has gradually become the next new energy outlet under the dual role of policies and markets. According to the Roadmap for Energy Saving and New Energy Vehicle Technology, the scale of fuel cell vehicles in China in 2030It will reach one million vehicles, and it is expected that the demand for platinum metal catalysts will be drastically increased. The company’s precious metal catalytic material market space is growing rapidly and has significant growth. Risk factors: The domestic market is worse than expected, platinum group metal prices fall, and technological progress 杭州桑拿网 and product updates are lagging behind. Investment suggestion: We maintain the company’s net profit forecast for mother to 2019-2021 at 2.47/3.63/4.550,000 yuan, taking into account the recent company’s rights issue caused by changes in share capital, we adjusted the corresponding EPS for 2019-2021 to 0.56/0.83/1.04 yuan (2019/2020, EPS was originally predicted to be 0.73/1.07 yuan), currently expected 16.68 yuan, corresponding to a PE of 30/20/16 times in 2019/20/21; referring to the assessment level of domestic listed companies in the new materials industry and the company’s future growth, the company is given a PE estimate of 35 times in 2019 and raised its target price to 19.6 yuan, maintain “Buy” rating.