Guiyan Platinum (600459) 2019 First Quarterly Report Review: Company Performance Meets Expectations Main Profitability Continues to Improve

Guiyan Platinum (600459) 2019 First Quarterly Report Review: Company Performance Meets Expectations Main Profitability Continues to Improve
The company achieved revenue of 49 in the first quarter of 2019.5 ppm, an increase of 28 in ten years.48%, an increase of 32.17%; net profit after deduction is 0.310,000 yuan, an increase of 86 in ten years.63%, an increase of 92.54%.We maintain the company’s net profit attributable to mothers for 2019-2021.47/3.63/4.55 trillion, corresponding to EPS.56/0.83/1.04 yuan, maintain “Buy” rating. The company’s performance was in line with expectations.In the first quarter of 2019, the company achieved revenue of 49.5 ppm, an increase of 28 in ten years.48%, an increase of 32.17%; net profit after deduction is 0.310,000 yuan, an increase of 86 in ten years.63%, an increase of 92.54%. Reported that while the company with rapid growth in operating capital achieved net profit attributable to non-returning mothers, it continued to grow rapidly, mainly because the company ‘s precious metal new materials business continued to improve its profitability.At the same time the company’s return on assets from the beginning of 62.28% expected 51 at the end of the period.05%, capital structure continued to optimize. The precious metal new material leader has grown steadily, and its main profitability has continued to increase.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 成都桑拿网 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. Automotive exhaust catalysis, hydrogen fuel cells and other fields 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 fuel cell industry 深圳SPA会所 is expected to become the next new energy outlet under the dual role of policies and markets. According to the “Technology Roadmap for Energy Saving and New Energy Vehicles”, the size of China’s fuel cell vehicles will reach one million in 2030, and it is expected that it will greatly drive platinum.The demand for metal catalysts, as a leader in precious metal catalyst materials, is expected to fully benefit, the market space is expected to continue to grow at a high speed, and the future growth will be significant. Risk factors: Market development is worse than expected, prices of platinum group metals fall, technological progress and product updates lag behind. Investment suggestion: We maintain the company’s net profit forecast for mother to 2019-2021 at 2.47/3.63/4.55 trillion, corresponding to EPS.56/0.83/1.04 yuan, currently expected 19.01 yuan, corresponding to 34/23/18 times PE in 2019/20/21, maintain “Buy” rating.