Siyuan Electric (002028): Performance is basically in line with expectations Domestic and overseas markets are picking up

Siyuan Electric (002028): Performance is basically in line with expectations Domestic and overseas markets are picking up

Revenue in 2018 increased by 6.

94%, net profit increased by 18.

23% of companies publish annual reports, with revenue of 48 in 2018.

0.7 million yuan, an increase of 6 in ten years.

94%, net profit attributable to mother 2.

950,000 yuan, an increase of 18 in ten years.

23%, corresponding to EPS.

39 yuan.

In essence, the company issued a 2019Q1 performance forecast, which is expected to return to its parent net profit of 0.

05?
0.

20 ppm, -0 from the same period last year.

The ratio of RMB 08,000 turned from loss to profit.

The basic performance of the development trend basically met expectations.

The company has a maximum supplementary contract order of 74.

80,000 yuan, an annual increase of 20.

5%, slightly higher than the initial board of 70 trillion goals; and revenue of 48.

07 trillion, slightly lower than the initial target of 50 trillion.

In addition, the company carried forward a total of 67 orders in 2019.

09 million yuan, an increase of 36 in ten years.

1%, expected growth base in 2019.

The switch category is expected to bottom out: revenue 20.

8.4北京夜网 billion, with a decrease of 2.

88%; and carry forward to order 27 in 2019.

49 trillion, with an increase of 54.

1% is expected to pull the plate rebound.

Coil, Reactive Compensation, and Intelligent Equipment Steady Growth: Coil Revenue 9

6.6 billion, an increase of 17.

64%, carry over order 10.

2.4 billion, an increase of 40.

8%; reactive power compensation income 8.

28 trillion, with an increase of 13.

11%, carry forward order 6.

4.5 billion, an increase of 3.

8%; revenue from smart devices 4.

59 trillion, with an increase of 15.

60% carry forward order 4.

100,000 yuan, an increase of 51.
8%.
High revenue from EPC business: EPC business income2.

8.9 billion, an increase of 32.

At 45%, a total of 20 EPC EPC projects reported in the report are progressing smoothly and carry-over orders7.

7.5 billion, an increase of 23.

3%, overseas business continued to grow rapidly.

Gross profit margin is 30.

59%, a decrease of 1 per year.

8ppt, the gross profit margin of the project is relatively high.

Among them, the gross profit margin of switch / reactive power compensation / smart equipment products decreased by 2 respectively.

01/8.

77/7.

10ppt, but the gross profit margin of coils and engineering increased by 0.

45/16.

04 o’clock.

Earnings forecast Due to the company’s abundant orders and the State Grid tendering to promote recovery, we have raised our net profit for 2019 by 22% to 3.

6 billion and dating 4 in 2020.

30,000 yuan profit forecast.

It is estimated and recommended that the company’s current sustainable corresponding 2019 / 20e is 28 / 25x P / E, and we maintain 19.

The target price of 04 yuan is unchanged, corresponding to 40 / 36x P / E for 2019 / 20e, with 46% growth space.

Risky grid investment and construction delivery progress were less than expected, and overseas market expansion was less than expected.