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.


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.
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.



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


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.