Wanwei High-tech (600063) company dynamic comment: 2019 performance meets expectations and film-grade PVB resin meets automotive-grade process requirements
Events: ① Recently, the company issued a 2019 performance forecast, and it is expected that the company will gradually realize a net profit attributable to mothers in 2019 of 3.6 ppm-4 ppm, an increase of 2 over the same period last year.3 ppm-2.70,000 yuan, an increase of 176 in ten years.92% -207.69%.② On February 6, the company interactively introduced on Shanghai Stock Exchange e that the specifications of the film-grade PVB resin produced by the existing company have reached the requirements for the production process of automotive-grade PVB film. The company’s 2019 net profit is in line with expectations. At the same time, we are optimistic about the company’s phased results of PVB film materials. We believe that the company’s production technology and customers will gradually make breakthroughs. The company’s PVB resin is expected to be gradually applied in the automotive field in the future, bringing company developmentNew performance increase room. The performance in 2019 is expected to increase, and the company’s PVA products are booming.On January 21, the company issued a 2019 performance forecast, and it is expected that the company will gradually realize a net profit of 3 attributable to mothers in 2019.6 ppm-4ppm, an increase of 2 from the same period last year.3 ppm-2.70,000 yuan, an increase of 176 in ten years.92% -207.69%.It is estimated that the net profit after deduction to non-returning mothers in 20192.9 ppm-3.30,000 yuan, an increase of 1 from the same period last year.9 ppm-2.300 million, an annual increase of 190% -230%.Based on the principle of caution, it is expected that the company will gradually make provision for impairment in 20191.9 ppm-2.500 million.The significant growth of the company’s performance is mainly attributed to the following three reasons: (1) The company’s main product, polyvinyl alcohol (PVA), increased in volume and price, and the production and sales of cement, clinker and other building materials products were 合肥夜网 booming.it has been improved.(2) The PVA production unit of the subsidiary Mengwei Technology runs stably and achieves full load production.(3) The proportion of sales revenue of new material products in the company’s revenue has been increasing, and economic benefits have gradually emerged. Actively lay out new materials, and film-level PVB resin meets automotive-grade process requirements.The company actively deploys the PVA optical film field. The company currently has a production capacity of 5 million square meters per year of PVA optical films and a capacity of 7 million square meters per year of PVA optical films under construction. The new capacity is expected to be put into production this year, and the release of capacity will be gradually increased.It is expected to realize the integrated industrial chain of calcium carbide-PVA-optical film-polarizer, and the company’s profitability will gradually increase.In addition, the company also has a capacity of 8,000 tons / year of PVB resin. On February 6, the company interactively introduced on Shanghai Stock Exchange e. At present, the company’s film-level PVB resin specifications have reached the automotive-grade PVB film production process requirements, which meansThe quality of PVB resin materials produced by the company has been significantly improved. We are optimistic about the company’s staged results and believe that the company’s production technology and customers will gradually make breakthroughs. In the future, the company’s PVB resin is expected to be gradually applied in the automotive field, which will help the company developCome to new performance increment space. Investment suggestion: The company is a domestic leading company in the field of PVA. PVA products have potential benefits and transformation in terms of size, category and technology compared with companies in the same industry. The company is still actively deploying new materials such as PVA optical films and PVB resins.We are optimistic about the company’s strategic layout and technical strength. It is expected that the company’s net profit for 2019-2021 will be 3 respectively.8.2 billion, 4.8.4 billion and 5.650,000 yuan, an increase of 193 in ten years.6%, 28.7% and 16.8%, corresponding to 18 respectively.75, 14.79 and 12.67 times, maintaining the “highly recommended” level. Risk Warning: 1.Downstream demand is less than expected; 2.The promotion of optical film is less than expected.