Chint Electric (601877): Performance maintained rapid growth Low-voltage electrical business is expected to reach another level

Chint Electric (601877): Performance maintained rapid growth Low-voltage electrical business is expected to reach another level

The company released its 2018 annual report and 2019 quarterly report: the 2018 revenue was attributed to net profit, and the net profit after deduction was increased by 17 respectively.

10%, 26.

47%, 38.

81%.

Revenue in the first quarter of 2019 was attributed to net profit, and net profit after deductions increased by 17 respectively.

66%, -11.

60%, -12.

11%, after excluding the impact of generator sales in the same period of each year, it is attributed to net profit, and net profit after deduction is increased by 22 respectively.

22%, 22.

57%, maintaining rapid growth.

The company’s photovoltaic sector has entered a stable development stage, and household consumption is expected to resume high growth. After the layout and investment of low-voltage appliances in recent years, the distribution channels have become stronger, and the direct sales business has also made breakthroughs.

The company maintains an excellent balance sheet and cash flow, self-blood-making ability, profitability, and maintains a “strongly recommended-A” rating with a target price of 28-30 yuan.

  The first quarter performance growth exceeded expectations.

The company published 18 annual reports and 1 quarter of 19 reports.

In 2018, the company’s revenue was attributed to net profit, and after deduction, it was attributed to net profit of 274 respectively.

21, 35.

92, 36.

54 ppm, an increase of 17 each year.

10%, 26.

47%, 38.

81%, annual report performance in line with expectations.

In 杭州桑拿网 the first quarter of 2019, revenue was attributed to net profit, and net profit after deduction was 59 respectively.

95, 5.

42,5.

2.7 billion, an increase of 17 each year.

66%, -11.

60%, -12.

11%.

Among them, in the first quarter of 18, the company confirmed that the gain from the sale of power plants was about 1.

7 trillion, excluding the influence of this factor, attributed to net profit, net profit after deductions increased by 22.

22%, 22.

57%, maintaining rapid growth.

  Breakdown of business.

In 2018, the company’s low-voltage electrical appliance business achieved revenue of 163.

40,000 yuan, an increase of 16 in ten years.

11%.

The photovoltaic business realized revenue 103.

75 ppm, a ten-year increase of 17.98%, among which, power station operation, battery module manufacturing, and EPC achieved revenue of 19 respectively.

52, 62.

46,杭州桑拿 21.

7.7 billion, an increase of 14 each year.

67%, 18.

56%, 19.

36%.

  The low-voltage electrical business is expected to take another step.

The company’s low-voltage distribution business channel capabilities have been further strengthened. At present, it has 500 core core dealers and more than 3,600 distribution outlets. After sales and management in 2015, it began a new round of development and is committed to maintaining rapid growth.Shares have taken another step.
The direct selling business focuses on six major industries: electricity, machinery, communications, industry, construction engineering and new energy. It has cultivated a professional direct selling team and achieved a phased breakthrough.

  The company’s photovoltaic sector is operating steadily with household expectations.

The company’s photovoltaic power generation accounted for over 50%, its operations were stable, and its EPC business was also expanding.

The company’s household photovoltaic business model is already very clear. In collaboration with the low-voltage electrical appliance channel, a strong promotion team has been cultivated at the beginning of 18 years. However, it was affected by 531 policies in 2018.

Above xGW, the compensation intensity is 0.

18 yuan / watt.

After the implementation of the policy, the company’s household business restarted ahead of schedule.

  Investment suggestion: Maintain “Highly Recommended-A” rating with target price of 28-30 yuan.

  Risk reminder: The demand for low-voltage electrical equipment fluctuates, and it is difficult to solve the problem of new energy power generation.