Xinquan Co., Ltd. (603179) commented in the Interim Report: low performance has 上海夜网论坛 been achieved, the industry is improving, and improving profitability
The bottom line of independent sales was achieved, and the performance reached expectations.
The company achieved revenue in the first half of the year14.
4.8 billion, down 21 a year.
84%; net profit attributable to mother 0.
93 trillion, down 38 a year.
In the first half of the year, the growth rate of the three major customers, Geely Automobile, was broken down by 15%, SAIC’s autonomous growth rate was broken down by 13%, and Chery increased by 9%.
In the first half of the year, due to the backlog of independent brand inventory and generally sluggish sales, the company’s performance was significantly distorted, and reducing costs and increasing efficiency in difficult times slightly eased performance.
It is expected that the healthy 南京夜网 inventory recovery and stable sales volume in the second half of the year will contribute to the company’s performance recovery.
Grasping the industry’s potential, passenger car customers expanded smoothly.
In terms of the development of traditional customers, we have won fixed positions for passenger cars such as GAC, BYD, and SAIC Volkswagen. In terms of new energy customer development, the company is supporting GAC New Energy, GAC Weilai, BYD, Geely New Energy, etc., and there is a barrier to future growth.
The company has gradually formed advantages in customer accumulation, R & D design, and base layout, which will help more customers develop.
Raise funds to expand production capacity, which is deeply tied to OEMs.
Part of the funds raised by the company’s IPO will be used for the construction of the Foshan base; convertible bond funds will be used for the Changsha and Changzhou bases; additional funds will be used for the construction of the Ningbo and Xi’an bases.
It is expected that about 1.5 million sets of instrument panel assemblies, 1 million sets of door inner guards, and 1.15 million sets of pillar assemblies will be added.
Increasing base construction to prepare for new projects will also help reduce transportation costs.
Investment suggestion: We expect the company to return to its net profit in 20192.
700 million, estimated to be only 11 times.
Standing at the starting point of the new round of passenger cars, both offensive and defensive, has the advantage of sufficient margin of safety and sufficient up space!
The company’s excellent design and management capabilities assist in the development of more new orders and new customers, and the increase in supporting models has managed to open up room for growth.
Risk warning: Passenger car sales fall short of expectations.