Tan Tailai (603659): High base without hindering stable growth momentum

Tan Tailai (603659): High base without hindering stable growth momentum

The main points of the report are the events described in the report.

29 ppm, an increase of 79 in ten years.

52%, an increase of 0 from the previous month.

91%; deduct non-net profit 1.

14 ‰, an increase of 9 in ten years.


The event commented that the demand boom expanded production capacity and increased revenue.

The company’s revenue in the first quarter increased by 79 per year.

52%, an increase of 0 from the previous month.

91%: 1) In 2018, the annual production capacity will increase to 3 tons. Considering the company’s initial funding alternatives and the gradual volume of power products, it is expected to extend to 8000-9000 tons in the first quarter (2018Q1 is expected to be around 5000-6000 tons);2) Including the replacement of the Ningde base in 2018, and the high output of the domestic power market in the first quarter of 2019 supported the high growth of the implantation business (overall installation growth of 179%, CATL is expected to grow 2-3 times), resulting in the company’s base filmGraphite and by-product businesses are also expected to contribute incrementally to revenue.

The bottom of profitability is expected to form, and the prosperity trend is rising quarter by quarter.

The company’s non-net profit in the first quarter increased by 9 per year.

78%, lower than revenue growth, due to gross profit margin from 36 in 2018Q1.

55% dropped to 26.

51%, the decline in gross profit margin is related to the company’s lock-in of formaldehyde raw materials in the first half of 2018 and enjoyed excess income, but the decline in gross profit margin in the second half of 2018 has been fully reflected.

We judge that the first quarter of 2019 will become the company’s fastest profit growth point, and then it will show a upward trend quarter by quarter. The core reason is that due to the 杭州桑拿 interruption of business in 2018, the gross profit margin was high and low, and the effective capacity growth was limited, resulting in a quarterThe performance is relatively stable; Inner Mongolia Xingfeng Graphitization Base is expected to reach production in the second quarter of 2019, and the profitability of the ten-year period will increase quarter by quarter, and the graphitization capacity change will help to gradually generate production and sales; and the company’s operating business is expected to maintain high prosperityThe equipment business will also bring profit contribution under the background of the leading production expansion and speed increase, and the company’s performance is expected to accelerate in the second half of the year.

With the monthly dragon hair power market, global expansion is expected to 深圳桑拿网 create greater glories.

The company has proven its ability in products and technologies to continuously lead in the field of consumer polyamides, and has become a global leader.

In 2019, the company will achieve the background of completing product reserves (fast charge products, etc.), preliminary integration layout (graphitization capacity, etc.) and accumulation of high-quality power battery leading customers (including LG Chem, Ningde Times, Samsung SDI, etc.).The rapid volume of power products has once again confirmed the company’s global competitiveness.

Against the background of high-end products in the domestic market and prolonged inflection points for overseas electric vehicles, the company is optimistic about the company’s core competitiveness as a segmented global leader to achieve sustained growth.

Investment suggestion: It is expected that the net profit attributable to Huatailai in 2019 and 2020 will be 8, respectively.

0, 10.

300 million, corresponding to PE, 27, 21 times, maintaining the recommended level.

Risk Warning: 1.

Production and sales of new energy vehicles, low demand for consumer batteries; 2.

Prices of raw materials such as needle coke rose sharply.