Yongxin shares (002014): Performance meets expectations and maintains a high percentage of dividends
Investment Highlights The company released its 18-year annual report: reporting and realizing revenue23.
32 ppm, an increase of 16 per year.
13%; net profit attributable to mother 2.
25 ppm, an increase of 9 per year.
66%; net margin is 9.
In Q4, the company achieved revenue of 6.
73 ppm, an increase of 17 in ten years.
43%; net profit attributable to mother 0.
7.6 billion, an increase of 9 per year.
The performance was in line with expectations.
The main business grew steadily, and the customer structure was of high quality: (1) The company’s business covers color printing composite packaging materials, plastic flexible packaging films, aluminized packaging materials, and ink business. Among them, the main business color printing composite packaging materials had an income of 19 in 18 years.
51 ppm, an increase of 15 in ten years.
Supporting the development of color printing composite packaging projects, the company actively builds plastic flexible packaging film production lines and completes the initial integrated layout by acquiring Xinli Ink.
The total revenue of Xinli Ink in 16-18 is 4,980.
0.6 million yuan, fulfilling performance commitments and depreciating the value of all shareholders’ equity.
(2) As a domestic leader in soft plastic bags, the company’s customers are mainly domestic and foreign large manufacturers.
Based on high-quality customer structure, the company’s gross profit margin has performed well, and the gross profit margin of color printing composite packaging business in 18 years has reached 23.
In addition, the company’s ability to develop new customers and orders at home and abroad has continued to improve. The top five customers accounted for 24% of sales in 12 years.
58% dropped to 16 in 18 years.
The overall gross profit margin fluctuated slightly, and it may improve in 19Q1: the raw materials required by the company are mainly petroleum derivatives, and its profitability is affected by fluctuations in crude oil prices.
From 17 years to now, the international crude oil futures prices have slowly rebounded, corresponding to the 18-year gross profit margin fluctuations of Yongxin shares, thereby achieving a comprehensive sales gross profit margin.
95%, a decrease of 0 compared with the same period of 17 years.
In the fourth quarter of 2018, the price of crude oil futures fell in a single quarter. At present, the prices of Brent / WTI crude oil futures fell by 23 from the previous October 1.
26% / 26.
29%, which is expected to be better than the company’s 19Q1 gross margin improvement.
The three rates remain stable, and R & D investment has increased significantly: the report and the company’s total three rates.
54%, rising by 0 every year.
The total sales expenses are 0.
990,000 yuan (selling expense ratio decreased by 0.
17 points to 4.
23%), mainly due to the increase in the decline in sales and service fees; the management + R & D expense rate also increased by 0.37 points to 6.
44%, total management and R & D expenses1.
50,000 yuan, of which employees’ salaries also increased by 13% to 0.
6.3 billion, total research and development expenses 0.
6.6 billion (R & D expense ratio 2.
83%); financial expense ratio is basically the same as last year.
Taken together, the company achieved a net profit margin of 9 in 18 years.
66%, a decrease of 0 compared with the same period last year.
The operating cash flow is good, and the inventory turnover rate is rising: two reports are reported, and the company achieved net operating cash flow3.
2.4 billion, an increase of 16 in ten years.
78%, basically matching the company’s revenue growth rate.
In terms of operating conditions, the company’s inventory turnover days were 61.
14 days, down 7 from the same period last year.
In 47 days, the company’s inventory management level improved; the account receivable turnover days were 65.
The company reported that machinery and equipment added to the expansion of production capacity and construction in progress carried forward fixed assets, with fixed assets reaching 6 at the end of the period.
92 billion, compared 佛山桑拿网 with 6 at the end of 17 years.
7.2 billion increased slightly.
Actively expand production capacity and promote industrial chain support: The company actively expands production capacity in response to market demand. Through three bases in Huangshan, Guangzhou, and Hebei, it forms a national customer coverage to ensure timely product delivery.
Finally, by the end of 18, 13,000 tons of new functional packaging material projects and 20,000 tons of ink technology relocation and upgrading projects with an annual output of 50,000 tons were gradually completed, and 8,000 tons of multifunctional film technology reconstruction projects were completed by 10%.
New production capacity has been put into operation successively, which effectively escorts the company’s continued growth in the later period.
Maintaining high dividend payout ratios and high allocation of high-quality targets: Since listing in 2004, the company has gradually realized net profit.
4.8 billion, a total of 10 cash dividends distributed to shareholders.
9.6 billion, with an average dividend payout ratio of 56.
In 18, the company plans to distribute a cash dividend of 3 to every 10 shares for all shareholders.
50 yuan (including tax), maintaining a high dividend payout ratio of 77.
47%, corresponding to the current sustainable budget adjustment4.
In addition, the company’s recent repurchase of company shares demonstrates development confidence. By February 27, 19, it has gradually repurchased 32.75 million yuan. Subsequent repurchase of shares may be used preferentially for employee stock ownership or equity incentives.
Earnings forecast and investment grade: We expect to achieve revenue of 19 to 21 years respectively.
8.5 billion, an increase of 14.
2% / 15.
9% / 16.
1%; net profit attributable to mother 2.
74/3.2 billion, an increase of 10.
0% / 10.
5% / 10.
The current priority is 14.
81X / 13.
40X / 12.
17X, maintain “Buy” rating.
Risk warning: raw material prices fluctuate sharply, environmental protection expectations are not up to expectations, and downstream demand continues to be sluggish