Cibin Group (601636): Cost pressure drags down gross profit margin, high dividends reflect value
Key Investment Events: The company released its 2018 annual report.
At the core of the report, the company achieved operating income of 83.
78 ppm, an increase of 10 in ten years.
46%; realized net profit of 12.
08 million yuan, an increase of 5 in ten years.
69%; basic return is 0.
4611 yuan / share, an increase of 3 in ten years.
The company’s 2018 profit distribution plan is to distribute a cash dividend of RMB 3 (including tax) to shareholders for every 10 shares with undistributed profits.
The production capacity of glass original sheets increased, the sales scope expanded, and the revenue steadily increased. The company reported a growth of 10.991 million heavy cases of glass original sheets, an increase of 6.99 million cases (up 6).
79%); sold 11.03 million heavy cases of glass, an increase of 6.75 million heavy cases each year (an increase of 6 over the same period).
53%), production and sales rate is 100.
Ending inventory of 2.16 million weight cases (an increase of 12 in ten years.
The increase in the production and sales of original glass sheets was mainly caused by the resumption of production in Zhangzhou First Line, Changxing First Line, Fuling Fifth Line and the production of the Malai Qibin production line. The new production and sales of glass processing this year were mainly due to the company’s energy saving in Guangdong and Zhejiang energy saving.
The reported quantity was 76 for each heavy box of original glass sales.
6 yuan, about 2 higher than last year.
5 yuan / weight box, the box cost is about 56.
2 yuan / weight box, which is about 5 yuan / weight box higher than last year.
In view of different industries, the reported short-term glass production and processing, logistics, and trade revenues were 86.
110 thousand yuan, 51.86 million yuan, 9.
92 ppm, an increase of 12 each year.
17%; by region, South China, East China, Central China, North China, Southwest, and foreign operating income were 23.
00 billion, 41.
1.2 billion, 7.
65 ppm, 784.
120,000 yuan, 3.
10,000 yuan, 41.
0.94 million yuan, 8.
00 ppm, a ten-year increase of -7.
09%, 208.24%, Northwest new income 41.
0.94 million yuan.
The revenue in East China is the largest, and the revenue in South China has decreased slightly. The full sales growth in Northwest China was caused by the establishment of energy-saving companies and the expansion of sales.
The decrease in gross profit margin was mainly due to the increase in the price of soda ash and fuel, with a gross profit of 20 per heavy box.
48 yuan / heavy box, drop by 2 every year.
48 yuan / heavy box, the gross profit margin of the original glass business is 26.
72%, down 4 each year.
For 46 units, the decrease in gross profit margin was mainly due to the increase in the price of soda ash in 18 years and the rise in the price of natural gas and other fuels.
98 yuan / heavy box, down by 0 every year.
08 yuan / heavy box, net sales margin 14.
41%, a decrease of 0 from last year.
64 levels, slightly lower profitability.
Report baseline, box four costs 9.
32 yuan / heavy box, advance 0 in advance.
21 yuan / heavy box, box 4 fee increase supplemented by the increase in the shipping cost of products exported from the Malaysia base, and due to the increase in new project research and development costs; the overall sales rate of 12.
24%, 上海夜网论坛 a decrease of 0 compared with the same period last year.
16 percentage points; mainly due to a substantial decrease in management costs.
Benefits from the reduction of management costs are the benefits of optimizing the operation mechanism of procurement management, improving internal control and process system construction, and promoting the application of ERP systems to effectively control costs and other measures.
The reported average ROE is 16.
54%, a decrease of 0 from last year.
95 per share; asset and debt restructuring 41.
03%, down 3 from last year.
31 units, the company’s financial indicators in 2018 are good.
The transformation is the continuous promotion of upgrading. The company’s deep processing glass gradually increased its sales volume of 3.61 million square meters in the reporting period. Since the company’s 16 years of transformation and upgrading, the company’s efforts to transform from original film to deep processing have gradually achieved results.Research with forward-looking papers to enhance the company’s technological strength and brand building; invest in the establishment of a refractory testing center, accelerate the construction of the Group’s glass testing center, and strive to become a national-level enterprise technical testing center, further help energy conservation and consumption reduction, product structure optimization and glassImproved quality; independently completed the installation and commissioning of three energy-saving coating lines, optimized and continuously improved equipment control; completed the calibration of basic film systems for energy-saving products, and completed the development of main push film systems (including thermal reflection, single silver, doubleSilver products, and high-end energy-saving series products such as Sanyin, etc., and fixed and calibrated 26 products. Developed energy-saving glass products suitable for local requirements according to regional differences. The product color and performance parameters reached domestic first-class product standards; management, strengtheningCopyright protection, enhanced after developmentstrength.
High dividends promote value repurchase The company’s dividend amount in 2017 was 8.
0.7 billion, accounting for 70% of the company’s net profit attributable to the parent for the year.
In 2018, the company intends to continue to maintain a high proportion of cash dividends. According to the dividend plan proposed by the board of directors, the company expects to pay a total cash dividend of 7 in 2018.
91 ppm (taxes included 3, tax-free, no share transfer, no increase), accounting for 65 of the company’s consolidated net profit attributable to the parent company for the year.
47%; according to the regulations of the regulatory authority, if considering the repurchased amount during the reporting period, it will be deemed to be a cash dividend of 16,032 for the same year.
230,000 yuan, the company’s cash dividend ratio in 2018 reached 78.
During the reporting period, the company promoted the repurchase of concentrated bid shares, and in the reporting period, 4,214 shares have been repurchased.
610,000 shares, repurchased funds1.
Maintain “Buy” rating. We expect the company’s operating income for 2019-2021 to be 88.
7.9 billion, 93.
4.1 billion, 97.
$ 7.5 billion, an increase of 6 each year.
0%, 5.2%, 4.
6%; net profit attributable to mothers is 12.
8.7 billion, 14.
4 billion, 15.
9.2 billion, an increase of 6 each year.
EPS are 0.
54 and 0.
59 yuan / share, corresponding PE is 9/8 / 7x.
In 18 years, the land is expected to boost the demand for glass at the construction end, and the company’s higher dividend ratio reflects the value, and the current dividend yield is as high as 6.
7%, maintain “Buy” rating.
风险提示 供求关系打破平衡导致产品价格下降的风险； 原燃料材料价格上涨风险； 环保标准提高导致环保成本增加的风险； 产品结构调整不能与市场需求同步的风险； 海外经营相关的政治、经济、法律, Public security environmental risks; foreign exchange risks.