Enjie (002812): Performance exceeds expectations and the acquisition of Jili is progressing smoothly
On January 9, 2019, the company achieved revenue of 21.
0.6 million yuan, an increase of 29 in ten years.
88%; net profit attributable to mother 6.
32 ppm, an increase of 95 in ten years.
80%; Realize net profit deduction 5
530,000 yuan, an increase of 252 in ten years.
In Q3 2019, the company realized revenue 7.
28 ppm, an increase of 12 in ten years.
51%; realized net profit attributable to mother 2.
43 ppm, an increase of 50 in ten years.
53%; net profit deducted from non-attributed 四川耍耍网 mothers2.
31 ppm, an increase of 82 in ten years.
Q3 returns to mother’s net profit 2.
43 trillion, slightly ahead of the performance forecast of 2-2.
35 trillion, slightly better than expected.
Operational analysis The increase in the proportion of overseas revenue led to a significant rebound in Q3’s profitability: the company’s restructuring business Q3 restructuring was the same, with a quarterly increase of approximately 31% and 4%, but net profit was the same, with a 30% and 23% increase.
It can be seen that Q3 Shanping’s profitability is at least basically flat, but has improved significantly from the previous quarter, mainly because Q3’s overseas substitution ratio has increased, while overseas prices and prices have fallen internally, so the single Shanping’s net profit has significantly improved earlier than Q2, andIn the case of reducing the sharp decline in prices, the net profit of Shanping was basically flat with the same period of last year.
In the future, as the volume of overseas customers continues to increase, and the proportion of alternatives will gradually increase, the company’s single-ping net profit will further increase the room for improvement, and it is expected to hedge the substitution of profitability caused by price substitution.
The overall consideration of Suzhou Jieli’s equity transaction is reduced, and the synergy effect after the completion of the acquisition is obvious: the company intends to acquire Suzhou Jieli.
On October 22, the company and Shengli Precision Explosion-Proof Suzhou Jieli share transfer supplementary agreement, the two sides agreed to make the transaction consideration from no more than 20.
2 million adjusted to 18.
008 megabytes, and cancelled the gambling agreement.
At present, other transactions are progressing smoothly, and the completion is expected to be officially completed in early 2020.
According to GGII data, 2019H1 Enjie and Suzhou Jieli will replace 3.
500 million flats, 1.
2.8 billion pings, with domestic market share of wet laws and regulations of 42% and 15% respectively. After the completion of the acquisition, Enjie’s market share in the wet segment market was close to 60%, and gradually increased and consolidated;For consumer electronics, Enjie’s main customers are power batteries, and the business synergy after the acquisition is significant.
Profit adjustment and investment recommendations are expected to achieve net profit attributable to mothers in 2019-2021.
7.8 billion, 10.
6.9 billion, 13.
USD 3.4 billion, a year-on-year increase of 69%, 22%, and 25%, maintaining the “Buy” rating unchanged.
Risks suggest that the budget reduction price exceeds expectations, and the expansion volume is less than expected; the original innovation stock business replaces expectations beyond expectations; the lifting of the ban brings gradual changes; new energy vehicle growth is below expectations.