Enjie (002812) Company Dynamic Comment: Performance Meets Expectations, Global Competitiveness Highlights

Enjie (002812) Company Dynamic Comment: Performance Meets Expectations, Global Competitiveness Highlights

Event: The company released a 2019 performance forecast and achieved net profit attributable to mothers7.

76?
9.

50,000 yuan, an increase of 49 in ten years.

75%?
74.

71%, performance was in line with expectations.

Net profit attributable to mothers in the single quarter of 20191.

45?
2.

740,000 yuan, 74% increase in ten years?
140%, higher than the 10-year growth rate of 51% in the third quarter of 2019.

  The performance is in line with expectations, and leading companies’ performance has improved against the trend to strengthen their absolute competitive advantage: According to the China Automobile Association, 2019Q4 domestic new energy vehicle sales18.

60,000 vehicles, a 65% decrease in one year, lower than the industry growth rate of -21% in the third quarter.

According to Marklines, sales of overseas new energy vehicles in 2019Q4 are expected to be 23.

760,000 vehicles, which is estimated to decrease by 9% per year, which is also lower than the 6% growth rate in the single quarter of 2019Q3.

Against the background of the industry’s overall pressure, the company’s fourth-quarter 2019 performance growth rate was higher than at least 23 PCTs in the third quarter of 2019. Leading 苏州夜网论坛 companies’ performance has bucked the trend and the company’s global competitiveness has become prominent.

According to GGII, the market share of Enjie (including Suzhou Jieli) will reach 57% in 2019. It is expected that the company’s market share will continue to increase in the second half of the year, and the absolute competitive advantage of the global wet alternative leader will continue to strengthen.

  Recently, the convertible bonds have been approved, and the major directors and supervisors have reduced their holdings. Recently, the company disclosed that the public offering of 1.6 billion convertible bonds has been approved by the CSRC and will be used to invest in Jiangxi ‘s 400 million Ping phase I project and Wuxi.

200 million flat blood glucose project, expected in 2019?
By the end of 2020, the company has 杭州龙凤夜网 wet diffusion capacity 21.

5 and 29.

3 billion square meters (both Suzhou Jieli), the wet expansion capacity leads the world.

In addition, the company’s main directors and supervisors reduced their holdings higher than December 24, 2019, with a total share of 0.

54%, pressure to reduce holdings was released.

  Accelerate the layout of overseas business, strengthen cooperation and continue to strengthen: The company’s overseas revenue has rapidly increased from 2% in 2017 to 25% in the first three quarters of 2019. Driven by the pressure of European carbon emissions and the marginal recovery of German and American policies, the company’s overseas revenue accounted forContinue to improve than expected.

2 In the first three quarters of 019, the prices of overseas base films and replacement films were higher than domestic prices1.

15 and 2.

87 times, in the process of rapid increase in the proportion of overseas revenue, the company’s profitability attempts to continue to maintain.

In addition, the company has stepped up efforts to cooperate with high-quality overseas alternative manufacturers. At present, it has formed a good relationship with Teijin, LGC, and Samsung SDI. It has also obtained related patents for Teijin PVDF solvent-based substitute materials and phase separation method production processes.Relevant patents are authorized, which is expected to form a good cooperative relationship in fusion.

  Investment suggestion: Enjie has shown strong competitive advantages in product technology, process accumulation, customer development, profitability, global competition and cooperation. Under the situation of weak domestic new energy vehicles and severe pressure to compensate for the decline, the companyIt still maintains excellent profitability and growth, and stands out from the rest in global competition. Its competitiveness is undoubtedly outstanding.

Hundreds of people in the country predict that the domestic policy will be better in 2020, and domestic Tesla will stimulate the domestic C-end demand, and the domestic market will stabilize. The German and American electric vehicles are expected to increase subsidies, and the international electrification trend will be better.Under the pressure of customer cultivation and European carbon emissions, the company’s overseas revenue share is expected to continue to increase, with excellent profitability and synergy with international partners in the layout of patents. We are optimistic about the company’s long-term competition.
The EPS in 2021 will be 1.

07, 1.

39, 1.

65 yuan, corresponding to PE is 53, 41, 34 times, maintaining the recommended level.

  Risk warning: New energy vehicle sales are lower than expected; changes in compensation policies are higher than expected; company production capacity is lower than expected; price pressure is higher than expected; smoke control is increased; demand for aseptic packaging is reduced;