Tan Tailai (603659): High growth income or gradually rising

Tan Tailai (603659): High growth income or gradually rising

On the evening of the 24th, the company released a quarterly report for 18 years and achieved an operating income of 10.

29 ppm, an increase of 79 in ten years.

52%; net profit attributable to mothers1.

29 ppm, an increase of 0 in ten years.

51%; realized non-net profit deduction1.

14 ‰, an increase of 9 in ten years.

78%; short-term business: the average price increases, the gross profit rate decreases, and future costs will decrease by about 9,000 tons in the first quarter of 2019. The price is the same as the fourth quarter of 2018, which is lower than the first quarter of 2018;Needle coke prices continue to be high + increase in graphitization capacity; future costs will be reduced: Inner Mongolia factory + own graphitization capacity, and do not rule out the layout of raw materials will help.

Single consolidated business: The company’s implanted processing volume in the first quarter was more than 100 million yuan, low profits, and lowered profit levels.

Lithium battery equipment: recognized revenue is small.

Graphitization business: reduce the construction costs in the early stage, and the 19-year performance is more likely than expected; Liyang Yuequan: still in the investment phase, contributing 19 years.

19 years of high performance is 苏州夜网论坛 guaranteed: starting in the second quarter of 19 3 insert short-term production capacity and 5 insert graphitization capacity release, we expect the advantages of scale will reduce costs by 15-20%, 19 production is expected to reach 5 indicators, when the final profit forecastThe expansion of the inserted expansion segment in the first quarter is longer than last year, and the profit is expected; Shandong Xingfeng’s 19-year production capacity is full, the profit is expected to double, and Inner Mongolia Xingfeng’s production capacity is gradually increasing.

Investment suggestion: The company is expected to realize net profit in 19-21.

13, 11.

75, 16.

9.6 billion, PE is 27X, 19X, 13X.

Risk warning: The industry development is less than expected, and the company’s overseas customer expansion is less than expected.