Aikedi (600933) semi-annual report comment: the first half of the performance is in line with expectations 4 major driving forces

Aikedi (600933) semi-annual report comment: the first half of the performance is in line with expectations 4 major driving forces

Event: The company released the semi-annual report for 19 years: the company achieved revenue in the first half of the year12.

53 ppm, an increase of ten years.

2%; achieve net profit attributable to mother 2.

02 trillion, down -13 a year.

5%; deduct non-attributed net profit 1.

6.8 billion, down -12 every year.


Opinion: The customers are excellent and broad, diversify the valuation risk of the domestic auto market, and the revenue in the first half of the year has achieved positive growth.

In 19H1, the company’s top five customers are Valeo, Bosch, Magna, Denso, Nexteer, with a total revenue share of approximately 57.

0%, the majority of the remaining customers are also global giants.

Thanks to this, the company achieved revenue12.

5 ppm, an increase of ten years.

2%; of which the export business realized revenue 9.

0 million yuan, an increase of 12 in ten years.

7%, revenue share rose from 65% in 18 to 72% in 19H1.

From a business perspective, the company’s automotive and industrial businesses both achieved positive growth, increasing by 1 respectively.

1% and 1.

8%; however, the gross profit margin decreased on average, and the gross profit margin of the automotive business decreased by 2 each time.

6 up to 31.

The gross profit margin of industrial products fell by 3%.

2 excellent to 33.


The company’s 19H1 three fee rate increased by 1.

5 averages to 13.

9%, the company finally achieved a net interest rate of 16.

1%, down 2 every year.

2 units.

In 深圳桑拿网 addition, 19Q2 companies achieved revenue of 6.

24 ppm, a ten-year increase4.

2%; gross margin increased by 1 in ten years.

1 piece, 2 than formaldehyde.

6 up to 31.

5%; the three-fee rate increases by 1 each year.

5 averages, down 6 from the previous month.

8 up to 10.


The final return to the net profit of the mother 17.

5%, to achieve net profit attributable to mother 1.100 million, down 5 every year.

8%, an increase of 18.


Recognized 4 core driving forces of the company: 1) Recognized management capabilities: The company has excellent global lean production management capabilities.

Against the background of the downturn, the company supplies thousands of products at the same time, and 19H1 can still maintain 32% + gross profit margin and 16% + net profit margin.

At present, in addition to ERP and other management systems, the company’s cooperative construction of MES and WMS systems has gradually landed, and has successfully independently developed a 5S refined management platform, which is expected to improve management efficiency again.

2) Demonstrate product quality and quality: Have global leading customers, ironing drift cycles.

Most of the Tier1 giants such as Valeo, Bosch, Magna and other global TOP15 parts are customers of the company; and they have also expanded domestic giants such as SAIC and United Electronics.

3) Proposed new business and new products: The company’s new energy lightweight plant is expected to be completed by the end of the year.

In this new field, the company has obtained projects from Bosch, Continental, United Electronics, Magna, Mahler, Mitsubishi Electric, Lear, etc., and is committed to opening up long-term high growth space.

4) Prove the inflection point of ROE: The company’s ROE was 31 years before the IPO.

1% recognized 12 of 18 years.

8%, in the period of capacity investment.

We expect that with the warming of the industry, the production capacity will be reached, and ROE is expected to turn to the turning point.

Investment suggestion: Under the general trend of automotive lightweight, the company is expected to surpass super customer stickiness + precision product cut-in, enjoy automotive lightweight dividends, and realize export substitution.

At present, the industry has gradually entered the inventory cycle; with the advent of “Golden Nine Silver Ten”, risk appetite has increased, and the growth advantage of electrified aluminum alloy demand has driven the estimated increase.

Because developing countries are too optimistic about the company’s bargaining power and business development speed, the company’s 19-20 year profit forecast is lowered, and the net profit attributable to the mother is 5.

3, 6.

100 million points down to 4.

3, 5.

700 million, corresponding to PE 18.

6, 14.

3x, maintain “Buy” rating.

Risk reminder: car sales are less than expected, the exchange rate changes, the progress of investment projects is less than expected, etc.