Kodali (002850) Performance Express Review: The Leader Returns to Beautiful Performance

Kodali (002850) Performance Express Review: The Leader Returns to Beautiful Performance
The main points of investment are the net profit of the mother in 19 years.3.9 billion, previously +190.5%, slightly higher than the median notice, in line with expectations: the company will achieve revenue of 23 in 2019.18 ppm, an increase of 15 in ten years.9%, net profit attributable to mother 2.390,000 yuan, an increase of 190 in ten years.5%, in line with expectations.The corresponding 10-year return to the mother’s net interest rate is 10.31%, an increase of 6 per year.29 points.  The industry resumed production in 19Q4, and the revenue grew steadily on a quarter-on-quarter basis. By quarter, 19Q4 achieved revenue of 6 in a single quarter.19 ppm, a decrease of 5 per year.56%, an increase of 17.3%; net profit attributable to mother 0.9.3 billion, an increase of 140 in ten years.1%, an increase of 39 from the previous month.4%.The total output of the 19Q4 power battery was 19.7gwh, a year-on-year decrease of 17%, an increase of 18% from the previous month; the industry improved and resumed production earlier in the third quarter, but the speed of rush installation was low and the industry demand was replaced.  Q4 impairment and blood pressure flushed back thickened profits of about 40 million, the gross margin is expected to remain flat month on month, and the net profit margin will change slightly: about 20 million asset impairment losses brought forward by the provision of bad debts in Q4 will be recovered; meanwhile, the Huizhou subsidiary will regainFor high-tech qualifications, the score is calculated at 15%, and it is expected that the early return will be close to 20 million, and the total Q4 thickening profit will be nearly 40 million.Without considering chargeback, the operating net profit in 19Q4 was approximately zero.5.5 billion, an increase of 43% over the same period, a decrease of 17% from the previous quarter, corresponding to a net interest rate of 8.9%, ten years +3.1pct, ring than -3.5 points.Q4 net interest rate decreased month-on-month. We expect the cost to be higher in the fourth quarter, and the actual gross profit rate remained flat at 28%.  The company’s lithium battery structural component binding leader has surpassed the industry’s growth rate in 19 years.In 2019, domestic electric vehicle sales were 1.12 million, downgraded by 4% each year; the installed power was 62gwh, each 3% increase; of which the installed power in Ningde era was 32gwh, which increased by 37%.As the company’s main supplier of battery structural parts in the Ningde era, we estimate that the company’s lithium battery structural parts revenue will be about 2-21 billion yuan in 19 years, each time increasing by about 30%, of which the Ningde era accounts for about 60% +, followed by AVIC lithium battery, YiweiLithium energy also contributes a significant increase.The company’s automotive structural parts business is expected to shrink significantly in 19 years, and is expected to contribute about 200 million revenues, a maximum replacement of 40%.  Actively reserve international leading customers, and will greatly benefit from global electrification in the next few years.In the square battery structure, the company expands Panasonic, Samsung and European power battery companies. Among them, the company is the sole supplier of Panasonic’s Dalian plant.Cylindrical battery structural parts, the company added LG power project, began large-scale volume in 20 years.In addition, the company supplemented supporting honeycomb energy.From the perspective of terminal models, the company’s structural parts are inserted into Volkswagen, Toyota, Tesla, BMW, Daimler and other international first-tier car companies, which will greatly benefit from the global electrification wave in the next few years.  Profit forecast and investment grade: In 20Q1, due to the short-term impact of the epidemic, the industry’s demand has been delayed, and the company’s long-term high growth target remains 深圳桑拿网 unchanged.We expect net profit attributable to mothers in 19-21.39/3.6/5.100 million, a ten-year growth of 191% / 51% / 41%, and earnings per share are 1.14/1.72/2.43 yuan, corresponding to PE of 59x / 39x / 28x, giving 50 times PE in 2020, target price of 86 yuan, maintain “Buy” rating.  Risk warning: Downstream demand is not up to expectations, production capacity is less than expected, and competition is intensifying.