Chunfeng Power (603129): Trade friction is difficult to hinder high performance and entertainment consumption upgrades

Chunfeng Power (603129): Trade friction is difficult to hinder high performance and entertainment consumption upgrades

The company achieved operating income in the first quarter of 20196.

3.0 billion, an annual increase of 40.

31%; net profit attributable to shareholders of the listed company was 2143.

770,000 yuan, an annual increase of 38.

25%; net profit after deduction is 1376.

110,000 yuan, an annual increase of 63.

79%; budget benefit 0.

16 yuan, an annual increase of 33.

33%; the report caused the company’s operating activities to generate a net cash flow of 1142.

140,000 yuan, an annual increase of 283.

05%; net assets attributable to shareholders of listed companies9.

7.8 billion, an annual increase of 1.

39%.

Sino-U.S. Trade friction is difficult to prevent the company’s rapid growth in the first quarter.

2019Q1 Company Camp 6.

3.0 billion, an annual increase of 40.

31%, net profit was 2143.

770,000 yuan, an annual increase of 38.

25%, export business maintained high growth.

The United States is the world’s largest market for all-terrain vehicles. We believe that although trade frictions have an impact on the company’s export business, the company’s products have opened up sales in the United States market and sales have expanded rapidly.

The report was subject to tariffs and transportation costs, which totaled 6,469.

0.6 million yuan, an increase of 38 in the second half of the same caliber.

92%.

We judge that if the current 25% tariff level is still maintained in 2019, the impact on the company’s profits will be more than 50 million; the increase in taxes indicates that the company’s two-wheeler product structure has gradually improved.

The company’s business has maintained a growth trend of both domestic and foreign wings. While the all-terrain vehicle in the overseas market has maintained a steady expansion, the domestic market has formed a product structure mainly composed of motorcycles with a displacement of 250CC and above.Consumer groups, reporting 杭州夜生活网 strategies have achieved remarkable success.

Due to the increase in consumption tax and surcharge caused by the increase in sales of motorcycles with a displacement of 250CC or higher, the company paid 1,616 taxes and surcharges in Q1.

670,000 yuan, an annual increase of 80.

41%.

We believe that the company has strengthened the dual-brand layout of CFMOTO and KTMR2R in the motorcycle market. It has a production volume of> 250ml straddle motorcycles and ranks among the best in the industry. The leading structure of domestic fun-type motorcycles is stable; R & D continues to invest and looks forward to subsequent explosionCar models.

Reports on major company R & D expenses 3591.

750,000 yuan, an annual increase of 36.

26%, accounting for 5 of operating income.

95%.

As of the end of 18 years, the company has implemented a total of 20 vehicle model project development work, completed the CF400-5, CF1000AU, CF1000UU and other six R & D projects in mass production, and completed the upgrade of the entire series of national three to national four.

New products are the core competitiveness of the company’s growth. The company’s continuous investment in research and development and rich technical reserves lay a solid foundation for subsequent growth. Equity incentives show confidence, and management expenses increase to dilute profits.

The report totals company management expenses of 3174.

660,000 yuan, an increase of 43 in the next ten years.

15%, mainly due to the increase of labor costs within equity incentives; we believe that incentive costs will dilute the company’s profits in the short term, but will return to a reasonable level in the long run. The company is a high-quality target for entertainment consumption upgrades and is given a “careful recommendation-A” investment rating.

The company is expected to have a net profit of 19-21 years.

6.2 billion, 2.

7 billion, 3.

7.6 billion yuan, corresponding to PE of 18.

6, 11.

2, 8.

0 times, give “careful recommendation-A” investment rating; risk warning: exchange rate changes affect the company’s performance.

The report totals company financial expenses 724.

610,000 yuan, a decline of 16 per year.

34%, mainly due to changes in exchange rates.

The company is regarded as an export-oriented enterprise affected by exchange rate changes. We believe that there will still be uncertainty in 19 years.

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