Yingliu 杭州夜网 Shares (603308) Quarterly Comment: Benchmark PCC

Revenue has grown steadily and performance has been in line with expectations.

According to the company’s third quarter report, the company completed revenue in the first three quarters of 201914.

22 ppm, an increase of 10 in ten years.

99%, completed net profit attributable to the parent company1.

0.6 billion, an annual increase of 52.

79%; the company achieved revenue in the third quarter of 20194.

70,000 yuan, an annual increase of 3.

15%, achieving net profit attributable to the parent company of 0.

360,000 深圳spa会所 yuan, an increase of 186 in ten years.

twenty one%.

The company’s first three quarter results continued to maintain rapid growth, and the results basically met expectations.

The product structure continued to be optimized, the gross profit margin continued to increase, the cost continued to be optimized, and the expense ratio continued to decrease.

The company’s gross profit margin for the third quarter of 2019 was 36.

75%, an increase of 0 from the previous quarter.

At 93pcts, the company’s product structure is gradually optimized, and the proportion of high-margin aerospace new materials and parts products may continue to increase.

Thanks to the optimization of the company’s internal management, the company’s third-quarter management expenses were zero.

380,000 yuan, basically the same as the second quarter, 0 compared with the same period last year.

61 megabits reduced.

At the same time, the company’s third quarter sales expenses were zero.

With 1.1 billion US dollars in revenue, sales expenses remained stable.

In the long run, after the company’s sales scale gradually expands, the subsequent expense ratio is expected to continue to improve.

The two-machine business has steadily advanced, and key customers have made breakthroughs one after another.

The company has increased its investment in the “two-machine” segment since 15 years.

The company benchmarked Precision Castparts Corp., an overseas leader in complex metal parts and products.


The existing company’s aero-engine directional and single crystal blades are combined with the national military-civilian integration key project, and some products have already been delivered; a variety of aero-engine high-temperature components have been delivered in batches; in terms of gas turbine blades, in-depth cooperation with GE, the directional blades have passed customer acceptance, and the cost is smallproduce.

In the first half of 2019, the company’s aerospace new materials and parts products achieved operating income of zero.

720,000 yuan, an increase of 138 over the same period last year.


The “two-machine” products have been gradually developed and entered into the order confirmation period, waiting for the company’s “two-machine” revenue to continue to increase.

The nuclear power project restarted, and the company’s nuclear power sector ushered in heavy volume.

On October 10, China Nuclear Power issued an announcement saying that on October 9, 2019, the National Nuclear Safety Administration submitted construction permits for Units 1 and 2 of Fujian Zhangzhou Nuclear Power Plant, a subsidiary of China Nuclear Power Co., Ltd., marking two units.The formal construction conditions have been completed, and the first tank concrete pouring construction of the nuclear islands of the two units will be carried out in an orderly manner according to the project progress on site.

At the same time, the CAP1400 demonstration project is in progress.

Subsequent projects are expected to usher in approval.

The company’s traditional nuclear power business is mainly based on the nuclear island nuclear first-level main pump casing and nuclear first-level blast valve body.

In recent years, the company has successively broken through new nuclear power business products and entered the fields of nuclear power metal insulation and neutron absorption materials.

The subsequent launch of nuclear power projects is expected to accelerate the company’s order release and rapid growth in performance.

Profit forecast: Expected company 2019?Income will be 20 in 2021.


8.2 billion, net profit attributable to mothers1.



23 ppm, a 94-year increase of 94.

3% / 42.

8% / 59.


Corresponds to PE38.



8 times.

Risk warning: Nuclear power approval is less than expected; customer development of high temperature alloy products is less than expected; product yield is reduced, and gross profit margin is affected.