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Foster (603806) 2018 Annual Report Review: EVA film volume and price rise, electronic materials gradually increase in volume

Foster (603806) 2018 Annual Report Review: EVA film volume and price rise, electronic materials gradually increase in volume
The event company released its 2018 annual report and achieved revenue of 48.100 million, previously +4.9%; net profit attributable to mother 7.500 million, +28 a year.4% (mainly due to relocation compensation gains); realized non-net profit deduction4.300 million, at least -20.8%, mainly due to the provision of about 1.0 billion asset impairment losses (2017 asset impairment-0.200000000).Regardless of the impact of asset impairment, the company’s performance was basically in line with expectations. Steady profitability and abundant funds ensure that the business expands steadily in 2018.3%, the company’s product structure is optimized, the comprehensive gross profit margin is about 20%; the company’s three fees accounted for 3.45% (one year-0.3pcts), exchange gains on hedging expenses increased.The company holds about 13 in cash and wealth management products.500 million, asset-liability ratio of 13.9%, interest resistance rate is 0.24%, far lower than the average level of the industry; the company plans to issue 1.1 billion convertible bonds for the construction of film and photosensitive dry film production-related projects, which has been replaced by the CSRC. The increase in global installed demand and the optimization of the EVA film product structure have driven revenue and profit growth. Since the third quarter of 2018, module exports have continued to grow. We have raised our global PV installation forecast for 2019 to 110?120GW, the company as a global EVA film leader will also fully benefit.Driven by the bidding Internet model, strong demand for high-efficiency components will drive demand for white EVA film and POE film.After the decline in demand for the photovoltaic market in the third quarter of 2018, the company’s EVA film unit price and sales volume increased by +3 in the fourth quarter of 2018.5%, +8.6%, verifying that the company’s high-end product demand is strong.We believe that the proportion of the company’s white EVA film and POE film will further increase in 2019. Adhere to the import representative system and lay out new materials business. Relying on the accumulation of similar production processes, the company lays out new materials business such as high-margin photosensitive dry film with a wide space for import substitution.In 2018, the company’s photosensitive dry film sales reached 774.50,000 square meters (+386 for the whole year.4%), the mass production line of photosensitive dry film was put into production at the end of 2018, which is expected to contribute to the performance increase in 2019.The company’s aluminum-plastic film has been introduced into consumer battery customers. The company will further expand its downstream customers. FCCL and other businesses are 四川耍耍网 continuing to advance.We believe that the new materials business will become an important support for the company’s incremental performance. Earnings forecasts and estimates Taking into account the growth in overseas demand and product efficiency will be a long-term trend in the future, we raised 19 and 20 years, added 21 years of profit forecasts, and EPS of 19 to 21 were 1.40, 1.87, 2.37 yuan, currently corresponding to 19-21 years PE is 24, 18, 14 times, maintaining the “overweight” level. Risk warning: The installed capacity of photovoltaic power stations is not up to expectations, and the R & D and promotion of new materials business is below expectations.