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China’s Boulder (600176) 2019 Interim Report Commentary: Price Pressure Actively Responds

China’s Boulder (600176) 2019 Interim Report Commentary: Price Pressure Actively Responds

Matters: The company’s first half of 2019 performance declines by 16 each year.

8%, EPS 0.

30 yuan From January to June 2019, the company realized operating income of 50.

60,000 yuan, an increase of 0 in ten years.

9%, operating profit 12.

700 million, a decline of 16 per year.

6%, net profit attributable to shareholders of listed companies10.

500 million, a year down 16.

8%, EPS 0.

30 yuan, in line with expectations.

In the second quarter alone, the company achieved revenue of 25.

7 ppm, an increase of ten years.

7%, operating profit 6.

9 trillion, down 13 a year.

1%, net profit attributable to shareholders of listed companies5.

500 million, down 14 every year.

6%, single quarter earnings growth narrowed, EPS 0.

16 yuan.

  Comment: The report reports that the annual gross margin drops by 5 semi-annually.

1pct, during which the rate of expense increases by 3 per year.

2pct reports a consolidated gross profit margin of 40 for Tier 1 companies.

4%, a decline of 5 per year.

1pc; sales rate, management rate, R & D rate and financial rate 4.

4%, 5.

1%, 3.

1%, 4.

8%, which rose by 0 each year.

5, 0.

9, 0.

5, 1.

3 points.

The period rate is 17.

4%, an increase of 3 per year.


  The company’s comprehensive gross profit margin for the second quarter was 39.

7%, down by 6 per year.

2pct; sales rate 3.

7%, down by 0 every year.2pc, management fee rate, R & D fee rate and financial fee rate 5.

5%, 3.

1%, 2.

7%, a year-on-year increase of 1, 0.

1, 0.

6 points.

The rate during the period is 15%, which increases by 1 each year.

5 points.

  The price decreased and the output increased; the growth rate of the second quarter results narrowed the report length, and the company’s roving output increased by 82, followed by a small increase from the previous month; due to the increase in production last year and this year, the roving price in the first half of 2019 fell by 6%;Under the pressure of rising costs, manufacturing costs further declined slightly. In terms of expenses, due to the increase in capital expenditures and increased expenditures, the company’s financial expenses increased; in view of comprehensive factors, product price pressure was mainly due to the decrease in the company’s profit in the first half of the year, but the magnitudeCompared with the first quarter of 2019.

  At the end of the reporting period, the company’s notes and accounts receivable were 36.

7 ‰, an increase of 3 per year.

1 ‰; the inventory of the company increased by 23 due to the increase in the inventory of goods.

3% to 20.

7 ppm; due to the expansion of capital expenditures, the company increased its liabilities and restructured its assets and liabilities53.

7%, a month-on-month increase of 0.

8pct, still in a reasonable range.

Report information on the company’s net cash flow from operating activities.

200 million, a decrease of 5 every year.

500 million.

  Profit forecast and investment rating Since 2019, the price of glass fiber has fallen, and the new capacity in the past two years is still to be digested by the increase in demand, and Boulder’s gross profit margin and performance have declined.

From a long-term perspective, China Stone’s technology, cost control, production capacity and other advantages, forward-looking 武汉夜生活网 production capacity layout, continuous product structure improvement, and leading profitability are expected to help the company further consolidate its leading scale.

  Due to the expansion of product prices in the glass fiber industry, product prices have fallen more than expected, and Sino-U.S. Trade frictions continue to lead to faster global demand growth. We lower our company’s EPS forecast for 2019-21 to 0.

60, 0.

68, 0.

77 yuan (previous forecast was 0.

74, 0.

85, 0.

94 yuan); based on the company’s continued strengthening of its competitive advantages, we are optimistic about the company’s ability to recover and further grow in the medium and long term, and maintain a “recommended” rating.

  Risk reminder: disorderly expansion of the industry’s production capacity will affect the price and profitability 上海夜网论坛 of fiberglass products; the company’s export business accounts for a large proportion, and increasing trade barriers in overseas markets will partially affect export business.