Longji shares (601012): Beautiful operating data and rapid growth

Longji shares (601012): Beautiful operating data and rapid growth
54% growth in the first half: The company released the first half of 2019 report, reporting a series of 141 realized revenue.1.1 billion, an annual increase of 41.09%; realized net profit attributable to mother 20.10,000 yuan, an increase of 53 in ten years.76%. The corresponding EPS is 0.55 yuan.Among them, in Q2 2019, operating income was 84.10,000 yuan, an increase of 28 in ten years.62%, an increase of 47 from the previous month.13%; net profit attributable to mother 13.980,000 yuan, an increase of 83 in ten years.07%, an increase of 128 from the previous month.75%.The 2019Q2 corresponding EPS is 0.39 yuan. Profitability is quickly repaired and overseas sales shine. In the first half of 2019, the cost-effectiveness of monocrystalline 杭州夜网论坛 products has become more prominent. According to PVInfoLink data, the global city share is expected to increase to 62%. In the first half of the year: 1) External sales of monocrystalline silicon wafers21.4.8 billion tablets, an increase of 183% in ten years, for personal use7.9.5 billion wafers; silicon wafer revenue 59.About 2.8 billion, an increase of 102 in ten years.At 62%, silicon wafer prices have fallen by 28 per year.50%.Wafer gross profit margin 23.2%, up about 7 units a year.Calculate silicon wafer profit 8.0-9.0 million.2) The external sales of monocrystalline modules were 3193MW, a year-on-year increase of 21%, 265MW for self-use, and 712MW for battery export.Among them, the overseas module sales were 2,423MW, a year-on-year increase of 252%, accounting for 76% of the total export sales.Module revenue is about 6.7 billion, which is basically the same every year. Module gross margin (including silicon wafers, battery profit deposits) 28.About 4%, which is up by 4 every year.2 units.It is estimated that the component profit is 9 billion to 1 billion.3) Power plant operating profit is 0.7-0.80,000 yuan, investment income 0.9-1.0 million. Expansion of production capacity and rapid decline in cost: The company plans to reach 65GW of monocrystalline silicon rods / wafers by the end of 2021, 20GW of monocrystalline cells and 30GW of monocrystalline modules, of which the wafer capacity is expected to be at the end of 2020 based on current construction progressIt can reach 65GW, one year earlier than originally planned.In addition, non-silicon costs fell by 31 each year in the first half of the year.75%. Lower expense ratios, improved cash flow, increased advance receipts, and faster turnover: The company’s expenses increased by 36 during the 2019H1 period.76% to 12.22 trillion, the cost rate during the period fell by 0.27 up to 8.66%.The sales expense ratio decreased by 0.7 units.The cost rate decreased by 0 during 19Q2.68 averages to 7.34%.2019H1 net cash inflow from operating activities24.27 ppm, a 107-year increase.63%; cash obtained from sales of goods 96.51 ppm, an increase of 15 in ten years.54%. Net cash inflows from operating activities in the second quarter of 201914.88 ppm, a decrease of 21 per year.05%; sales of goods received 55.45 ppm, a ten-year increase of 7.64%.Funds received in advance 32.79 trillion, an increase of 139 in ten years.71%, an increase of 23 from the beginning of the period.1.7 billion.Ending accounts receivable 47.89 ppm, a six-year increase of 6.75%, the turnover days of accounts receivable in Q2 2019 decreased by 18 days compared with Q1 2019.Period ending stock 55.33 ppm, an increase of 21 in ten years.01%; 2019Q2 inventory turnover days decreased by 19 days from 2019Q1. Profit forecast: The company is expected to earn 49 in 19, 20 and 21 respectively.40, 65.00, 83.1.4 billion, corresponding to an EPS of 1.36, 1.79, 2.29 yuan, maintain “Buy” rating. Risk warning: policies fail to meet expectations, increased competition, etc.