Aikedi (600933) Semi-annual Report 2019 Review: Turning Revenue Awaits Combination of Turning Point and Demand Cycle

Aikedi (600933) Semi-annual Report 2019 Review: Turning Revenue Awaits Combination of Turning Point and Demand Cycle

Revenue from weak single quarter orders was positive, and the performance exceeded expectations. In the first half of the year, the company achieved revenue of 12.

5.3 billion, an annual increase of 1.

19%, net profit attributable to mothers2.

02 billion, the previous decade13.


The company achieved revenue in the second quarter alone.

2.4 billion, an annual increase of 4.

22%, net profit attributable to mothers1.

09 billion, the previous decade 5.


Against the background of the increase in passenger car production in the second quarter, the company’s single-quarter revenue has been continuously positive, and its overall performance has exceeded our expectations.

Champion in precision manufacturing, technology and management. The company with core advantages is mainly engaged in the production and 深圳桑拿网 manufacture of automotive aluminum alloy precision die-casting products. The main products include automotive wiper systems, automotive traditional systems, automotive steering systems, automotive engine systems, automotive brake systems, etc.Among them, the company has a global penetration rate of more than 30% in automotive wiper systems, which is a typical stealth champion in the field of segmentation.

In addition, the company actively transformed the new energy sector and invested in 3.

US $ 5.9 billion for the construction of new energy vehicles and automotive lightweight components. Currently, it has obtained many new energy vehicle projects such as Bosch, Continental, United Electronics, Magna, Mahler, Mitsubishi Electric and many more.

Because the company’s products are mainly small and medium-sized parts, including large number of products, many types, more than transcendence, many customers, etc., the company’s core advantages can be reflected in the manufacturing technology of precision parts, to achieve excellent lean management focus.

The inflection point of the operating cycle and the demand cycle, the large companies with large profit elasticity in the later period belong to the typical heavy asset type parts and components, and the turnover rate of fixed assets1.

97 (2018), with higher operating leverage.

The company’s depreciation and amortization began to expand in the second quarter of 2018, and new production capacity was put into production and solidified. The depreciation and amortization expenses in the 18 years continued to increase 43.

59%, an increase of 43 in the first half of the year.


The depreciation and amortization rate has increased significantly since 18 years, and the depreciation and amortization rate in the first half of 19 years shows an increase of 4 in 17 years.

2pct, which is the first reason for the company’s gross profit margin to change significantly from 18Q2.

We expect that the second quarter will be the inflection point (demand) of revenue, the third quarter will be the inflection point of the business side, and next year will be the combination of demand and the inflection point.

Risk reminder: The domestic auto industry’s recovery is less than expected, and the expansion of new production capacity is less than the expected investment logic: entering a new round of production cycle and profit upward period, we expect to achieve a net profit of 5 in 19/20/21.



6.5 billion, EPS is 0.



90 yuan, the current corresponding PE is 16 respectively.



5 times, based on the growth rate of comparable companies and future performance, giving 20-20 times PE for 20 years, corresponding to a reasonable estimate of 13.


00 yuan, 28 for the current sustainable existence.

93% -43.

27% of the space, covering for the first time, given an “overweight” rating.