Real Madrid Technology (603181) Quarterly Commentary Report: Continued High Growth and Strong New Product Drive

Real Madrid Technology (603181) Quarterly Commentary Report: Continued High Growth and Strong New Product Drive
Event: The company released three quarterly reports for 19 years, reporting a series of realized operating income13.8 yuan, an annual increase of 10.08%; net profit attributable to mother 1.8.4 billion, an annual growth of 35.twenty two%.Single quarter revenue in the third quarter 5.2 ten percent, an increase of 16 per year.45%, an increase of 12 from the previous month.5%; net profit attributable to mother is 65.38 million yuan, an annual increase of 21.2%, an increase of 3 from the previous quarter.5%.The main reason for the sustained high growth of performance is the increase in sales of the company’s products. Key points for investment: Gradually increase the volume of 成都桑拿论坛 production and production, continuous high growth performance The company’s performance has achieved a quarter-on-quarter growth, mainly due to the gradually increased volume of production and production, and product sales increase.The supply of raw materials is stabilized through the large variety of products, and the profit level is maintained and improved through the small variety.The company raised 8.5 small varieties are expected to be completed in 20197.July.The initial recovery of infrastructure construction, Q3 single-season company sales of 27,066 tons of large variety products, an increase of 37% per year, an increase of 14%; sales of small variety products of 20,396 tons, an increase of 43%, an increase of 13%.In terms of price, the average price of a large variety of Q3 in a single season is 8,696 yuan / ton, which is 深圳桑拿网 replaced by 26% per second, which is an increase of 3% from the previous month.The price of the company’s small varieties is reduced in weight relative to the raw materials, and the gross profit margin is 21.32%, increase by 1 every year.32PCT, gross profit increased by 24 in ten years.18%. Break through the technology monopoly and enter MS resin, and the follow-up new products have strong overall performance. MS glue is a new type of product that combines the advantages of multiple product structures. At present, the mainstream manufacturers in the world are WACKER, Germany, and JAPAN, Japan.The company leads the technology research and development and breaks the technology monopoly. At present, pilot products have passed downstream customer testing, and the capacity of 5 MS resins is under construction. It is expected to be put into production in 2020, which will bring benefits to the company in 2021. Earnings forecast We expect the company’s EPS for 2019/2020/2021 to be 0.89 yuan, 1.12 yuan, 1.53 yuan, corresponding to the current continuous price-earnings ratio of 18 times, 14 times, 10 times.Maintain the “Recommended” level. Risks remind that market promotion is less than expected; process safety accidents; force majeure such as natural factors