Wanwei High-tech (600063): Achievements in performance forecast, new materials worth looking forward to

Wanwei High-tech (600063): Achievements in performance 北京桑拿洗浴保健 forecast, new materials worth looking forward to
I. Overview of the event The company issued a pre-announcement of 2019 results, and it is estimated that the net profit attributable to shareholders of listed companies will be 3 in 2019.6?40,000 yuan, an increase of 176 in ten years.92% -207.69%.Based on the principle of caution, the company expects to make provision for impairment losses1.9?2.5 billion.  Second, analysis and judgment of PVA demand upward, Mengwei achieved full production in the first three quarters of 2019, the company’s PVA external sales was 17.06 is the highest, with an annual growth rate of about 15%. It is expected that sales will continue to grow rapidly due to two main reasons: First, the demand for new materials such as PVA optical films, PVB, etc. continues to grow; second, exportsContinue good growth 重庆桑拿网 momentum.The subsidiary Mengwei has a capacity of 20 PVA and has only a certain cost advantage. Driven by demand, Mengwei produced at full capacity and achieved a breakthrough performance contribution. The company with a long track record of TFT-level PVA optical film projects has achieved 5 million square meters of PVA optical film industrialization experience. The main products are small-size polarizers for liquid crystal displays and polarizers for glasses.After years of research and development, the company’s TFT-level PVA optical film production technology has also achieved major technological breakthroughs. The 7 million square meters of optical film and polarizer project invested in 2018 is expected to be put into production in 2020.After being put into production, it will help to realize the import substitution of TFT-level PVA optical films, and at the same time strive to open the tourmaline-PVA-optical film-polarizer industry chain and enhance the company’s integrated profitability. High-strength and high-mode PVA fibers usher in rapid growth. Before 2014, the company’s high-strength and high-mode PVA fibers were in the market development period, and the annual output was basically stable at 1?Two.After 2015, through the gradual opening of the market, the production and sales volume has ushered in continuous growth, and the output has increased from 2 in 2015.The growth rate increased from 35 to 4 in 2018.12 Every year, the average annual rate is about 25%, which drives the demand for upstream PVA.  Third, investment recommendations We expect the company’s EPS in 2019-2021 to be 0.21.0.34, 0.43 yuan, corresponding to the current expected PE of 17.0, 10.5 and 8.3 times, the company PB (MRQ) is 1.39 times, industry median value 2.42 times, maintaining the “recommended” level.  4. Risk warning: the industry exits production capacity and resumes production beyond expectations; the prices of raw materials have risen sharply, and the progress of polarizers has fallen short of expectations.