Francais (603966): Too many orders in hand, high growth expected this year

The 北京桑拿体验网 performance is in line with expectations and the operating ability is excellent: the company achieved revenue in 20187.

64 ppm, an increase of 19 years.

97%; net profit attributable to mothers was 65.93 million yuan, a year-on-year increase of 3.

3%; after deducting equity incentive expenses, the non-net profit attributable to the parent will increase by 21 per year.

87%, performance in line with expectations; net cash inflow from operating activities1.

11 ppm, a two-fold increase in one year, and significantly higher than the net profit attributable to mothers; comprehensive gross profit margin is 25.

56%, an annual increase of 0.

57%. Under the background of rising raw material prices in 2018, the gross profit margin remained stable, reflecting the company’s good cost management and operating capabilities; the company’s 南宁桑拿 profit distribution plan distributed cash for every 10 shares of 0.

8 yuan, is expected to pay 16.88 million yuan, the dividend rate is 25.


In addition, the company achieved revenue in the first quarter1.

90 ppm, an increase of 60 in ten years.

65%; net profit attributable to mothers reached 3.54 million yuan, a year-on-year increase of 77.


Voithcrane consolidation has been added to the total number of orders, and high growth can be expected: the company’s advance receipts at the end of last year reached 2.

US $ 9.7 billion, an increase of 181% in the previous year; the company’s advance account receipts increased to 3 at the end of the first quarter of the previous year.

4 billion US dollars, it can be seen that the company has a lot of overlap in hand orders, which will provide momentum for profit growth in 2019-2020. In addition, the average growth of the company’s electric hoist and accessories services exceeds 35%, indicating that the company’s industry is expanding and becoming stronger.

The company completed the equity settlement of Voithcrane at the end of last year. Voithcrane has more than 60 years of professional experience in special cranes and material handling solutions, is a leading brand in the market segment, and cooperates with Siemens, BMW, Audi, ThyssenKrupp and many other internationalLong-term cooperation with well-known companies.

Special cranes and European cranes are obviously complementary in market and product positioning. Voithcrane’s consolidation will significantly enhance the company’s overseas market influence and brand value.

Diversified customers and strong anti-risk ability: The company’s downstream products of European crane products only have the market characteristics of “diversified customers and regional dispersion.”

Products are widely used in high-end equipment manufacturing, energy and power, transportation logistics, automotive, marine, metallurgical, building materials and papermaking industries.

The total sales amount of the top five customers of the company in 2017 and 2018 accounted for 22% of the annual sales scale.

14%, 26.

14%, the sales of the top five customers accounted for less than 30%, and less reliance on a single customer.

The scale of cooperation with Fortune 500 companies and leading companies in various industries. The fragmentation of the company’s customers means that the company will have significant anti-cycle capabilities in the future. In the process of cooperation with downstream industry giants, the company will enhance the company’s mid-to-high-end brand image and gradually improveMarket share.

Investment suggestion: Considering the stability of the domestic macro economy, but the continuity remains to be seen. The company ‘s influence in the “Belt and Road” market has increased, and Voithcrane ‘s growth in the European market has been relatively stable.Is 11.

8.5 billion, 13.

9 billion, 16.

3.5 billion; net profit attributable to mothers is 1.

50,000 yuan, 1.

3 billion, 1.

61 ppm; The dynamic PE in 2019 is 26 times, maintaining the “overweight-A” level.

Risk reminders: the risk of fluctuations in the macroeconomic cycle; rising raw material prices affecting profitability; the downturn in the downstream industry caused the risk of falling demand; the risk of mergers in outbound acquisitions.