Evergrande High-tech (002591): Net profit increased by 256% in the first three quarters Traditional businesses stabilized and rebounded Protection and noise reduction business volume increased

Evergrande High-tech (002591): Net profit increased by 256% in the first three quarters 佛山桑拿网 Traditional businesses stabilized and rebounded Protection and noise reduction business volume increased

Net profit on January 9, 2019 was 8,328.

50,000 yuan, an annual increase of 256%.

The company announced three quarterly results, and achieved operating income in the first three quarters of 20193.

13 ppm, an increase of 49 in ten years.

34%, net profit attributable to 8,328.

50,000 yuan, an increase of 256 in ten years.


Achieve operating income in the third and third quarters1.

50,000 yuan, an increase of 27 in ten years.

45%, net profit is 2324.

30,000 yuan, an increase of 198 in ten years.


Selling expenses in the first three quarters2.

4%, zero for one year.

59 total, 13 management expenses.

05%, ten years ago 9.

84 budgets, financial expenses1.

26%, rising by 0 every year.

24 units.

Gross profit margin for the first three quarters of 53.

28%, an increase of 3 per year.

76 units.

Traditional business is picking up, new business is heavy, and the company expects a net profit of 1-1 in advance.

300 million.

The company is a leading domestic company of new wear-resistant thin-film materials for industrial equipment. It mainly provides electricity, steel, cement and other enterprises to provide comprehensive anti-static protection solutions for industrial system equipment.

In 2019, the company’s anti-abrasion measures business stabilized and rebounded. At the same time, under the background of the implementation of national environmental protection related policies, waste incinerator protection, acoustic noise reduction projects and other related businesses have achieved rapid growth in new breakthrough units and projects.

The company estimates that the full year 2019 net profit will be 1-1.

3 ‰, an increase of 186 in ten years.

46% -272.


Environmental protection and efficiency requirements drive the protection business.

The company entered the garbage furnace protection business in 2017. Its customers are Kangheng Environment, Everbright International, and Green Power, the leading enterprises in waste incineration and power generation.

The growth of the waste incinerator protection business is mainly based on: (1) stricter environmental protection policies, waste incineration has become the main way of future waste treatment, and there is still room for growth in the future construction of waste incinerators; (2) the reduction in waste incineration in the past two years.
As a result, operators have paid more attention to improving power generation efficiency. Therefore, more and more intermediate and high temperature and high and low temperature and high pressure operation furnaces purchased by waste incineration power plants have increased, which has led to aggravation of the corrosion problem of waste incinerators.The need for protection is growing.

The industrial noise reduction business achieved rapid growth.

The company’s noise reduction business is based on the premise of industrial noise reduction and coordinated development of building acoustics and traffic noise reduction services. It is estimated that the entire market for noise pollution control is expected to reach 38-40 billion.

The growth of acoustic noise reduction business is mainly based on: (1) the promulgation of environmental protection tax law has promoted enterprises to implement noise reduction and reconstruction projects in factories; (2) the company has a certain customer base, and the transformed customer groups such as electricity, cement, and steel canThe synergy of acoustic noise reduction business produces synergistic effects; (3) Evergrande Acoustics supplemented the “Level 1 Qualification for Environmental Engineering Professional Contracting” in 2019, and the scope of the proposal for qualification enhancement was wider.

Evergrande Acoustics’ business in the field of industrial noise reduction is growing rapidly.
profit prediction.
We expect the company’s net profit for 2019-2021 to be 1.

2.3 billion, 1.

6.1 billion, 1.

980,000 yuan, EPS is 0.

4 yuan, 0.

53 yuan and 0.

64 yuan.

We give the company 22-28PE in 2019, corresponding to a reasonable value range of 8.


2 yuan, given the market rating.

risk warning.

Orders fall short of expectations; possibility of downstream demand.