Pluton (002769): The worst time for state-owned assets to enter may have passed

Pluton (002769): The worst time for state-owned assets to enter may have passed

Pluton (002769): The worst time for state-owned assets to enter may have passed

The worst time may have passed. Maintaining the “Overweight” rating in 2018, Proton completed revenue57.

7.2 billion (+7.

3%), net profit attributable to mother 1.

2.0 billion (+49.

6%), lower than our expectations of 1.

3.3 billion.

In the first quarter of 2019, Proton completed revenue of 15.

6.8 billion yuan (+43.

8%), net profit attributable to mother 0.

3 billion (-26.

5%), better than our expectations of 0.

2.5 billion.

The supply chain industry is still facing short-term difficulties. We predict that the company’s EPS in 19/20/21 will be 0.

59/0.

73/0.

84 yuan, corresponding to the current expectation of 18.

3/14.

7/12.

8X PE.

We give Proton 19-19X PE for 19 years and adjust the target price range to 11.

15-12.

32 yuan, maintaining the “overweight” level.

The business is under pressure. At its worst, 2018 may have passed and Proton completed revenue57.

7.2 billion (+7.

3%), net profit attributable to mother 1.

2.0 billion (+49.

6%), lower than our expectations of 1.

3.3 billion, deducting non-deductions to the net profit of the mother 0.

9.8 billion (-52.

6%).

In the first quarter of 2019, Proton completed revenue of 15.

6.8 billion (+43.

8%), net profit attributable to mother 0.

3 billion (-26.

5%), better than our expectations of 0.

2.5 billion.

From the first quarter results, the company’s operations are still under pressure, but to avoid macroeconomic stabilization and 青岛夜网 the easing of Sino-US trade frictions, we think that the worst time may have passed.

State-owned assets increase, financing and customer expansion have improved. On October 22, 2018, the company’s controlling shareholder / actual controller Chen Shuzhi intends to transfer 10 of its holdings to Guangdong Green Financial Holdings, a state-owned asset in Guangzhou.66% shares, and intend to entrust it to exercise the remaining shares (19.

18%) corresponding to rights other than property rights.

Continuous development, ICT supply chain companies generally need to advance funds, the prospect of state-owned assets plus holdings greatly reduces the company’s financing costs; reorganization, the company is expected to rely on the rich resources of the state-owned platform to develop new markets and new customers, and enhance the 无锡桑拿网 ability to serve potential customers.

A difficult year for the supply chain industry. After the storm, we will see a rainbow in 2018. The domestic macro economy continues to decline, adding global trade friction and the growing demand for the three major pieces (PC / smartphone / tablet). ICT supply chain companies are generally facingThe challenge was earlier and more difficult.

In the listed company system, Nianfu (Ningbo Dongli Subsidiary) was applied for bankruptcy and liquidation, Runtai (Jiuyou Co., Ltd.) lost contact, and Pluton and Aiyatong successively dated state-owned shareholders.

We expect that small and medium-sized supply chain companies will face greater difficulties. After the industry reshuffles, some more powerful companies are expected to stand out.

Maintain the “overweight” level and adjust the target price range to 11.

15-12.

The 32-yuan supply chain industry is facing difficulties. We have lowered the company’s EPS forecast for 19/20 to zero.

59/0.

73 yuan (previous value was 0.

64/0.

80 yuan), and the first dating 21-year profit forecast is 0.

84 yuan, corresponding to the current expectation of 18.

3/14.

7/12.

8X PE.
Comparable logistics companies have won unanimous expectations for 19 years.

2X; Considering the vast market space of the supply chain industry and the entry of state-owned assets to boost market confidence, we give Pulutong 19-21X PE (premium 11% -22%) and adjust the target price range to 11.

15-12.

32 yuan (previous value was 7.

47-7.

75 yuan), maintaining the “overweight” level.

Risk Warning: Trade conflicts affect the import of electronic information manufacturing components; exchange losses caused by foreign exchange; and supervision of financial leases is strengthened.