Mingtai Aluminum (601677) 2018 and 2019 Q1 business review: sales growth covers price changes

Mingtai Aluminum (601677) 2018 and 2019 Q1 business review: sales growth covers price changes

Event: The company achieved total operating income of 133 in 2018.

25 ppm, an increase of 28 per year.

54%; net profit attributable to mother 4.

96 ‰, an increase of 40 per year.


The first quarter realized operating income of 34.

3.0 billion, an increase of 23 every year.

17%; net profit attributable to mothers1.

43 ‰, an increase of 9 per year.


Comments: 1. The increase in sales volume covered the price fluctuations, and the revenue and profit reached the best in history: the overall weakness of the aluminum price in 2018 led to the company’s average sales price of aluminum sheet, foil and aluminum foil falling by 0.

35%, 3.


However, 杭州桑拿网 the company’s sales continued to grow, while the total production and sales of conventional aluminum sheet and foil reached 76 inches, an increase of 20%.

Among them, the sales of aluminum strips were 64.

Every year, the annual increase is nearly 17%, and aluminum foil sales are 10%.

In August, it grew by 34% annually.

The steady growth in sales volume has covered the price fluctuations, making the company’s revenue and profit increase year by year, and the revenue and profit have doubled in the eight years since listing.

Looking at the revenue and profit scale in the first quarter, the company’s performance growth is still deterministic.

2. The project has been initially put into production, and the production and sales volume will continue to increase: the three major projects of the existing company are 夜来香体验网 in the period of capacity release, and sales will continue to increase in the next two years.

Where “12.

The “5 automotive aluminum alloy sheet projects” have initially completed the installation and commissioning of cold rolling mills and intelligent warehouses, and are expected to contribute major output increases from 2019 to 2020; the “two-stage transportation aluminum profile project” is in the initial stage of commissioning and the first phase of capacity utilizationThe rate is close to 40%. In the next two years, the Henan Metro will accelerate its implementation through the planning and construction of the subway.

In addition, the company’s “aluminum sheet production line upgrade project” will also bring 10 scale expansion in the long run.

3. Investment suggestion: The company’s aluminum sheet and foil output accounts for about 7 in the country.

1%, is one of the leading enterprises in the domestic aluminum processing industry.

Since the profit of the aluminum processing industry mainly comes from processing fees and the profit is relatively stable, the company’s gross profit margin and ton gross profit data in the past few years can also reflect this situation.

Therefore, the increase in the scale of production and sales and the proportion of high value-added products is the key to the increase in profit scale and gross profit margin, and also the main focus of investment.

We expect net profit attributable to mothers in 2019-2021.



750,000 yuan, EPS is 0.



31 yuan, maintaining the overweight level.

4. Risk reminder: the project puts into operation less than expected and demand exceeds expectations