2020 Mar 23 By admin 0 comment

Top Group (601689): 19Q4 results continue to verify the upward inflection point will continue to benefit from Tesla volume

The company released a performance forecast: It is expected that the net profit attributable to mothers will be 4 in 2019.


41 trillion, down 28 a year.

18% -40.

13%, net of non-attributed net profit4.

16 ppm-5.

06 million, down 25 every year.



In the fourth quarter of 19th, the expected growth rate of net profit attributable to mothers for many years turned positive, and the performance slightly exceeded market expectations.

According to the notice, the company’s net profit attributable to the mother was 1 in 19Q4.


04 billion, at least -16.

6% to +49.

5%, calculated twice as the interval median +16.

5%, the company 19Q4 deducted non-net profit 1.


9.1 billion, at least -15.

3% to +60.

3%, twice as the median of the interval +22.


The company’s 19Q4 performance growth rate is expected to turn positive, the growth rate is better than 19Q3, slightly higher than market expectations, the main reasons: 1) the company’s main traditional customers Geely, GM, Ford and other 19Q4 production and sales growth rate improved relative to 19Q3; 2) the company’s new customersSierra made some contributions in 19Q4; 3) It is expected that the revenue scale of 19Q4 will increase and the company’s profit margin level will increase sequentially.

The company has withdrawn impairment of goodwill for 19 years.


4 billion, after deducting goodwill impairment, the company’s 19Q4 performance growth was better.

In 2017, the company acquired Zhejiang Tuowei and Sichuan Meigao (the main business is the production and sales of high-strength steel chassis sub-frames) to form a goodwill2.

8 billion.

Revenue of the two companies in 20196.

6 billion, at least -11.

80%, net profit attributable to mother 0.

4.5 billion, -35 per second.

90%, the company expects to accrue 0 in 2019.


400 million, after deducting the impact of goodwill impairment, the company’s profit growth is expected to be better in 19Q4.

The attacking top, standing at the starting point of the third round of leap, gradually entered the harvest period, maintaining the level of “prudent increase”.

We believe that the company’s short-, medium-, and long-term focus has been on: the short-term company’s supporting customers and its own depreciation and amortization pressure have passed when the maximum, the subsequent profit growth is expected to increase quarter by quarter; followed by Tesla global volume growth and Tesla increaseThe business will contribute to the company’s profit and profit elasticity; the long-term company’s comprehensive layout of the three businesses of chassis, interior decoration and automotive electronics is expected to grow into a comprehensive automotive parts group.

It is expected that the company’s net profit attributable to its mother for 2019-2021 will be 5.

3.5 billion, maintaining the rating of 南京桑拿论坛 “prudent overweight”.

Risk warning: The industry is picking up less than expected, and the company’s new projects are not producing as expected