Hailide (002206): Vietnam factory accelerates construction and will gradually start production from 2020Q2
This report reads: The gross profit margin of automotive silk has improved and the industrial silk economy has been sluggish. The company has accelerated the construction of factories in Vietnam to reduce the impact of tariffs. At the same time, it has actively expanded the impact of attenuation in the non-US and internal markets.
Investment Highlights: Maintain overweight.
The company’s Vietnam factory will gradually reduce its landing and improve its profits starting from the second quarter of 2020, maintaining its profit forecast. It is expected that the EPS for 2019-2021 will be zero.
36 yuan, maintaining the company’s target price of 4.
59 yuan is unchanged, corresponding to 18 in 2019.
47 times, maintaining the overweight rating.
The construction of the Vietnam plant is accelerating, and it will be gradually put into production from 2020Q2.
The company’s main products are polyester industrial yarn, plastic materials and polyester cord fabrics, and it always adheres to a differentiated 天津夜网 development strategy.
Recently, the company Vietnam will initialize the synthesizing of the polyester industrial filament project on the 11th. The first phase will be put into production in the second quarter of 20201.
2 Initial bladder silk, the second phase of production is expected to be carried out in the fourth quarter.
The Vietnam project will become the company’s new profit growth point in the future and reduce the impact of tariffs.
The gross profit margin of automotive silk was reduced and improved, and the industrial silk boom was sluggish.
At present, the company has 21 additional polyester industrial yarn production capacity, of which the automotive yarn accounts for about 70%. In 2019, the amount of automotive silk wool has increased. In particular, the production of 3 tons of airbag yarns increased significantly from Q3 and production at full capacity.
The non-automotive wire production capacity7 is at least, and due to the overcapacity of the industry, the prosperity is significantly lower than the automotive wire, and the gross profit margin has been replaced.
The polyester polyester chips were put into production on 20th of 2019, but the business climate of polyester was also poor.
Recent trade frictions have achieved stage results, and the follow-up market is expected to be boosted.
Actively develop non-US and domestic markets, and overall sales of cord fabrics have grown.
In terms of polyester cord fabrics, the company increased its exploration of non-US and domestic markets, and further accelerated product certification and new product research and development, and achieved overall growth despite the sharp decline in sales in the US market.
The gross profit margin of plastic materials has increased, making up for the decline in industrial yarn and polyester boom.
The company actively explores the stone plastic EU flooring market, and monthly sales are recovering well.
Risk warning: Trade friction affects product sales, and Vietnam’s project progress is less than expected.