China Automotive Research (601965) 2018 Annual Report Performance Review: Annual Report Meets Expected Late-stage Results Guaranteed


China Automotive Research (601965) 2018 Annual Report Performance Review: Annual Report Meets Expected Late-stage Results Guaranteed

Initial non-profit growth increased by 22.

35%, the performance is in line with expectations The company gradually realized revenue27.

580,000 yuan, an increase of 14 in ten years.

91%, net profit attributable to mothers4.

3.0 billion, a ten-year growth of 7.

47%, net profit deducted from non-attribution3.

72 ppm, an increase of 22 in ten years.


Compared with the previous company performance forecast, the forecast is in line with expectations, and the overall performance is also in line with our expectations.

  Fourth quarter single quarter profitability improved. The company achieved single quarter revenue in the fourth quarter7.

500 million US dollars, flat for one year, achieving net profit attributable to mothers1.

45 ‰, a ten-year average of 7.


Realize deducted non-attribution net profit1.

26 ppm, an increase of 15 in ten years.


The company’s single-quarter revenue in the fourth quarter was mainly due to the deviation of the commercial vehicle sector in the 杭州夜网 second half of the year, and the growth in technical services replaced the replacement.

The reason for the company’s return to profit growth is that the revenue has not increased but the net interest rate has decreased by 1.

56 points.

The increase in net profit after deducting non-attribution to mothers was stronger than that attributable to mothers. The increase was mainly due to accounting changes, and some regular government subsidies were included in recurring income.

Profitability, gross profit margin reached 35 in the fourth quarter.

61%, an improvement of 8 from the previous quarter.


  The follow-up performance is guaranteed and it is estimated to be flexible. We believe that the company’s follow-up performance protection mainly lies in the following three points: First, the company completed a new contract in 201831.

58 ppm, a ten-year increase of 8.

9%, 121% of the budget completed; Second, the company ‘s profit core technology service segment benefited from emissions upgrades and increased testing costs, and most car companies have not yet completed high-endurance tests at high unit prices; Third, the new business wind tunnel laboratory is expected to completeOfficial expenditure in April, full-income revenue increase is 1.

2 ppm / year.

According to the estimates, the company’s field of technology and capital barriers are high. At the same time, the company masters the core technology and looks ahead in the field of intelligent networking.

To benchmark the giants in the overseas automotive inspection field, the company has the potential to merge into a comprehensive inspection service provider.

  Risk reminder: Wind tunnel laboratory progress is less than expected, commercial vehicle business is less than expectedStrong, while benefiting from performance upgrades and emission upgrades, and new business wind tunnel laboratories put into operation.

In the long run, the company is a leader in the automotive field that has mastered core technologies. It is looking ahead to deploying intelligent network connectivity, expanding management improvements, and is expected to usher in steady growth in performance and expectations.

We estimate that the company’s net profit attributable to the mother in 19/20/21 will be 5 respectively.

03 ppm 5.

9.6 billion / 6.

92 trillion, EPS is 0.

52 yuan / 0.

61 yuan / 0.
71 yuan, currently the corresponding PE is 16 respectively.


9 times, giving an estimate of 18-20 times, corresponding to a reasonable estimate of 9.


40 yuan, maintain “Buy” rating.