Xusheng shares (603305): Q4 gross profit margin further growth annual report performance is lower than expected

Xusheng shares (603305): Q4 gross profit 都市夜网 margin further growth annual report performance is lower than expected

Event: The company announced its annual report results and achieved operating income in 201811.

0 million yuan, an increase of 48 in ten years.

3%; net profit attributable to mother 2.

90,000 yuan, an increase of 32 in ten years.


Gross margin growth declined, Q4 and expected results were lower than expected company Q4 to achieve operating income2.

70,000 yuan, an increase of 34 in ten years.

8%; net profit attributable to mother 0.

6 ppm, an increase of 5 in ten years.


Benefit model 3 ramped up production capacity, the company’s revenue maintained high growth, and Q4 Tesla produced a total of 6.

10,000 Model 3s, an increase of 15 from the previous month.

3%, weekly production exceeded 6,000.

The increase in gross profit margin caused the company’s profit growth to be slower than its revenue. The company’s gross profit margin in Q4 was 36.

9% (year -5.

2pct, -5 ring.

0pct), a higher gross margin of 39.

7% (year -4.


The company’s expense ratio has steadily decreased during the period, and the sales expense ratio in 2018 was 1.

2% (one year-0.

4pct), the management fee is 7.

8% (one year-0.

2pct), financial expense ratio -0.

9% (year -1.


The reasons for the decline in the company’s Q4 and higher gross profit margins were: 1) The depreciation expenses increased due to the construction of new plant No. 6 plants and the installation of equipment.

10,000 yuan, an increase of 2090 over last year.

30,000 yuan, the impact on gross margin is about 1.

9pct; 2) Changes in product structure.

We believe that with the increase in production and sales scale, Tesla may reduce supply chain costs in order to profit, and the company’s gross profit margin will still have downward pressure in the future.

Tesla’s launch of new cars + acceleration of localization, the company enjoys the industrial chain dividend, the company’s Model 3 production capacity increased, and its supply to Tesla increased rapidly. In 2018, the company achieved profitability for Tesla.

700 million, accounting for 61 of operating income.

1%, a year-on-year growth rate of 61.


Tesla recently released the second heavy-duty model Y, sharing the same platform with Model 3, sharing 75% of parts and components. It is expected to start production in the fall of 2020. The company actively follows up with Tesla’s needs and conducts deep cooperation.Relationship, we think the company is expected to win more new orders.

In addition, Tesla’s localization is accelerating. The Shanghai plant is 北京夜生活网 expected to start production at the end of the year. The initial weekly production capacity is 3,000 Model 3s. Tesla is bound to increase its local supply share and the company’s supply is expected to grow again.

According to Tesla’s goal of producing 10,000 vehicles per week in 2019 and delivering 360,000 to 400,000 vehicles per year (a 45% -65% increase over the same period), the company’s performance is expected to maintain high growth. Profit forecast and investment recommendations for the company 2019?
In 2021, the EPS will be 0.

94 yuan, 1.

19 yuan, 1.

53 yuan, corresponding to 2019?
PE will be 37 in 2021.

9 times, 29.

9 times, 23.

4 times.

Maintain the company’s “overweight” rating.

Risk reminder: Tesla’s sales are lower than expected, and product prices fall