Xusheng shares (603305): Q1 gross profit margin company performance under pressure

Xusheng shares (603305): Q1 gross profit margin company performance under pressure

Event: The company announced the first quarter report of 2019, and realized operating income from January to March2.

50,000 yuan, an increase of 17 in ten years.

2%; net profit attributable to mother 3786.

20,000 yuan, 30 years ago.


Q1 gross profit margin increased, the company’s profitability pressured the company’s Q1 gross profit margin of 32.

9%, a decline of 6 per year.

9 points, down 4 from the previous month.

0pct, the potential may be: 1) the impact of the factory’s solidification, the end of 2018, the four factory buildings will be solidified, the depreciation pressure will be transformed in 2019, and the six factories may be solidified in 2019, the amount is about 200-300 million;Structural changes. The Model / S / X low-profile model has led to a decline in the proportion of high-margin products and a decline in overall gross profit margin.

The company’s Q1 expense ratio is 9.

8%, an increase of 3 per year.

9pct, of which the selling expense ratio is 1.

8% (decade +0.

6pct), mainly due to the increase in freight and customs fees;

3% (ten years +1.

6 pct), mainly due to the increase in staff salaries; financial expense ratio 2.

7% (ten years +1.

7pct), mainly due to accrued interest rates on convertible bonds.

The Shanghai plant is accelerating. It is expected that Tesla’s production and sales will increase and drive the company’s performance growth. Tesla’s Shanghai plant is basically shaped. The steel structure construction project of the plant is coming to an end. It is estimated that the relevant engineering construction will be completed in 5 months, and some production lines will be mass-produced. The initial weekly production capacity is expected.3000 models 3; 2019 Tesla aims to produce 10,000 vehicles per week and put in delivery of 360,000 to 400,000 vehicles (more than 45% -65% increase).

After Tesla’s domestic production, it is bound to increase the local supply ratio. The company merges deep cooperation relationships and is expected to move toward more orders.

The company’s revenue from Tesla accounts for more than 60%, and its performance has been broken by Tesla’s influence. It is expected that the scale of Tesla’s production and sales will increase, driving the company’s performance to continue to grow.

Earnings forecast and investment recommendations Tesla delivered less than expected in the first quarter. The Shanghai fire incident may affect Tesla’s demand in the short term, but in the long run, Tesla is a high benchmark for new car building forces and excellent intelligence.The network connection function still guarantees Tesla’s leading position, and in the new energy vehicle company, the commissioning of the Shanghai plant further promotes the expansion of Tesla’s production and sales scale.

As the core target of the Tesla industry chain, the company is trying to enjoy Tesla’s growth dividend.
In 2021, the EPS will be 0.

81 yuan, 1.

01 yuan, 1.

22 yuan, corresponding to 2019?
PE will be 33 in 2021.

3 times, 26.

6 times, 22.

2 times.

Maintain the company’s “overweight” rating.

Risk 深圳桑拿网 reminder: Tesla’s sales are lower than expected, and the price of products will fall.