Jiemei Technology (002859): The low point has been waiting for the downstream demand to recover
Announcement: The company announced the 2019 annual performance forecast, and realized net profit attributable to mothers 1-1 in 2019.
4 ‰, 49 years ago.
68%; of which, the net profit attributable to the mother in the fourth quarter was 4 to 44 million yuan.
During the adjustment period of the industry, management was strengthened, and expansion was further enhanced.
Due to international trade disputes and destocking in the downstream of the industrial chain in 2019, the company’s order volume was affected and the operating rate was at a relatively high level.
At the same time, the company took advantage of the industry adjustment period to make appropriate adjustments in refined management, and in the fourth quarter, appropriately lowered the prices of some products, and significantly increased the number of customers 北京夜网 in Japan and South Korea. We predict the company’s global market shareThe rate has risen to about 60%.
Raw material costs and expenses affect profitability and are expected to improve in 20 years.
Wood pulp is the company’s main raw material. Due to the impact of the wood pulp procurement cycle, the company’s wood pulp cost has gradually fallen to a relatively low level until the fourth quarter. At the same time, the insufficient operating rate and the price adjustment in the fourth quarter have a certain impact on gross profit margin.
In addition, the company’s equity incentive expenses in 2019 were about 29 million, and there were some exchange losses in the fourth quarter.
As the cost of wood pulp has fallen to a low level and the operating rate has gradually recovered, we judge that the gross profit margin will 北京会所体验网 improve in 2020.
5G is expected to drive the recovery of downstream demand, and release films and plastic carrier tapes open up room for growth.
Since November 2019, the company’s orders and production and sales have returned to normal. With the acceleration of the application of 5G technology, the industry’s prosperity will continue to strengthen, the company’s operating rate will continue to maintain a high level, and the opening of new production lines is expected to drive rapid performance.increase.
In terms of new business, five release film lines have been opened, and two additional South Korean import production lines will also be opened this year. The downstream packaging and testing customers of plastic carrier tapes are also gradually taking risk tips: downstream demand is less than expected, and raw materials are sufficientPrice increases, slow progress in new business.