Cibin Group (601636) Company Annual Report Comment: The original leader of the high dividend rate pays attention to the demand recovery brought by the completion rhythm

Cibin Group (601636) Company Annual Report Comment: The original leader of the high dividend rate pays attention to the demand recovery brought by the completion 北京夜网 rhythm

Event: The company recently announced its 2018 annual report, and the company achieved an operating income of about 83 in 2018.

78 ppm, an increase of about 10 in ten years.

46%, net profit attributable to mother is about 12.

08 million yuan, an increase of about 5 in ten years.

69%, deducting non-attributed net profit of about 10.

93 ppm, an increase of about 1 in ten years.

16%; Q4 single quarter revenue reached approximately 23.

170,000 yuan, an increase of about 10 in ten years.

72%, the net profit attributable to the mother in a single quarter is about 2.

4.9 billion, a decline of about 21 a year.


The company plans to pay a cash dividend of 3 yuan (including tax) for every 10 shares.

Opinion: Resumption of production and completion of new construction will help increase sales, increase average glass prices and costs, and gross profit per box will be small.

1) The three cold-repaired production lines of Changxing, Zhangzhou and Liling in the early stage of the company successively ignited and resumed production in the first quarter of 2018. The Guangdong and Zhejiang energy-saving projects were completed and put into operation. In 2018, the company’s effective capacity increased, and the volume output was 10.91 million boxes, an increase of 6 per year.

8%, sales of 110.3 million boxes, an increase of 6 every year.


2) The average float glass price in 2018 was approximately 76.

6 yuan / box, about 2 yuan in ten years.

5 yuan / box, the unit cost is about 56.

2 yuan / box, about 5 yuan in ten years.

0 yuan / carton. As the cost increases more, the company’s gross profit per glass unit in 2018 dropped by about 2.

5 yuan / box to 20.

5 yuan / box.

Expenses remained stable, and income tax rates were reduced to increase unit net profit.

1) The company’s cost level remained stable in 2018, and the cost during the gradual period was about 10.

4 yuan / box, down slightly from 0 in the past.

1 yuan / box.

Due to the commissioning of Malaysia’s Qibin, overseas shipping costs increased significantly, and sales expenses increased by zero.

53 yuan / box to 0.

98 yuan / box; single box tax, management expenses (including R & D expenses) and financial expenses have been downgraded several times.

3, 0.


, 0.

1 yuan / box to 1.

1, 7.

4, 0.

9 yuan / box.
2) The company’s full-caliber single-box profit before tax for 2018 is approximately 12.
2 yuan / box, a decline of about 0 in ten years.

8 yuan / box; since the income rate in 2018 was only 10%, a decrease of 5pct compared to 2017, the net profit of a single box attributable to the mother in 2018 was about 11.

0 yuan / box, only down by 0 a year.

1 yuan / box.

The company’s original films are promoted internationally and high-end, and the domestic layout of glass deep processing, the subsequent progress is worthy of attention.

1) Two 600t / d high quality float glass production lines at the company’s base in Malaysia were completed and put into commercial operation, which is expected to benefit from the high demand and profitability of Southeast Asian glass; technical transformation of three production lines in Zhangzhou Qibin, Changxing Qibin and Fuling QibinThe upgrade progressed smoothly, and production was successively carried out in the first quarter of 2018, and the original film product structure was gradually and continuously optimized; the previous announcement of investment3.

72 trillion investment to build a high-efficiency electronic glass production line (65t / d), and further layout high-end glass original film field.

2) The focus of the company’s internal work is on the deep processing business. Dating high-quality deep processing teams from the outside, the company announced in the early stage that it plans to invest about 2 billion US dollars in glass deep processing projects.It was completed in the first quarter of 2018 and entered the trial operation stage; the construction of the Pizhou photovoltaic photovoltaic substrate production line project has been completed.

Give a “first-tier market” rating.

The company’s rational incentive mechanism has completed two rounds of stock option incentives in 2016 and 2017, granting a total of approximately 7% of the total share capital, taking into account new and old employees, original films 北京夜生活网 and deep processing teams. The future deep processing layout is worth looking forward to.

The company promises 2017?
In 2021, after the full statutory statutory provident fund and any provident fund, the cash dividends distributed to shareholders each year shall not be less than 50% of the distributable profits realized in that year.

We expect the company’s EPS for 2019-2021 to be 0.

51, 0.

56, 0.

58 yuan / share for the company’s 2019 PE9?
11 times, reasonable value range 4.


61 yuan.

risk warning.

1) The industry’s resumed production capacity was put in more than expected; 2) The cost of raw materials went higher than expected; 3) The progress of deep processing failed to meet expectations.