Depth-Company-Haleide (002206): Stone Plastic Flooring Continues Massive Car Product Certification Retransmits Good News

Depth * Company * Haleide (002206): Stone Plastic Flooring Continues Massive Car Product Certification Retransmits Good News

The company released its 2018 annual report and achieved net profit attributable to mothers in 20183.

51 ppm, an increase of 11 years.

94%, slightly lower than expected.

Maintain BUY rating.

The company issued a profit distribution plan and planned to distribute a cash dividend of 2 yuan (including tax) for every 10 shares.

Key points of support level The heavy volume of stone plastic flooring and the smooth certification of car products have become the guarantee for the company’s continued growth in performance.

The company’s stone-plastic flooring has passed the certifications of GREENGARD GOLD in the United States, the FloorScore quality standard in the United States, and the German DIBT quality standard certification.Business income increased significantly by 45 in ten years.


The company made breakthroughs in seat belts, successfully audited and delivered them in batches at Kikuchi Industries, Japan.

The cord fabric products have successfully settled in the international first-tier brand tire manufacturers such as Sumitomo, Cooper, Hankook, Michelin, Continental Tire, etc.In 2018, Canada SOUCY, Slovenia CGS SAVA PRINT, Russia LNK, Thailand DEESTONE, Brazil Flexomarine And the certification of the internal general tire manufacturer, the company’s 3 inserted cord fabric production capacity has achieved full production, and revenue has increased.


The production capacity has steadily expanded, and the international layout has taken shape.

The company’s polyester industrial filament production capacity reaches 21 lengths, of which about 70% is automotive yarns, and the differentiation rate continues to remain high.

The production capacity of cord fabrics has reached 3 inches and is currently full.

The annual technical improvement project for the production of 4 automotive industrial yarns and 3 tons of high-performance tire cord fabrics continues to advance, and it is expected that there will be 1 in 2019.

5Initial production of cord fabrics.

In March 2019, the company’s annual production of 20 polyester polyester projects began trial production, which will provide occupational guarantee for the company’s raw material supply.

The company plans to build an annual output of 11 in Vietnam to introduce decentralized polyester industrial filament production capacity, which will help the company control costs and meet customer needs, as well as respond to trade friction risks.

It is estimated that the company’s new production capacity will advance in an orderly manner, 苏州桑拿网 laying a reasonable foundation for future growth.

Taking into account the temporary adjustment of car sales growth rate, the EPS for 2019-2020 is adjusted to 0.

34 yuan, 0.

41 yuan, corresponding to PE is 15 times, 12 times.

We are optimistic about the company’s future growth trend and differentiated development strategy, and maintain a BUY rating.

The main risks facing the rating Sino-US trade war affects the company’s exports; changes in exchange rates affect the company’s exchange losses; abnormal changes in oil prices and raw material prices affect the company’s product prices and gross profit; project construction progress exceeds expectations.