Xingyu Co., Ltd. (601799): First-quarter results surpass expectations and continue to grow across industry cycles

Xingyu Co., Ltd. (601799): First-quarter results surpass expectations and continue to grow across industry cycles

Event: The company announced a quarterly report recently, with revenue of 14 in Q1 2019.

200 million, an increase of 21.

2%; return to mother’s profit1.

70,000 yuan, an increase of 30.

2%; deduction is not returned to mother 1.

50,000 yuan, an increase of 32.

8%; gross profit margin 23.

3%, an increase of 2 a year.

2pct, down 2 from the previous month.

6 points; net interest rate 11.

9%, an increase of 0 a year.

8%, down from the previous month.

6 points.

Prominently surpass the industry, and the volume and price continue to increase.

According to the China Federation of Automobile Manufacturers and the China Automobile Association, domestic passenger car sales in Q1 2019 were 507.

80,000 vehicles, an increase of 10.

5%, of which FAW-Volkswagen sales fell 27.

0%, FAW Toyota sales fell by 8.

7%. In the first quarter, the automobile market stabilized month-on-month but remained poor for many years.

Xingyu’s first quarter revenue was 14.

200 million, an increase of 21 a year.

2%, clearly surpassing the industry and major customers, mainly due to: 1. The main supporting models are FAW-Volkswagen Tange, Tan Yue, BMW 2 Series, Geely Binrui, etc., have started mass production since 2018Q2, with a base effect; 2.As a starting point, the company began supporting all kinds of models with full LED headlights. As the price of LED headlights is about 2-3 times that of serial gas lamps, the company’s revenue growth rate exceeded the sales growth rate.

During the period, the expense ratio dropped slightly, close to the lowest level in history.

The company’s 2019Q1 sales expense ratio is 2.

5%, drop 0.

1 point; management expense ratio 2.

8%, an increase of 0.

2pc, R & D 杭州桑拿 expense ratio 3.

6%, down 0.

3pct, financial expense ratio 0.

1%, flat for one year, with an expense ratio of 8 during the period.

9%, 0 in ten years.


LEDization promotes profit improvement and continued growth across the industry cycle.

In 2019, FAW-Volkswagen will replace Sagitar, Magotan, Dongfeng Nissan Xuanyi, Audi A3 and other large-scale projects will be mass-produced, including the replacement of all LED headlight projects.

The company is a growth target with a small number of auto parts. It believes that the company’s product upgrades and customer development are in the initial stage, and there is still room for growth, and the market may underestimate the flexibility of product upgrades on the profit side.
We expect the company’s EPS to be 2 in 2019-2021.


80 yuan, maintain the “prudent 佛山桑拿网 increase” rating.

Risk warning: Passenger car sales are lower than expected, and the company’s product prices fall more than expected