China Automobile Research (601965): First-quarter results are expected to be low and expected to accelerate quarter-by-quarter

China Automobile Research (601965): First-quarter results are expected to be low and expected to accelerate quarter-by-quarter

Investment Highlights Event: Recently, the company announced the 2019 first quarter report, with revenue of 5 in Q1 2019.

0 million yuan, down 22.

3%, return to 佛山桑拿网 mother’s profit 0.

900 million, an increase of 8.


Gross profit margin is 30.

2%, an increase of 6.

0pct, net interest rate 19.

0%, increase by 5.

3 points.

The inspection and R & D business improved in the first quarter, but orders in hand were redundant.

2019Q1 company consolidated revenue 5.

0 billion, down 22.

3%, parent company revenue 2.

100 million, down 3.


Consolidation returns to 0.

900 million, an increase of 8.

4%, the parent company returns to the parent profit 0.

800 million, down 7.


The industrialization of the company includes the heavy truck distribution and rail transit business revenues extending but profit growth, while the inspection and research and development business revenues are basically flat but the profit has declined, which is expected to be related to the project confirmation time point.

The first quarter of 2019 reports the company’s advance payment2.

1 billion, an increase of 40 previously.

1%, the company’s subsequent growth in testing R & D business income is still guaranteed.

The expense ratio has increased.

Selling expense ratio 2.

3%, an increase of 0.

5pct, management (including R & D) expense ratio 6.

8%, an increase of 3.

8%, financial expense ratio -1.

8%, down 0.

7pct, period expense rate 9.

3%, an increase of 3.

4%, the increase in expense ratio was mainly due to changes in revenue structure.

The first quarter results are the expected lows and are expected to accelerate quarter by quarter.

The company is the only listed company in the domestic automotive testing 重庆耍耍网 and evaluation industry. The 2019-2020 emissions business will benefit from the rapid growth of China VI upgrades, and intelligent test sites, and automotive wind tunnel projects will be put into production one after another. It is at the leading level in China, which is our continued optimistic sound.Growth target.

It is expected that EPS for 2019-2021 will be 0.52/0.


73 yuan, maintain the “prudent increase” rating.

Risk reminder: shorten the project confirmation time, and turn the industrialized business into a loss