Kangda New Material (002669): Adherence to the New Materials + Military Industry Strategic Layout Interim Reported Significant Growth

Kangda New Material (002669): Adherence to the “New Materials + Military Industry” Strategic 成都桑拿网 Layout Interim Reported Significant Growth

The company disclosed its interim report on August 20. According to the interim report, 2019H1 company achieved revenue4.

3.1 billion (+26.

15%), achieve net profit attributable to mother 0.

5.9 billion (+48.

32%), gross profit margin 36.

9% (+5.

75 pcts), net interest rate 13.

48% (+2.

04pcts), diluted expected earnings of 0.

2323 yuan (+41.


Become Technology has consolidated its revenue and net income attributable to its mothers have grown significantly.

Affected by the increase in sales in various business areas and the increase in the combined data of Bechamp Technology from January to March, the company’s 2019H1 revenue and net profit attributable to mothers increased significantly. Adhesive products and electronics products achieved revenue 3 杭州桑拿网 respectively.

5.9 billion (+23.

03%), 0.

6.2 billion (+56.


(1) Sales revenue of adhesive products 3.

5.9 billion yuan.

Adhesive can effectively replace some mechanical attachments and accessories at the interface. It is an energy-saving material that simplifies processes and reduces costs in the production process of packaging, electronics, instruments, transportation, construction engineering, aerospace and other production processes.

The company’s adhesive products include eight series of epoxy adhesives, polyurethane adhesives, acrylic adhesives, and SBS adhesives, mainly in the fields of wind power blade manufacturing and soft material composite packaging.

Among them: epoxy structural adhesives achieve revenue 1.

8.9 billion (+52.

85%), the company’s epoxy structural adhesive is mainly used in the manufacture of wind power blades (the sales volume of wind power annular structural adhesive in the first half of the year was nearly 5,600 tons), and the performance of many products reached the level of similar international products.

(2) Electronic products achieve zero revenue.

6.2 billion.

Electronic products are mainly based on electromagnetic compatibility equipment in the field of coaxial aerospace. They are produced by the company’s controlling subsidiary, Beking Technology, and Beking Technology’s wholly-owned subsidiary, Beijing Liyuan.Receive 0.

3.2 billion (+105.

93%), 0.

2.3 billion (+13.


In the first half of the year, Net Technology’s net profit was 852.

960,000 yuan (-48.

34%). The Air Force and Army accounted for the majority of the military technology orders for Become. We judge that the decline in net profit was mainly due to the effects of military reform and product structure. The impact of change was gradually eliminated, and the performance in the second half is expected to rebound.

Gross profit margin 36.

9%, (+5.

75pcts); period expense rate 22.

43% (+3.52pcts).

The increase in comprehensive gross profit margin was mainly due to the decline in prices of epoxy resin, MDI and other raw materials, and epoxy resin adhesives with a relatively high revenue share (33.

41%, + 6.

72pcts) and polyurethane glue (27.

98%, +7.

46pcts) gross margin increased significantly.

The increase in the expense ratio during the period was a clear lead in the increase in research and development expenses, of which the sales expense ratio was 7.

77% (+0.

61%); management expense ratio 14.

45% (+1.


Adhere to the strategic layout of “new materials + military industry” to further enhance competitive advantage.

The company completed the acquisition of Chengdu Bikong Technology, cut into the field of military electronics such as electromagnetic compatibility and power modules, and completed the “new materials + military” strategic layout.

In the field of new materials, the company is a leading company in wind power ring structure rubber. Through the recovery of the wind power industry, the sales of thread structure rubber are expected to increase. Gradually, the company is actively promoting business with Vestas Wind Technology Group and Siemens Gamesa.Docking and working hard to open up the international market; the market share of solvent-free polyurethane laminating adhesive series products is leading, and the proportion of solvent-free conversion of food packaging adhesives has increased, replacing space replacement.

In the field of military industry, the company has outstanding R & D capabilities, and cooperates closely with the tenth research institute of China Electronics Technology Corporation and the 209th research institute of the weapon industry.

In March of this year, the company took 3056.

1 million acquisition of 61% equity of Aerospace Hengrong, further improving the layout in the field of military electromagnetic compatibility, forming an industrial synergy effect, and enhancing the company’s competitive advantage.

The profit forecast is affected by the recovery of the wind power industry and the increase in the proportion of solvent-free adhesives used in food packaging.They are 9.

2.9 billion, 10.

23 ppm and 11.

23 trillion, the growth rate is 0.

06%, 10.

11%, 9.

82%, net profit attributable to mothers is 1.

10,000 yuan, 1.

2.2 billion and 1.

43 trillion, the growth rate was 28.

7%, 21.

04%, 17.

48%, EPS is 0.

399 yuan, 0.

483 yuan and 0.

567 yuan, corresponding to 35 for PE.

04 times, 28.

95 times, 24.

64 times, giving the company a “Hold” rating.

Risk warning: changes in raw materials for adhesives business; EMC equipment business is less than expected.