Lead: On December 19, Yutong Technology invested about 600 million yuan to build the Yutong Technology R&D and manufacturing center project in Henglan District, Songshan Lake, Dongguan. The annual output value reached 1 billion yuan after the completion of production. Yutong Technology is committed to promoting the intelligentization of packaging, effectively transforming the research and development results into economic benefits and performance growth, extending into the tobacco label and cosmetics field, and horizontally distributing environmentally-friendly paper and plastics. At the same time, exchanges have substantially reduced losses, material pressures have eased, and profit margins have improved.
Yutong Technology invests in R&D and manufacturing center projects, and accounting estimates change affects 44 million profit
On December 19, Yutong Technology announced that it plans to invest no more than RMB 600 million in the Hengli area of ​​Songshan Lake, Dongguan, Guangdong Province, to build the Yutong Technology R&D and manufacturing center project. It is expected to reach production in 2023 and achieve annual output value after reaching full production. 1 billion yuan.
On December 18, the board of directors of Yutong Technology reviewed and approved the “Proposal on Changes in Accounting Estimatesâ€. On September 20, 2018, the company signed a “short-term export credit†with China Export Credit Insurance Corporation for certain export customer receivables. According to the insurance related clauses, the credit risk of this part of the receivables has changed significantly. The company intends to change the method of accrual of bad debts for this part of the receivables. Will affect the total profit of 2018 is about 44 million yuan.
Promote packaging intelligence and transform research and development results into economic benefits and performance growth
Yutong Technology has strong R&D strength. The proportion of R&D expenses to total revenue in 12-17 years has increased from 1.23% to 3.1%. It is at a relatively high level in the same industry. The company actively builds research and development platforms such as Yutong Research Institute and 3D Printing Technology Engineering Laboratory. There are 36 national standards, 200+ national patents and a number of packaging technology research and development results.
The company aims to create an industrial 4.0 smart factory to achieve industrialization of research and development results, to create the largest smart packaging industry in South China. After the R&D and manufacturing center project is completed, it will be used to produce smart packaging products, new material molding and manufacturing products, etc., and transform the company's research and development results into economic benefits and performance growth.
The extension is cut into the tobacco label and cosmetics field, and the horizontal layout is environmentally friendly.
Yutong Technology acquired a 20% stake in Wuhan Aite Paper & Plastics Co., Ltd. at the end of 17th, and then re-acquired its 31% stake in March 2018 for 167 million, which was included in the holding subsidiary, thus cutting into the cigarette label. Supply system, obtain the qualifications of famous brands such as “Yellow Crane Tower†and “White Sandâ€.
In July 2018, Yutong Technology announced that it will invest no more than 600 million yuan to build Yibin environmentally-friendly paper-plastic project (main production box and paper tray). It is expected to achieve an annual output value of 1.2 billion yuan after the full production in 2020, contributing to the increase in performance.
In September 2018, the company announced that it plans to acquire a 70% stake in Jiangsu Dejin for 180 million yuan. Its downstream customers cover well-known domestic and foreign cosmetics brands, such as Blue Moon, Unilever, Mentholatum, etc., through the sharing of customer resources, will effectively help Yutong expands the layout of the cosmetics industry chain.
Exchanges have substantially reduced losses, raw material pressures have eased, and profit margins have improved
Affected by exchange rate fluctuations, Yutong Technology's exchange gains increased in the third quarter. Part of the losses from the comprehensive hedging, the company's exchanges reduced losses, and the financial expenses in the third quarter were 13.7 million, a sharp decrease of 72.4%.
Yutong Technology's key quarterly data list:
Source: Wind, Soochow Securities Research Institute
At the same time, raw material prices fell, releasing the pressure on the end of the market. As of December 18, 18, the price of white cardboard was 5,127 yuan / ton, down 20.45% from the beginning of the year. Corresponding to the company's third quarter single-season net profit margin of 12.74%, gross margin of 31.2%, a significant improvement in the chain.
Box board / corrugated / white board / white cardboard price trend:
Source: Zhuo Chuang Information, Soochow Securities Research Institute
In the first half of the year, the company's exchange loss was about 0.23 billion. As the trend of RMB depreciation continued, it is expected that the exchange rate will be balanced throughout the year.
It is estimated that in the 18-20 years, Yutong Technology will receive 8.77 billion yuan, 11.22 billion yuan, 14.04 billion yuan (+26.3%, +27.9%, +25.1%), and the net profit of the mothers will be 960 million yuan, 1.25 billion yuan, and 1.64 billion yuan. +3.0%, +30.3%, +31.2%), but it is estimated that customer expansion is not up to expectations and raw material prices are rising.
Yutong Technology's three major financial forecast tables:
Source: Beg Data, Soochow Securities Research Institute
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