Kodak Clean Energy (600499): Building Ceramics and Lithium Battery Business Jointly Support New Future Development

Kodak Clean Energy (600499): Building Ceramics and Lithium Battery Business Jointly Support New Future Development
This report reads: The company is based on building materials machinery, Xintuo’s building ceramics and lithium battery materials business. At present, the new business is growing fast, the company’s performance has promoted bottoming out, and it is covered for the first time. It is given a cautious overweight rating.  Covered for the first time, giving an overweight rating.  Investment points: Objective: The company relies on building materials machinery, building ceramics and lithium battery troikas, develops in various fields, constantly explores overseas markets, and promotes bottoming out.The company’s EPS for 2019-2021 is expected to be 0.31 yuan / 0.34 yuan / 0.36 yuan, referring to the industry’s average assessment level, conservatively giving the company 返回码: 500 网站打不开?重查 15 times PE in 2019, corresponding to a target price of 4.65 yuan, the first coverage, given a cautious overweight rating.  A large amount of goodwill impairment is the top priority for 2018 performance growth.The company’s large budget for 20185.8.9 billion was mainly due to the impairment of goodwill of subsidiaries, and the overall accrual was 7.76 ppm, but the company’s profitability remained stable, and gross profit margin remained basically stable.In the first quarter of 2019, without the impact of goodwill impairment, the company’s net profit has turned positive.  Going light, the building ceramics business and lithium battery materials business are expected to become the main engines for future development.The company actively responds to the development of the “Belt and Road” initiative, and has successively invested 南宁桑拿 in the construction of four ceramic production bases in Kenya, Ghana, Texas, and Senegal, and the ceramic business has been fully promoted. As for the lithium battery material business, the company holds Lanke 43.58% of the shares lock the lithium carbonate raw material market and lithium extraction technology. At present, the development of the electric trend is remarkable, and the demand for lithium carbonate will continue to maintain high growth.In the future, the building ceramics business and lithium battery materials business are expected to jointly support the company’s development.  Catalyst: Risks of rising lithium carbonate prices: Deteriorating overseas operating environment, falling prices of lithium carbonate