JOYSON (600699.CH) Opening up the Space for Performance Growth in the Future March 19, 2019

PSR Recommendation: ACCUMULATE Status: Maintained
Target Price: CNYCNY31.50

Investment Summary
Amazing Result in 2018
Joyson recently released its result forecast for 2018. It is estimated that the net profit
attributable to shareholders will be RMB1.25 billion to RMB1.45 billion in the whole year of
2018, up by about 216%-266% annually, and the EPS is about RMB1.36-1.58. The net profit
attributable to shareholders except non-recurring profit and loss will be RMB900 million to
RMB1.05 billion, up by about 2,100%-2,433% annually, and the main business income is
expected to be about RMB53.8 billion. According to this calculation, the Company`s
quarterly attributable net profit is RMB31 million, RMB790 million, RMB237 million and
RMB290 million (median), respectively, down by 85%, up by 94%, down by 13% and up by
159% annually.

About the author

Profile photo of Zhang Jing

Zhang Jing
Phillip Securities (HK)

Bachelor Degree in Tongji University of Engineering; Master Degree in East China Normal University of finance. Currently covering the automobile and air sectors. She has years of experience in investment research and is good at combining analysis for the companies with industry prospects.

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