Hudian shares (002463) company comment: 19-year performance in line with expected profitability improved significantly

Hudian shares (002463) company comment: 19-year performance in line with expected profitability improved significantly

I. Overview of the event On February 27, the company released the 2019 annual results report: revenue 71.

30,000 yuan, an increase of 29 in ten years.

7%; net profit attributable to mother 12.

1 ppm, an increase of 111 in ten years.

4%.

Second, the analysis and judgment of performance are in line with expectations, and the profitability has been greatly improved. The company revealed in its 19-year performance forecast that net profit attributable 杭州桑拿 to mothers11.

500 million to 12.

50,000 yuan, an increase of 101 in ten years.

6% to 119.

13%, the actual performance is above the median performance forecast range.

Q4 single-quarter revenue of 21.

2 ppm, an increase of 29% per year and an increase of 12 from the previous month.

17%; Q4 is net profit of mother 3.

55 ppm, an increase of 89% in ten years; Q4 net margin was 16.

7%, an increase of 5 pct per year.

In 19, the company needs to make provision for asset impairment of about 9,817.

170,000 yuan, taking into account the hypertension will reduce the return to mother’s net profit 8307.

490,000 yuan, the actual performance has taken into account the above factors.

The performance growth growth mainly benefited from abundant orders for 5G, next-generation high-speed network equipment, servers, etc 北京夜网 .; continuous improvement in operations, and growth in gross profit margin.

08pct; scale effects continue to appear, and profitability continues to improve.

The production and operation conditions are good, and the resumption of work is in an orderly manner. The factory area of No. 1 Donglong Road, Yushan Town, Kunshan City has begun to resume work gradually from February 10. The subsidiary Huli Microelectronics has fully resumed production (there is no suspension during the Spring Festival).

The subsidiary Huangshi Hushi Electronics did not suspend production during the Spring Festival. Production was suspended on February 12 due to epidemic resistance, and work was gradually resumed on February 17.

Benefiting from 5G infrastructure, corporate communications orders are full, high-end products drive profitability, 5G products have grown in volume, and the proportion of revenue has continued to increase, which will benefit from 5G infrastructure trends, high-speed server and network equipment upgrades.

It is expected that the 5G-scale infrastructure will drive the high-speed board volume and price up. After the technical transformation of the Qingying Plant and the Huangshi No. 1 Plant, the high-end PCB output will be effectively increased, and the market share will be further increased.

At present, high gross profit margins of 14-38 layers of corporate communication boards and office industrial equipment boards account for a high proportion of revenue, and the revenue growth rate is fast, which effectively drives the overall profitability to improve.

Auto plates benefit from the ADAS trend, and the product structure continues to be optimized. Huangshi Hu Shi has been successfully put into production. Benefiting from ADAS and new energy vehicle policies, the company continues to increase high-margin mid-to-high-end auto plate investment and order introduction, and its product structure and production efficiency continue to improve.The profitability of auto plates has steadily increased.

In September 19, part of the production process of Huangshi No. 2 Plant has begun to test, and the 19Q4 Huangshi Hushi automobile plate production line has been put into operation smoothly.

Third, investment advice The company is a leading domestic telecommunications and automotive PCB supplier, which has long benefited from 5G infrastructure and automotive electronics trends.

It is expected that the EPS in 19/20/21 will be 0.

70/0.

91/1.

09 yuan, the corresponding PE is 40X / 31X / 26X.

Reference SW printed circuit board industry PE is estimated to be 48 times, maintaining the company “recommended” level.

4. Risk warnings: 1. The production capacity is less than expected; 2. The gross profit margin of the automobile board is gradually increasing; 3. 5G is gradually lower than expected.