Lixun Precision (002475) Quarterly Report Comment: First-Quarter Results Exceed Expectations Precision Manufacturing Leader Continues to Exceed Expectations
Events: 1.The company released its first quarter results on April 22, and achieved revenue of 90 in 2019Q1.200 million US dollars, an annual increase of 67%, net profit attributable to shareholders of listed companies.2 ‰, an increase of 85% in ten years, net of non-attributed net profit5.200 million, an increase of 108% in ten years. 2.The company foresees a net profit of 14-15 in the first half of 2019.700 million, an increase of 70% -90% in ten years. Opinions: 1. The growth rate in the first quarter exceeded expectations.In Q1 2019, the income reached 90.200 million US dollars, an annual increase of 67%, net profit attributable to shareholders of listed companies.2 ‰, an increase of 85% in ten years, net of non-attributed net profit5.200 million, an increase of 108% in ten years.The company’s actual performance in the first quarter fell below the Air Force’s median forecast, exceeding market expectations.The company’s refined management is in place, with a net profit margin of 7 in the first quarter.04%, an annual increase of 1.1 point, the precision manufacturing leader is expected to maintain high growth in 19 years. 2.The forecast for the first half of the year increased by 70% -90%, exceeding market expectations.The company foresees that the net profit attributable to mothers will increase by 70% -90% in the first half of the year, and the range of net profit attributable to mothers is expected to be 14-15.7 trillion, corresponding to level 14 in the interval.85 ppm, an 80% increase in one year, exceeding market expectations.We believe that the gradual improvement lies in the smooth climb of the company’s products, the continuous improvement of new product yields and the improvement of the company’s gross profit margin, and relying on the strong growth of the company’s non-mobile phone business to offset the impact of the decline in mobile phone sales.The company’s share of many new products in large customers still has room for continuous improvement, far from reaching the ceiling.In addition, the company’s rapid growth in non-mobile products of major customers, wearable devices and wireless headset penetration continued to increase, the company continued to grow.As a leading manufacturer of precision manufacturing, the company’s ability to introduce yield climbs into new products has been with its peers. Similarly, new products can contribute positive net profit to the company before their peers.Although the overall economic environment of the industry in which it is located is challenging, the company is based on the previous comprehensive planning of consumer electronics and customers, the years of advanced communications, industrial, and automotive electronics products and customers, and its own strong project implementation capabilities.Performance will continue to achieve rapid growth. 3.Looking forward to 19 years, the company will benefit from the continuous increase in product share and the introduction of new products. We believe that Lucent will continue to benefit from the continuous introduction of new products and expansion of major customers.In addition, the company’s precision automation manufacturing capabilities have continued to improve, with significant performance gains and reductions in efficiency, improved yields, and steady profit growth.The wireless charging receiver of mobile phones has become an absolute main supplier for large customers; the acoustic project is progressing smoothly and has improved; in the long run, the number of motor products of the company is expected to deviate from the rest of the U.S. suppliers; AirPods market reaction continues to be hot, and the total value is expected in 2019The number is expected to reach more than 40 million. In the second half of the year, it is expected to usher in a large model change, which will increase the ASP of the assembly plant. As the absolute main supplier, Lucent will continue to benefit from the rising sales of AirPods.In addition, the company is deeply involved in AppleWatch, another major product of major customers. It is expected 杭州桑拿 to participate in the conversion from wireless charging modules to the final assembly, and gradually expand antenna, acoustics and motor products. We believe that AppleWatch ‘s main health positioning is becoming clearer and more sales follow-up.Expected to continue to exceed expectations. 4. In the past three years, the expenditure on research and development has reached nearly 5 billion yuan. High R & D investment is a favorable guarantee for subsequent high growth.In the past three years, the company has gradually invested 49 in research and development.89 trillion, the proportion of R & D investment in operating income continued to rise. In 2018, the company incurred R & D expenses25.US $ 1.5 billion, the company’s R & D expenses rank second only to BOE, Haikang and other companies in the electronics industry.It is expected to mainly expand new product research and development for large customers, and at the same time increase the company’s automated production investment. We believe that Lixin is a true platform company with excellent research and development genes. The company’s previously expanded research and development scale is among the best in some consumer electronics.The foundation of the company’s future harvest. 5. The growth of the communications and automotive business has accelerated, and in the future relay consumer electronics will grow rapidly.In the first year of 5G commercialization in 2019, the number of base station constructions has increased. The company’s communication interconnection product customers and consumer electronics customers have a synergistic effect. It is expected to enjoy high-speed industry growth in base station antennas and filters.The chain has made substantial progress. The company will strengthen its resource allocation and related preparations in communication business areas such as radio frequency base stations and data centers to meet the major opportunities and challenges brought by the 5G era.In addition, the company’s automotive electronics products have grown steadily, and have formed wiring harnesses, connectors, electronic modules, insert-molded functional parts or other complete component product lines, and have established a better foundation in the field of new energy vehicles.Depots and Tier 1 customer bases have achieved breakthroughs and will be the expected stable growth point in the future. Investment proposal It is estimated that the company’s total operating income for 19-21 will be RMB 501.3 billion, RMB 67.6 billion, and net profit will be RMB 38.1,46.560 billion yuan, EPS is 0.93, 1.13, 1.46 yuan, corresponding PE is 28, 23, 18 times, maintaining a highly recommended level. Risk warning: smart phone demand growth indicators, changes in key customer technology solutions, Sino-US trade war, and consumption downgrade

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