Suntec Technology (002815) 2019 Semi-annual 武汉夜生活网 Report Review: Looking forward to the small batch board leader in the 5G era when the strategic transformation is underway
Company dynamics The company released its 2019 Interim Report on August 14, which disclosed the company’s operating income for the period18.
$ 5.1 billion, an annual increase of 2.
02%; net profit attributable to non-attributed mothers2.
5.6 billion, a decline of 2 every year.
21%; realized net profit attributable to mother 2.
6.5 billion, down 5 each year.
Matter reviews Supercomputing and 5G orders show the company’s product structure optimization results. The company’s main products are small-volume PCBs. The products cover HDI, thick copper, backplanes, rigid-flex joints, buried capacity and buried circuit boards.Including communication equipment (30%), industrial control (25%), automotive electronics (12%), medical equipment (10%), security electronics (10%), aerospace (8%).
The company’s product structure continues to upgrade, and high-end products such as supercomputing and 5G have been recognized by downstream customers.
The company completed 重庆耍耍网 22 supercomputing orders of CLP Power this year, and its main products are high-speed boards.
In terms of 5G business, the company newly entered ZTE business, opening up 5G business space next year.
In addition, the company’s subsidiary Sandeguan achieved sales revenue in the first half of 20195.
8.2 billion, an increase of 18 over the same period last year.
39%, achieving a net profit of 0.
76 ppm, an increase of 52 over the same period last year.
In June this year, it acquired a 40% stake in Punoway, officially opening the layout of the IC carrier board field.
Fixed asset turnover ratio temporarily improved. Low asset-liability ratio and cash flow indicators improved. From the perspective of profitability, the company’s gross profit margin during the period was 31.
76%, a decrease of 0 every year.
9pct, the decline in gross profit margin was mainly due to the company’s fixed asset turnover rate (0.
9) Still low.
Net interest rate for the company period 14.
31%, down by 1 every year.
02pct, mainly related to the increase in research and development expenses and the provision of fair incentive expenses.
In terms of operating capacity, the company’s inventory turnover days and accounts receivable turnover days were 46 respectively.
0 and 71.
7, the same period last year were 46.
5 and 70.
In terms of capital structure and debt repayment ability, the company’s asset-liability ratio is 42.
2%, a decline of 4 per year.
5 points, mainly because short-term debt decreases by 19 each year.
The company’s current ratio and quick ratio are 1.
3 and 1.
1, the same period last year were 1.
5 and 1.
3.From the perspective of the company’s cash flow, the company’s net operating cash flow / revenue during the period was 23.
2, the same period last year was 18.
Corporate free cash flow during the period1.
5 trillion, -4 in the same period last year.
500 million, the company’s cash flow situation improved.
PCB capacity expansion welcomes 5G new cycle. FPC and carrier board business together. Localized dividend company in 2018. The production capacity in 2018 is mainly concentrated in Jiangmen Sunda (Phase 1 and Phase 2), Shenzhen Sunda, and Dalian Sunda.
The company actively expands production capacity and prepares for the new PCB cycle brought by the Internet of Everything in the 5G era.
In 2019, the Zhuhai Chongda project is expected to add 2.1 million square meters per year, and the planned capacity of the third-phase project is 6.4 million square meters per year. It is expected that the annual output value will reach 4 billion yuan after reaching capacity.
The company’s announcement in June is intended to be 2.
Nantong Chongda Semiconductor Technology Co., Ltd. was established with USD 100 million. The planned products include IC carrier boards and 5G high-frequency high-speed boards. The output value is expected to be USD 5 billion.
In addition, Suntech (Zhuhai) and Nuowei (Kunshan) will further increase production capacity, with future output value plans of 4 billion and 1 billion, respectively.
We believe that the company’s PCB production capacity is upgraded to a new 5G cycle to consolidate the production capacity foundation, and the FPC and carrier board business will benefit from the domestic domestic substitution bonus.
Earnings Forecast and Estimates We expect the company to achieve operating income of 40-20 in 2019-2021.
03 billion, 49.
2.4 billion, 63.
520,000 yuan, with annual growth of 9 yuan.
00% and 29.
00%; net profit attributable to shareholders of the parent company is 6.
5.1 billion, 8.
54 ppm and 11.
39 ppm, an increase of 16 per year.
14% and 33.
36%; EPS are 0.
78 yuan, 1.
02 yuan and 1.
36 yuan, corresponding to 25 for PE.
38 and 14.
In the next six months, the first coverage will be given to the “overweight” rating.