Shengyi Technology (600183) Third Quarterly Report Review: Profitability continues to improve, waiting for demand and capacity release
Brief evaluation of the company’s revenue in the first three quarters of 94.
700 million, five years growth.
5%, net profit attributable to mother 10.
4 ppm, an increase of 28 in ten years.
7%, of which the net profit after 重庆耍耍网 deduction is 10.
0 million yuan, an increase of 28 in ten years.
7%, of which Q3 single-quarter revenue was 35.
0 million yuan, 10 years and a 10-month increase.
4% and 8.
0%, net profit attributable to mother 4.
1 ppm, a year-on-year increase of 49.
1% and 8.
In terms of profitability, gross profit and net profit in the first three quarters reached 26.
8% and 11.
9%, an increase of 6 per year.
4pct and 2.
3pct, of which Q3 single quarter gross margin and net profit reached 28.
4% and 12.
7%, an increase of 8 per year.
2pct and 3.
5pct, an increase of 1 from the previous quarter.
3pct and 0.
1pct, single quarter profitability continued to improve slightly.
The demand for business analysis comes at a time of restoration and restoration, providing compression to open up alternative space. From the perspective of the company’s Q3 single 重庆耍耍网 season, we believe that although the company’s new production capacity has expanded and contributed contribution performance, the unit price of the company’s products has improved, thereby further improving profitability.On the whole, the operation is stable and upward.
From the perspective of the general situation of copper clad laminates, 5G centralized mining will soon enter the demand side. By then, various basic materials of copper clad laminates will usher in conversion and repair. This month, they will replace Panasonic, Japan ‘s copper clad manufacturer, and Japan ‘s copper clad factory in Koriyama, Fukushima Prefecture.Due to the flood disaster, it is expected to take two months to resume work. During the high-end order or transfer of the plant, the capacity will be replaced by the industrial chain, which will open up alternative space.
The price of ordinary copper clad laminates may continue, waiting for high-frequency and PCB production capacity: Against the background of an industry where both supply and demand are good, the company’s three major businesses are expected to usher in growth: 1) ordinary CCL reaches the replacement repair brought by 5GThe price is stable, and the company’s new production capacity in Shaanxi and Jiujiang has been actively deployed, and the performance has been released; 2) CCL customers have been smoothly introduced, and the production capacity planning is expected to be completed successfully. Next 5G orders are expected to contribute further performance; 3) PCBThe Dongcheng production expansion project will be successfully completed in 19 years, and the first phase of the Ji’an project will also be put into construction as planned, which is expected to achieve 5G dividend growth.
Investment recommendations Based on the company ‘s current capacity development and gross margin improvement, we have reduced our company ‘s revenue expectations but maintained our net profit expectations. We predict 19?
The company’s net profit attributable to mothers will reach 14 in 21 years.
100 million, 18.
300 million, 22.
400 million, according to current expectations, the corresponding PE is 41 times, 32 times and 26 times. Considering the company’s excellent layout and the conversion of copper clad laminate business is scarce, we believe that the company can enjoy a certain premium and we maintain our target price of 36.
2 yuan, continue to give a “buy” rating.
Risks indicate that the downstream economy is worse than expected; increased competition leads to increased competition; and major shareholders reduce their risk.