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Dongshan Precision (002384) 2019 Third Quarterly Report Review: Net profit performance after deduction is bright, profitability has improved

Dongshan Precision (002384) 2019 Third Quarterly Report Review: Net profit performance after deduction is bright, profitability has improved

Event: The company announced three quarterly reports for 2019.

The company achieved operating income of 163 in the first three quarters of 2019.

6.9 billion yuan, an annual increase of 22.

09%, realizing net profit attributable to mother 8.

8.8 billion, an annual increase of 31.

14%; the company achieved operating income of 63 in the third quarter.

90ppm, an increase of 3 per year.

15%, net profit attributable to mothers4.

USD 8.6 billion, an annual increase of 16.

45%.

In addition, the company expects that the initial net profit attributable to mothers will increase by 30% to 50% each year in 2019.

Opinion: The Q3 performance is in line 重庆耍耍网 with expectations, and the profit performance after deduction is outstanding.

In the semi-annual report of Democracy Company, the net profit attributable to mothers in the first three quarters of this year will increase by 30% to 50%, corresponding to a profit of 4 in Q3.

7.8 billion to 6.

1.4 billion each year 14.

63% to 47.

12%, Q3 actual profit is 4.

USD 8.6 billion, an annual increase of 16.

45%, the highest level in a single quarter, basically in line with expectations.

In the first three quarters, the company’s net profit after deduction was outstanding, and the net profit after deduction was 6.

9.3 billion, an annual increase of 62.

20%, of which net profit after deduction of Q3 is 4.

2.3 billion, an annual increase of 30.

55%.

The growth rate of the company’s net profit after deduction is greater than the growth rate of net profit attributable to 无锡桑拿网 the mother, which is mainly due to the transfer of equity in subsidiaries in the same period last year to form equity investment income.

Benefiting from the volume of new products from large customers, profitability has improved significantly.

The company successfully acquired MFLX in 2016, expanded the consumer electronics high-end FPC product line, and successfully cut into the international A customer supply chain.

The beneficiary’s new mobile phone product release and sales exceeded expectations. The company’s Q3 gross profit margin was 20.

09%, an average annual increase of 3 per year.

11 points, up 5 from the previous quarter.

62pct; Q3 net profit is 7.

57%, an increase of 0 every year.

84pct, an increase of 3 from the previous quarter.

87pct, significantly improved profitability.

The layout of soft and hard boards continues to benefit from the advancement of 5G.

The company is one of the few domestic companies that lays out soft and hard PCB boards at the same time, and has a good card slot in the communications business and smart terminal business.

The company’s communications business related products cover communications PCB, ceramic dielectric filters, MPI antennas and other categories, and the mobile smart terminal business is committed to providing high-value FPCs for iPhone, iPad, Apple Watch, and docking stations.

Benefiting from the acceleration of domestic 5G construction and the iPhone new product sales exceeding expectations, the company is more optimistic about the growth prospects of 2019 performance, and is expected to return the parent net profit growth of 30% to 50% throughout the year, which is equivalent to a Q4 profit of 1.
6.6 billion to 3.

2.9 billion, an annual increase of 24.

10% to 45.

15%.

Earnings forecasts and investment advice.

The company is a domestic leader in printed circuit boards. In the fourth quarter, it is expected to continue to benefit from 5G construction and new product sales by major customers.

We expect the company’s EPS for 2019-2020 to be 0.

74 yuan, 0.

97 yuan, corresponding to 28 times and 21 times the corresponding PE, maintaining the “recommended” level.

Risk warning: 5G construction is not as expected, and downstream expectations are not as expected.