Lixun Precision (002475)： Growth in 2018 over 60%
Lixun Precision (002475): Growth in 2018 over 60%
Conclusions and suggestions: The company’s basic net profit in 2018 increased by more than 60%, and the corresponding 4Q18 company’s net profit increased by 75%, which continued the rapid growth of 3Q18. At the same time, the company’s gross profit margin and net profit rate maintained a good level, and its performance exceeded the peer. Looking forward to the future, consumer electronics innovation will continue. As a platform company in the field of connectors, acoustics and antennas, the company will potentially benefit in the long run.In addition, the company’s business will continue to extend to communications and automotive related products in the future, providing new momentum for long-term growth.The company is expected to achieve net profit of 3.7 billion and 4.7 billion yuan in 2019-20, an increase of 36% and 31% year-on-year, and EPS is 0.90 yuan and 1.18 yuan, corresponding to PE and 27 times and 21 times, considering the rapid growth in 佛山桑拿网 performance, maintain the “buy” proposal. Net profit increased by more than 60% in 2018: the company achieved revenue of 35.7 billion yuan in 2018, a year-on-year increase of 57% and a net profit of 27.2 billion, a year-on-year increase of 61%, and EPS is 0.66 yuan, the company’s performance is in line with expectations.The corresponding 4Q18 company achieved revenue of 13.7 billion, an increase of 54% year-on-year, to achieve 10.7 ppm, an increase of 75% year-on-year, and continued to maintain rapid growth.In terms of business, consumer electronics revenue increased 77% to US $ 26.8 billion per year, and the proportion of revenue rose to 75%. At the same time, gross profit margin increased by 1.7 single companies, which drove the company’s comprehensive gross profit margin in 2018 to 1% to 21% over the same period of the previous 杭州夜网论坛 year. It is the most important force for the company’s performance growth. Under the background of the relatively weak mobile phone market, the company “old customers, new products”The initial implementation went smoothly. The continued increase in the share of Apple’s industry chain. The incremental contributions of acoustics, motors, and wireless charging products provided momentum for the company’s performance growth, reflecting the company’s excellent product layout and strong management and manufacturing capabilities. In addition, the company’s automotiveElectronic and communication interconnect products and precision components exceed 50% and 30% respectively, further increasing the company’s performance growth rate. The implementation of the equity incentive plan has contributed to the long-term performance growth: the company implemented an equity plan of 97.5 million copies, accounting for 2 of the total share capital.37%.The incentive object reached 1899, covering directors, executives, middle and core technology backbones, and the middle and core technology backbone incentive distribution accounted for 93.69%.We believe that the plan has a wide range of incentives, which will greatly motivate employees, further improve the company’s operating management efficiency, and have a positive impact. Profit forecast: Considering that the company’s Apple industry chain has a wide product line coverage, a single mobile phone has a relatively limited impact on the company as a whole, and sales of new products such as Airpods still maintain rapid growth, we expect the company’s consumer electronics revenue in 2019 to remain relativelyWeak and fast growth momentum, other communications, automotive related products revenue is expected to maintain a high growth rate of more than 50%, the company is expected to achieve net profit of 3.7 billion and 48 in 2019-20.400 million, an increase of 36% and 31% year-on-year, and earnings per share were 0.90 yuan and 1.18 yuan, corresponding to PE and 27 times and 21 times, considering the rapid growth in performance, maintain the “buy” proposal.