Jierong Technology (002855): Strong certainty in second half performance conversion
In the first half of the year, the company’s actual net operating profit exceeded 深圳桑拿网 market expectations. In the first half of 19, it realized revenue13.
22 ppm, an increase of 31 in ten years.
22%; net profit attributable to shareholders of the listed company is 0.
27 ppm, a five-year increase of 5.
05%; comprehensive gross profit margin in the first half of 15.
95%, down 2 percentage points; net profit margin 2.
03%, content 0.
In the first half of the year, the cost of equity incentives exceeded 10 million yuan, resulting in a company management fee of 1.
110,000 yuan, an increase of 32 in ten years.
Excluding the impact of equity incentive expenses, the company’s performance exceeded market expectations.
Driven by major customers such as OPPO, Huawei, and Samsung Electronics, the precision structural parts business achieved revenue12.
4 billion yuan, +31 per year.
62%; precision mold business achieved zero.
27 trillion, +52 a year.
Company revenue in the second quarter 7.
66 ppm, an increase of 20 in ten years.
04%, net profit is 0.
18 ppm, a six-year increase of 6.
The gross profit margin for the second quarter alone was 16.
The business resumed initially. The performance of the second half of the year is highly certain. The net profit of Q1-Q4 companies for the 18 years was 0.
0.8 billion, 0.
1.7 billion, 0.
06 ppm and -0.
02 million US dollars, the net profit margin fell, the first is the relocation of Samsung’s internal factory caused the company’s operating business revenue changes, in the process of opening new customers to face the painful period of increased expenditure costs.
With the improvement of overall efficiency, favorable factors such as the smaller impact of changes in the Samsung plant and the increase in profitability of metal structural parts have gradually transformed, and the company’s net profit margin is expected to return to normal levels.
Looking at each year, we believe that the company will achieve a gradual and rapid increase in net profit from Q3 of 19, and its 2019 performance will reverse the previous slump and rise again.
Actively improve the solution business, develop new business directions for data processing requirements, and significantly increase the demand for thermal management of consumer electronics terminals. Consumer electronics thermal energy management solutions have become one of the main directions for component suppliers in the future.
The company is actively deploying thermal management projects for consumer electronics terminals, which mainly provide one-stop overall solutions for heat storage and heat dissipation.
The company hopes that in the future, the advantages of infrastructure product products and services will integrate the heat dissipation module with the existing structural component business to provide comprehensive services for downstream customers.
Investment suggestion: Maintaining the “overweight” rating company’s profitability will be reversed, and the cooling business is in line with the future development trend of the industry.
We maintain the Air Force profit forecast and expect the net profit attributable to the mother to be zero in 19-20.
35/1.5.3 billion, a 10-year increase of 166% / 72% / 13%, corresponding to a PE of 40.
52 times, maintaining the “overweight” level.
Risk warning: The macro economy continues to weaken, and intensified competition leads to continued decline in product profitability.