Hudian shares (002463): First quarter report meets expected profitability and continuous improvement in cash flow

Hudian shares (002463): First quarter report meets expected profitability and continuous improvement in cash flow

Inc. released its first quarter report for 2019: 19Q1 revenue13.

600 million, an increase of 17% in ten years, net profit attributed to the mother1.

600 million, an increase of 131% in ten years, net of non-attributed net profit1.

4.9 billion, a year-on-year increase of 156%.

The 19Q1 performance is in line with the expectations of the performance indicators, and the gross profit margin continued to improve the company’s performance indicators in 19Q1.


700 million, actual performance in line with expectations.

19Q1 gross profit margin increased by an average of 8.

Up to 25 pct up to 25.

92%, net interest rate increased by 5 per second.

There are 92 to 11.

92%, increase in gross profit margin due to (1) the high value-added datacom PCB revenue share has increased since 18 years, 2) the production capacity change at Huangshi Plant has been significantly improved and the overall cost has been reduced;The increase was due to a 34% increase in management expenses during the period (increased by additional staff budget and supplementary share payment expenses), an additional 26% in R & D expenses, and an increase in asset impairment losses of 171%Value is prepared to increase every year)).

In 1Q1, revenue decreased by 17% month-on-month, and gross profit margin increased by 1 as a result of restructuring.

12 pct, net interest rate increased by 0 from the previous month.

With 56 pcts, the product structure and operating costs continued to improve. Demand for communications orders, data center switches, and high-end routers brought about by 4G capacity expansion and 5G trial network construction continued, and Q2 and second half results are expected to continue to improve.

Receivables optimization, operating cash flow continued to improve in 19Q1 Net operating cash flow increased by 21% month-on-month, of which, cash received from sales of goods and provision of labor services increased by 29% and decreased by 14% month-on-month: accounts receivable at the end of the periodCompared with the end of the same period of the previous year, the bills increased by 7% (receivables decreased by 42%), the accounts payable and bills increased by 23% compared with the end of 18Q1, the accounts received in advance increased by 287%, and the right to speak in the industrial chain increased.

Capacity integration meets the demand for 5G communication PCBs. The company’s earlier research and development of 5G base station products such as Sub-6GHz antennas, 28 / 39GmmWave, AAU and other corresponding key technologies have matured, and large-scale delivery can be achieved.Production and management resources have greatly increased production flexibility. It is expected that the demand for 5G network construction will be increased in the second half of the year, which will significantly increase the performance of corporate communications boards.

Automotive electronics PCB business is expected to usher in rapid growth in the second half of the year. The company’s strategy focuses on high-end, safe automotive panels, 24GHz radar PCBs, and new energy vehicle BMS PCBs. The growth has been rapid. 77Ghz radar PCBs have begun to achieve stable supply. Automotive PCB business has grown steadily for 18 yearsThe company enhanced the production efficiency of Huli Microelectronics, and planned to complete the construction of Huangshi No. 2 Factory by the end of 2019. The automotive PCB business benefited from the increased penetration of automotive electronics and intelligent driving, and promoted the maintenance of stable growth.

杭州桑拿 Profit forecast and rating are optimistic about the trend of 5G demand, the company’s high-end product layout in the wireless side, data center and other fields.

We estimate that the company’s net profit attributable to its parent in 2019-2021 will be 7, respectively.

25, 9.

51, 12.

4.4 billion, eps are 0.

411, 0.

539, 0.

At 705 yuan / share, the current corresponding PE is expected to be 30, 23, and 18X, respectively, and the 19-year 35X PE is given a six-month target price of 14.

40 yuan / share, maintain BUY rating.

Risks suggest that the construction of 5G commercial and data centers will fall short of expectations, and the automotive electronics market will fall short of expectations.