Sunlord Electronics (002138) Company Evaluation: 3Q19 Performance Exceeds Expected Mid- and Long-Term Growth Logic Confirmed

Sunlord Electronics (002138) Company Evaluation: 3Q19 Performance 武汉夜网论坛 Exceeds Expected Mid- and Long-Term Growth Logic Confirmed
Event: Sunlord Electronics released the third quarter report of 2019, and the company achieved revenue of 19.31 ppm, 10 per year.38%, net profit attributable to mothers2.97 ppm, a ten-year average of 17.87%, deducting non-net profit 2.75 ‰, at least -14.34%, lower than expected. Single quarter revenue in the third quarter of 19 7.1.4 billion each year 15.14%, achieving net profit attributable to mother 1.02 ppm, with a ten-year average of 24.7%, net profit after deduction is 9.32 ppm, -28 per year.18%.In the third quarter, the single-quarter revenue exceeded 700 million for the first time, creating a record high since the company was founded, mainly due to the continuous growth of customers in the internal communications business, and new products such as automotive electronics and military industry have been gradually increasing.In the third quarter of 19, the fixed asset turnover rate was therefore increased from the previous quarter and from the previous year, which was 27% in a single quarter and increased by 1 from the previous quarter.4 averages, rising by 0 each year.8. Product price cuts affect gross profit margins, and labor wages increase management expense ratios.Single-quarter gross margin of 33 in the third quarter of 19.5%, down 4 each year.6 levels, level 2 from the previous quarter.2 units.Under the situation of maximizing production capacity (increasing the turnover rate of fixed assets), the decline in gross profit margin was mainly due to the decline in product prices.The industry as a whole was at a high point last year, and the price of internal customers in the industry was generally adjusted about once every six months. The price adjustment in the third quarter brought a quarter-on-quarter change in gross profit margin.The quarterly management expense ratio increased by 1 from the previous quarter.4pcts, R & D expense increased by 0.6pcts, mainly due to the increase in wages of R & D personnel and increase in R & D expenses. Construction in progress remains stable, and capital expenditures increase every year.Construction in progress in the third quarter 2.44 trillion, basically stable.Capital expenditures in the third quarter of 19 (cash paid for the purchase and construction of fixed assets, intangible assets and other long-term assets) 1.68 ppm per year last year.30,000 yuan increased by 63.9%, 2Q2 from 2Q19.At 16 trillion, the restructuring dropped. High industry barriers, accelerated import substitution, long-term benefits of 5G advancement, and maintain a “buy” rating.The inductor industry has high process and customer certification barriers. As a leading domestic and global inductor company, Sunlord Electronics has a significant competitive advantage within the industry.The demand and price of 5G drive inductors are rising, the company’s market share brought about by the domestic alternative speedup, and the mass production of automotive electronics for many years are the main logic for Sunlord to achieve rapid growth in the next 2-3 years.We expect the company’s operating income to be 26 in 2019-2021.86, 34.72 and 46.1.3 billion, with a net profit of 4.49, 6.16 and 7.8 billion, corresponding to PE of 37.54x, 27.35x and 21.61x, maintain “Buy” rating. Risk reminder events: 5G gradually exceeds expectations; the progress of domestically produced inductors is gradually expected; the risk of weak demand.

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