Changdian Technology (600584) semi-annual report comment: 19Q2 improvement over the previous quarter increased investment in 5G product line

Changdian Technology (600584) semi-annual report comment: 19Q2 improvement over the previous quarter increased investment in 5G product line
Event: The company released its 2019 Interim Report and achieved 91 in the first half of the year.4.8 billion, down 19 each year.06%, achieving a net profit of -2.5.8 billion, net profit after deduction is -4.2.3 billion, previously changed expectations. Investment Highlights: Global semiconductor market size, 19Q2 company revenue declines, improvement and improvement According to a report by the World Semiconductor Trade Statistics Association, the global semiconductor market sales revenue in the first half of 2019 was $ 195 billion, compared with a decrease of 14%.8%, the global semiconductor market has entered a downward channel.Affected by this, the company’s revenue in the first half of the year fell by 19%.06%.The company’s 19Q2 revenue was 46.3.4 billion, although it is down by 20 every year.28%, but up by 2 from the previous month.64%, since 18Q4 the company’s revenue substitution situation has eased. Among its subsidiaries, Zhongchang Power has the most advanced 厦门夜网 performance, with revenue of 12.1.5 billion, an annual increase of 6.3%. The company’s gross profit margin increased in 19Q2, and financial costs decreased. The increase in research and development costs was affected by capacity conversion. The company’s gross profit margin in 19H1 was 9.3%, accumulative 3 PCT in a year; but 19Q2 gross profit margin is 10.47%, an increase of 2 from the previous month.37 PCTs, indicating that the company’s operating conditions have begun to improve in 19Q2.At the same time, the company reduced financial costs and increased investment in research and development; 19H1 financial costs fell by 8 each year.45%, R & D expenses increase by 35.twenty three%. The company’s advanced production capacity leads the industry, increasing investment and expanding output value. The company’s market share is the third largest in the world. It has developed in parallel with advanced international counterparts in high-end packaging technology and is at the leading level in China.The company actively lays out business opportunities in the 5G era, concentrates advantageous resources on R & D and trial production of 5G products, and increases investment to expand production. Profit forecast We adjusted the profit forecast based on the latest financial report. It is estimated that the company’s revenue in the next three years will be USD 24.5, 26.9 billion and 30.1 billion. As the company is still in the integration stage, the profit cannot reflect the true value of the company.Companies in the packaging and testing industry average 1.5 times the PS level is estimated to give the company a 19-year target price of 22.9 yuan, maintaining the “recommended” level. Risk Warning: The integration is not up to expectations, the semiconductor cycle is down, and Sino-US trade frictions.


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