Lixun Precision (002475) quarterly report review: good news frequently to grow

Lixun Precision (002475) quarterly report review: good news frequently to grow
Event: On April 22, the company released the 2019 first quarter report, which is expected to achieve operating income of 90.190,000 yuan, an increase of 66 in ten years.90%, realizing net profit attributable to mother 6.160,000 yuan, an increase of 85 in ten years.04%.At the same time, the company expects to realize net profit attributable to mothers in the first half of 201914.04 billion?15.690,000 yuan, an annual increase of 70%?90%. In addition, the company released its 2018 annual report on April 16, reporting and realizing operating income of 358.500,000 yuan, an annual increase of 57.06%, net profit of return to mother 27.23 ppm, an increase of 61 in ten years.05%. Investment points: The platform-based multi-dimensional layout has been significantly improved, and single-quarter performance has continued to grow rapidly.The company started with the production of computer connectors. After years of development, the existing product line includes wireless charging modules, motors, LCP antennas, camera modules, AirPods OEM, antennas, filters and optical modules, automotive wiring harnesses, precisionBusiness lines such as structural parts and platform-oriented product layouts provide a solid foundation for the company to achieve super-industrial general size growth. Even under the background of changing consumer industry boom, the company still achieved sustained high growth.The company achieved over 50% revenue growth for four consecutive quarters and over 70% net profit growth in three quarters, which were mainly due to the heavy pressure of the almost transitional Sino-US trade friction last year and the Apple cut orders in the second half of the year.It is not easy to get such a questionnaire. AirPods has a good harvest in word-of-mouth monuments, and undertaking orders for machine OEMs has increased performance flexibility.AirPods has been widely recognized by the market since its listing. It has also performed well in restructuring, achieving a good harvest in word of mouth and emissions. According to Counterpoint Research Statistics, AirPods accounted for about 35 million units in 2018, compared with 13 million units in 2017 (CB (Insights statistics) has an increase of about 169%. The second-generation AirPods released in March achieved conversion speed and conversion speed, stronger battery life, and equipped with wireless charging functions, which will not bring a single unit of value.At the same time, it is expected to drive the continuous increase of AirPods.As the main supplier of the two generations of AirPods assembly, the company is expected to benefit from the continuous increase in the value and replacement of AirPods, 武汉夜网论坛 and the performance flexibility will be further consolidated. Communications and automotive electronics are expected to become twin engines for future performance growth.The company’s top management is actively deploying two fields of communication substrates and automotive electronics. The products of communication substrates include connectors / connecting wires, antennas, filters, and optical modules, etc., and some products have been introduced to the first-tier manufacturers in the communications field. Automotive electronics products areMainly connectors and precision structural parts, etc., and cut into the supply chain of Tier 1 car companies through the method of extension acquisition.The market space of 5G, new energy vehicles and intelligent driving are all more than consumer electronics. The company’s forward-looking layout in these areas will provide new momentum for the company’s continued performance growth in the future. Earnings forecast and investment rating: Maintain Buy rating.The core growth logic of the company has been clearly expanded in our in-depth report released last year, and currently, this growth logic is still valid.Moreover, the position of the heavy burden that was previously held in front of the company is gradually easing: Sino-US trade relations have gradually eased, Apple has repeatedly lowered product prices through e-commerce channels and official websites to stimulate consumer demand, and the recent settlement between Apple and QualcommFor the Apple industry chain can be described as long-term good.Based on the above judgment, we expect the company’s net profit for 2019-2021 to be 37.900 million, 49.700 million and 64.20,000 yuan, the current sustainable corresponding PE is 28.25, 21.54 and 16.68 times, maintain BUY rating. Risk warning: 1) The sales volume of major customers’ products is less than expected; 2) The penetration of wireless charging and wireless headsets is less than expected; 3) The construction of 5G base stations and automotive electronics are slow.