Jingwang Electronics (603228) Third Quarterly Review: Single-quarter revenue hits record high Gaozhuhaiwangwang 杭州桑拿网 builds new factory
The event company announced the third quarter of 2019, with revenue of 45 in the first three quarters.
35 ppm, an increase of 24 per year.
52%, net profit 6.
31 ppm, an increase of 0 per year.
Opinion The company’s single quarter revenue reached a record high, and the intensified market competition caused the company’s gross profit margin to weigh on the company’s single quarter revenue in the third quarter of 201916.
83 ppm, an increase of 23 per year.
12%, an increase of 9 from the previous month.
57%, and set a record for the company’s single quarter revenue, mainly due to the release of production capacity of the Jiangxi Jingwang Phase II project and the addition of Jingwang Flexible’s revenue during the reporting period; due to intensified market competition, the company’s third quarter gross margin fell 1.
66 single to 25.
67%; at the same time report that long-term company salary adjustments, increase in intermediary service fees and fair incentive fees have led to increased management costs and further reduced the company’s net profit.
珠海景旺高多层HDI产业化项目开始建设，进一步扩大公司产能2019年10月珠海景旺高多层HDI产业化项目开始建设，进一步扩大公司产能2019年10月 层以上的高多层工厂，The second is a high-end HDI factory with arbitrary layer interconnection and mSAP production capacity.
With the construction of the Zhuhaijingwang Plant, the revenue of products in the communications sector will increase the company’s overall revenue.
Investment advice and profit forecast The company achieved 24 on the revenue side in the first three quarters.
53% growth; at the same time, the company ‘s gross profit margin has decreased due to external factors such as the company ‘s new plant capacity climbing and increased competition in overlapping industries in the short term.Improve the company’s product gross margin. It is estimated that the company’s revenue from 2019 to 2021 will be 65/83/87 trillion, and its net profit will be 9.
2.6 billion, with EPS of 1.
37 yuan, corresponding to 31/24/19 times the current expected PE. Maintain “Buy” rating.
Risks suggest that 5G progress is less than expected, competition in the PCB industry is intensified, and the company’s production capacity climbs less than expected