Depth * Company * Shanghai Electric Power Co., Ltd. (002463): High growth in half-year results 5G attempts to open up more growth space

The company released the semi-annual report for 2019: in the first half of 2019, it achieved revenue of 31.

22 ppm, an increase of 26 in ten years.

72%; net profit attributable to mother is about 4.

780,000 yuan, an increase of 143 in ten years.


  Highlights of the support level The semi-annual performance increased rapidly, and the gross profit margin continued to increase.

The high growth of the company’s revenue and net profit in the first half of the year was mainly due to the increase in revenue of the enterprise communications market board and office industrial equipment board, as well as the continuous improvement in gross profit margin.

The main board of the corporate communications market achieved revenue for half a year.

09 million yuan, an increase of 31 in ten years.

85%, the office industrial equipment board realized revenue1.

950,000 yuan, an increase of 35 in ten years.


In terms of gross profit margin, the company’s PCB gross profit margin was 30 in the first half of the year.

34%, an increase of 8 per year.

05 mergers; among them, the corporate communications market board gross margin was 36.

58%, an increase of 9 per year.

74 units; gross profit margin of the office industrial equipment board 35.

92%, an increase of 10 per year.

94 units; gross margin of consumer electronics board 22.

91%, an increase of 9 per year.

74 units.

According to the semi-annual report forecast, it is estimated that the net profit attributable to the mother from January to September is 8-9 trillion, which will increase 108 in ten years.

76% -134.


  The operation of the Huangshi plant has improved significantly, and the construction of the second plant is progressing smoothly.

In the first half of the year, the overall operating situation of Huangshi Hushi has improved and realized operating income3.

78 ppm, an increase of 31 in ten years.

01%, achieving a net profit of approximately 2,465.

350,000 yuan, compared with a net error of 1,276 in the same period last year.

950,000 yuan.

At present, the construction of Huangshi No. 2 Plant is progressing. It is expected to start trial production in September 2019. After the production is put into operation, it will prepare for the demand of the automotive electronics market after the growth recovery.

  5G network construction drives PCB demand and drives company performance growth.

In terms of 5G applications, the company increased its R & D and technological transformation efforts, integrated the production and management resources of the Qingjing Plant and the Huangshi No. 1 Plant, and expanded 淡水桑拿网 its production capacity in a targeted manner to increase the production capacity of high-end products and prepare for 5G network construction.

In the first half of the year, the company’s 5G products have been supplied in bulk to major global communications equipment manufacturers. However, as 5G construction is still in its initial stage, the report has caused the company’s 5G product revenue to continue to decrease.

It is expected that through the promotion of 5G network construction, the company’s 5G product revenue is expected to achieve breakthrough growth.

  It is estimated that considering the steady growth of PCB demand in data center and other fields, the demand space brought by the 5G network construction, and the improvement of the company’s gross profit margin, we raised the company’s EPS forecast for 19-21 to 0.

68, 0.

86 and 1.10 yuan, the current expected corresponding PE is 40X, 32X and 25X respectively, maintaining the overweight level.

  The main risks faced by ratings are that the progress of 5G network construction is not up to expectations; the growth of automotive panels is less than expected.