Anjie Technology (002635): 2018 net profit exceeds 48% Q4 single quarter revenue flat for ten years

Anjie Technology (002635): 2018 net profit exceeds 48% Q4 single quarter revenue flat for ten years

Key points of investment: Anjie Technology Express Report: 2018 revenue of 35.

60,000 yuan, an increase of 31 per year last year.

02%; total profit realized 6.

580,000 yuan, an increase of 34 every year last year.

37%; realize net profit attributable to shareholders of listed companies.

780,000 yuan, an increase of 47 per year last year.

75%.

Q4 single-quarter revenue was flat month-on-month, and rising financial costs affected net profit margins.

2018Q4 single quarter revenue 10.

500 million, unchanged for a year, a slight increase of 1%.

Affected by the performance of the subsidiary Weibo Precision failed to meet expectations, Anjie’s single quarter gross profit margin was 30 in the third quarter of 2018.

6%, a decrease of 11 pct in one year.

Affected by financial expenses, the operating profit margin in the fourth quarter of 2018 was 11%, a decrease of 11 percentage points from the previous quarter.

Q4 single quarter net profit 1.

52 ppm, a 10-year increase2.

2 times, 14% net interest rate.

Anjie Technology gradually cuts into the customer’s supply chain year by year.

1) Before 2012, benefiting from the rapid development of the notebook computer industry, the company’s performance grew rapidly endogenously.

2) From 2013 to 2014, the growth rate gradually changed. First, global notebooks. The growth rate of tablet PC expansion gradually became negative year by year.

3) Since 2015, cut into the supply chain of major customers’ mobile phones and storage, automobiles, etc., and build the metal + non-metal full-process production capacity: In December 2014, Xinxing Holdings was consolidated into the statement.In the same year, the company cut into the supply of iPhone 6s optoelectronic products for major customers, and the revenue of mobile phone functional components 杭州桑拿网 increased significantly. In 2016, due to the small changes in the major customer program, the value of the stand-alone device declined, and the performance was slightly lower.Results are still growing.

The non-metal die-cutting business has benefited from multiple points and is booming.

1) In the initial stage of the company’s listing, the company mainly focused on notebook function business, benefiting from the rapid growth of high-quality notebook terminal customers such as Apple and HP.

2) The company laid out the iPhone functional parts business. In 2015, the successful delivery of iPhone 6s 3D Touch photoelectric adhesive ushered in heavy volume of performance, and has now become the company’s main revenue point.

3) Apple is committed to creating a wireless charging ecosystem, and Anjie’s layout of magnetic materials and cooling graphite sheets is ready to go.

4) As the penetration rate of portable OLEDs increases, optoelectronic adhesives and heat sinks are expected to be heavy in the future. As a main die-cutting supplier, they will participate in the stocking of three new models, and gradually increase wireless charging modules in 2019.

Tesla brings the development potential of the automotive electronics business.

Anjie Technology also implements a major customer strategy in the automotive electronics business. In 2016, it entered the Tesla supply chain by using Powerwall products. It currently supplies the full range of Model S / X / 3 models, with a maximum bike value of $ 150.

Tesla’s annual volume will drive the development of Anjie’s automotive structural parts business.

Revise down earnings forecast and maintain overweight rating.

Due to the iPhone’s first volume volume reduction for the first time since the fourth quarter of 2018, and the development of Weibo Precision’s performance has been slow, it has reduced its 2018/2019/2020 revenue forecast from 40/46/57 trillion to $ 36/40 / 4.8 billion.Attributable net profit from 6.

1/7.

1/8.

7 trillion down to 5.

8/6.

9/7.

700 million.

Anjie Technology currently estimates that the PE for 2019 will be 15X, maintaining the overweight rating.

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