Anjie Technology (002635): Impairment of Goodwill Affects 18 Years of Performance Concerned with Wireless Charging and Weibo Precision Progress
2018 performance is basically in line with expectations Anjie Technology announced the 2018 performance: operating income of 35.
500 million, previously + 31%; net profit attributable to mother 5.
5 ‰, previously + 40%, with Dandelion Express 5.
The 800 million ratio decreased by 30 million, which was mainly due to the earlier increase and increase in the provision for impairment of Weibo Precision’s goodwill.
Recently, the company also announced 1Q19 performance forecast: net profit in the first quarter of 19th.
76 ppm, a year-on-year increase of 40-70%, mainly due to the increase in the fair value of the shares due to Weibo Precision’s shareholder performance compensation.
Development Trend Features: Poor iPhone sales weigh on performance, pay attention to the progress of wireless charging Anjie is one of Apple’s major suppliers of iPhone features. ASP in the new machine in the second half of last year has significantly improved.4Q XR is expected to exceed expectations and weigh on company performance.
We see that this year is still facing some pressure, but Apple’s price cuts have started to stimulate terminal sales to pick up.
At the same time, we expect the company to have ASP opportunities on the iPhone in the second half of this year.
The company acquired Apple wireless charging magnetic material supplier Weiss Dongshan last year, forming the “magnetic material + die-cutting” capability. This year, it began to introduce Apple accessories, which will also benefit from the popularity of wireless charging in the future.
Metal parts: Weibo precision still needs to be observed, Shixin’s stable growth. Weibo 杭州桑拿网 Precision was penetrated last year by the intensified competition of small metal parts and the poor sales of Oppo and Vivo. We expect that small metal parts will still have downside risks this year.The launch of 3D hot-pressed plastic cases to cooperate with Android customers to hedge the risk of small metal parts business will become the main growth point of Weibo Precision this year.
The metal structure parts of Shixin Technology are mainly targeted at memories and automobiles. Among them, the memory business is relatively stable. The automobile structure parts are mainly from Tesla. The growth rate has been good in recent years. It will also benefit from the advancement of Tesla’s Shanghai plant in the future.
Earnings forecast We maintain the company’s 19-year EPS forecast1.
12 yuan unchanged, date 2020e EPS 1.杭州夜网
Estimates and recommendations currently correspond to 14 years in 19 years.
Maintain the recommendation, consider the overall estimate of the sector to move up, and raise the target price by 34% to 21.
00 yuan, corresponding to 19 years 18.
8 times P / E, compared with the current 34% upside.
Risk The volume of smart phones did not meet expectations; Weibo Precision’s performance did not meet expectations.