Eton Electronics (603328): The first quarterly report meets the expected exchange gains and losses impact decomposition
The company released the 2019 first quarter report.
The company released the first quarter of 2019 report and achieved operating income7.
07 billion, down 3 every year.
91%; realized net profit attributable to shareholders of listed companies.
140,000 yuan, an increase of 32 in ten years.
99%; Realize net profit attributable to shareholders of listed companies in place of non-recurring gains and losses.
0.6 million yuan, an increase of 43 in ten years.
02%; basic profit return is 0.
The impact of foreign exchange gains and losses, the increase in financial costs was significantly reduced.
The company’s financial expenses for the first quarter of 2019 totaled 7.93 million yuan, compared with 66.23 million in the same period last year, which significantly reduced financial expenses.
The appreciation of RMB against USD against USD in the first quarter of 2018 reduced the company’s exchange loss due to the appreciation of RMB to RMB 77.9 million; in the first quarter of 2019, the RMB exchange rate also showed an upward trend. From the company’s first quarter financial expenses, the impact of exchange loss gains hasReduced.
As more than 80% of the company’s sales are overseas and settled in US dollars, the RMB exchange rate has an impact on the company’s financial expenses, but the company can reduce the exchange rate impact by accelerating foreign exchange settlement and sales.
We don’t think exchange gains and losses will cause much drag on the company’s performance.
The product structure continued to be optimized, and automotive PCBs became the main source of revenue.
In recent years, under the strategic guidance of “quality first, cost leadership, technology leadership”, the company has continued to optimize the product structure, strived to expand the proportion of high value-added products such as automotive electronics, medical and industrial, and enhanced the company’s profitability.
Automotive PCB has become the company’s main source of revenue and profits. The company’s automotive electronics customers include Valeo, Delphi, Continental, Bosch and other world-renowned Tier1 manufacturers.
The company has a relatively high share in Valeo’s automotive PCB business, and has begun to deliver small batches of automotive lamps.
Valeo’s automotive light sales rank second in the world, and Koito’s automotive lights rank first in the world and in China. We are still optimistic about the development of the company’s automotive PCB business.
5G construction started, and the PCB industry maintained a high degree of prosperity.
5G construction was officially launched in 2019. As the “mother of electronics”, PCB will obviously benefit from the construction of 5G infrastructure and the application of emerging scenarios.
It is expected that the number of 5G base stations and the value of single-substrate PCBs will greatly increase, bringing huge increases to the PCB industry; expansion, 5G driving the development of consumer electronics, automotive electronics, VR / AR and other technologies will also inject new into the industrypower.
As a domestic PCB leader, the company has a deep layout in the fields of automotive electronics, communication equipment and other fields, and will definitely benefit from the continued high prosperity 深圳桑拿网 of the industry.
Investment suggestion: Considering the high prosperity of the PCB industry and the continuous adjustment of the company’s product structure, we maintain our profit forecast for the company. The company’s 2019-2020 revenue is expected to be 37.
06 and 49.
6.1 billion, with net profit of 6.
10 and 9.
1 billion, EPS is 0.
81 and 0.
91 yuan, corresponding to PE is 16.
8 and 12.
We think the reasonable price range is 13.
8 yuan to 16.2 yuan, maintain “Buy” rating.
Risk warning: RMB exchange rate fluctuations bring exchange losses; customer expansion is less than expected.