Depth-Company-Lixun Precision (002475): Third Quarter Report Exceeds Expected Growth Drive

Depth * Company * Luxun Precision (002475): Three quarterly reports exceed expected growth momentum

The company released the third quarter report for 2019: in the first three quarters, it achieved revenue of 378.

36 ppm, an increase of 70 in ten years.

96%; net profit attributable to mothers was 28.

880,000 yuan, an increase of 74 in ten years.

26%; single quarter revenue in the third quarter was 163.

950,000 yuan, an increase of 62 in ten years.

24%, net profit attributable to mother 13.

850,000 yuan, an annual increase of 66.


  The main points supporting the rating performance exceeded expectations and continued to grow at a high rate.

The company’s semi-annual report predicts that the net profit attributable to the mother will increase every year in the third quarter.

38% -38.

32%, the actual net profit attributable to mothers increases by 66 each year.

74%, exceeding expectations.

The high performance growth benefited from the company’s new markets / new customers / new products, which have continued to make substantial breakthroughs, and all product lines have blossomed. IPhone antennas, motors, wireless charging, and acoustics have continued to grow.Product categories and customers are developing rapidly. Automotive electronics products have steadily developed around wiring harnesses, connectors, electronic modules, and injection-molded functional parts. Instead, the company strengthened internal fine management and significantly improved resources.

According to the disclosure in the third quarterly report, it is estimated that the initial net profit range for mothers in 2019 will be 39.


20 trillion, a 10-year increase of 45% -55%.

  Refined management improves efficiency, and operating financial indicators are continuously optimized.

The company continued to strengthen internal account period management, improve automation and IT system capabilities, control index 成都桑拿网 capital expenditures, achieve significant results, and optimize various operating financial indicators significantly.

Single quarter gross margin in the third quarter 22.

07%, a year to raise 0.

12pct, an increase of 2 from the previous month.

58 pct; net interest rate is 8.

98%, a year to increase 0.

46 pct, an increase of 1 from the previous month.

57 points.

  From the beginning to the end of the reporting period, the company’s net cash flow from operating activities61.

110,000 yuan, an increase of 194 in ten years.

59%; expected average return on net assets is 17.

04%, an annual increase of 5.


  High R & D and rooted technology, 5G helps new product development.

2019 is the first year of 5G commercialization. Through the maturity of 5G terminal technology, it is expected that the penetration rate of 5G mobile phones will significantly increase in 2020, which will bring new opportunities for the company.

Looking at the R & D budget, the single quarter R & D budget reached 13 in the third quarter.

0.6 billion.

  Higher-level R & D investment will help the company’s new product development and ensure the company’s long-term competitiveness.

  It is estimated that considering the company’s continued high growth, the company achieved net profit attributable to its mother in the first three quarters.88 trillion, exceeding expectations, we raised the company’s EPS for 2019-2021 to 0.

78, 1.

00 and 1.

28 yuan, corresponding to PE is 37, 29 and 23 times, maintaining the buying level.

  The main risks facing rating Apple’s sales decline; new products gradually exceed expectations; customer non-mobile phone sales are lower than expected.