Lixun Precision (002475): 18 years of high-growth 5G and smart wear continue to inject growth momentum

Lixun Precision (002475): 18 years of high-growth 5G and smart wear continue to inject growth momentum
Announcement: The company announced the 2018 annual report and consolidated operating income of 358.50,000 yuan, an increase of 57 in ten years.06%, net profit attributable to mother 27.20,000 yuan, an increase of 61 in ten years.05%.Among them, the operating income of the fourth quarter was 137.2 ten percent, an annual increase of 53.67%, net profit attributable to mother 10.7 ‰, an increase of 75 in ten years.15%. Investment highlights Consumer electronics, automotive, and communications businesses have performed well, with rapid growth in performance: The company’s 18-year revenue grew 57% and profit growth increased 61%. Both achieved high-speed growth under the low economic climate of the consumer electronics industry, mainly due to:Benefiting from the rapid growth of AirPods, the introduction of large customers for motors, LCP antennas, and wireless charging, as well as the expansion and expansion of acoustics, consumer electronics business revenues reached 26.8 billion, growing 76.5%; 2) The base station business is progressing smoothly, and communication products revenue is 21.500 million, an increase of 30% over the same period; 3) A better foundation has been deposited in the field of new energy vehicles, and automotive connector product revenues17.3 billion, an annual increase of 52.8%; 4) Revenue from computer connector products 37.3 billion. Improved yields boosted profit margins and improved cash flow: the company’s 18-year gross profit margin was 21.05%, net interest rate 7.85%, increase by 1 each year.05, 0.19 units, mainly due to the increase in yield and production efficiency 杭州桑拿 of consumer electronics products, improved profitability of AirPods, the newly introduced profit margins of LCP antennas, wireless charging, linear motors exceeded expectations, and the gross profit margin of consumer electronics business reached2119%, an increase of one year.73 units.At the same time, the company’s net operating cash flow was 10 in 18Q4.6.8 billion. Previously, the chain was improved, and the quality of operations was excellent. Benefiting from 5G and smart wear, precision manufacturing leaders continue to maintain high growth: Smart wearable products represented by AirPods, Watch, and their convenience and good experience in sports and health are well received by consumers, and the company is conducive to continuedBenefit from the rapid growth of improved products.With the gradual arrival of 5G, the company’s 深圳spa会所 base station antennas around base stations and data centers, filters and data center interconnection products will also give full play to its market competitiveness.At the same time, the company’s automotive connector products continue to break through OEMs and Tier1 customers, and will also provide stable growth in the future. Profit forecast and investment grade: The company’s net profit is expected to reach 38 in 19-21.2, 50.3, 63.1 trillion, corresponding to 0 EPS.93, 1.22, 1.53 yuan, corresponding to PE is 26.4, 20.1, 16 times.According to the company’s fast performance growth forecast in the past two years, it is estimated that there is still a lot of room for improvement in 19 years. Maintain the “Buy” rating! Risk warning: slow climb of new products; less than expected sales of large customers.