Peng Ding Holdings (002938): Performance in line with expectations Growth remains stable
The event company released the third quarter report of 2019, and the first three quarters achieved revenue of 173.3.7 billion, up from 0 previously.40%, net 西安耍耍网 profit attributable to mother 17.20,000 yuan, an annual increase of 8.97%; revenue in Q3 was 79.9.9 billion yuan, up 2 every year.71%, an increase of 56.79%, net profit attributable to mother 10.93 ppm, 10-year average3.43%, a month-on-month increase of 157.54%, gross margin is 24.48%, with a ten-year average of 1.8. Core point of view: The new machine pulls goods to drive revenue growth, supplementing production capacity consolidation and affecting gross profit margin.The Q3 iPhone11 series started to pull goods and drove the company’s revenue to increase slightly; however, due to the company’s increasing production capacity, the company’s fixed assets have continued to increase, and Q3 single-quarter fixed assets increased by 9 sequentially.700 million US dollars, affecting a slight fluctuation in gross profit margin; looking forward to the fourth quarter, through the iPhone11 series continued to pull goods, we think the company’s fourth quarter performance is expected to continue to improve sequentially. Grasp the needs of key customers, accurate card position, and become a global leader.Peng Ding Holdings’ continuous technological progress is in line with the needs of Apple products for continuous innovation and rapid transformation, so it grows with Apple and gradually reaches the forefront of the industry.Pengding’s advanced technology and production capacity have increased the basis for performance growth. According to Prismark’s forecast, the company’s revenue in 2018 is still the first in the global PCB industry. Long-term layout, and constantly open up new space for growth.With years of experience in IC substrates and HDIs, Pingding Holdings has technological advantages in similar substrates, so it can successfully enter the international major customer supply chain in the second half of 2017.Pingding Holdings raised funds for listing to increase the production capacity of FPC and SLP, thereby consolidating the company’s core competitiveness and continuously opening up growth space. Earnings forecasts and investment advice.We estimate that the company’s net profit attributable to its parent in 2019-2021 will be 30.34/38.54/48.3.5 billion US dollars, an annual increase of 9.5% / 27.0% / 25.5%, corresponding to 34/26/21 times the PE. Taking into account that the comparable company evaluates for 20 years as 31X, we think that it can give the company an XPE estimate of 30 for 20 years, corresponding to a reasonable value of 50.1 yuan / share, we are optimistic about the company’s profitability and future growth space, and maintain a “buy” rating. risk warning.The risk of fluctuations in smartphone sales; the risk of rising product prices; the risk of rising raw material prices; the risk of high customer concentration; the risk of new technology progressing less than expected.