Lixun Precision (002475): The first quarter notice slightly exceeds market expectations, this year’s performance is expected to exceed expectations

Lixun Precision (002475): The first quarter notice slightly exceeds market expectations, this year’s performance is expected to exceed expectations
Event: The company issued an announcement on March 28, 2019. It is estimated that the net profit attributable to shareholders of listed companies in the first quarter of 2019 will be 5.66-6.32 ppm, an increase of 70% -90% over the same period last year, and the company’s profit for the same period last year3.3.3 billion.At the same time, the 2019 Stock Budget Incentive Plan was released with an exercise price of up to 23.36 yuan, the performance indicator for the 19-23 year revenue is not less than 455,500,550,600,65 billion.  Comment: We strongly recommend the company, optimistic about the company’s future platform value, and the horizontal expansion is smooth. The net profit attributable to the mother in the first quarter of 19 is expected to increase by 70% -90%, which validates our previous judgment on the company.Looking forward to the future, the company’s project yield is stable and high. AirPods sales and motor expansion have improved beyond expectations. At the same time, the company’s overall machine power in the second half of the year is expected to enter the Apple Watch assembly business. It is expected that the expansion of operating efficiency and cost control capabilities will improve.The company’s fundamentals continue to improve; in the long run, 5g construction opens up new growth space for the company’s growth. The small base station of communications is developing rapidly and will become a new growth point for the company; distribution incentives show development confidence, optimistic about the company’s future growth, and strongly recommend!  The first quarter’s performance continued to grow rapidly, and the precision manufacturing leader took off.Adhering to the development thinking of “old customers, new products”, the company has expanded the types of consumer electronics products. It has complete product and market planning and strong landing capabilities in the field of consumer electronics. It has always been ahead of time in the communications, data center, industrial and automotive electronics markets.The company ‘s products have also become a new impetus for the company ‘s development and performance; at the same time, the company continues to optimize its internal operating system platform and continues to improve its intelligent quality.It is expected that the net profit attributable to the mother for the first quarter of 2019 will be 5.66-6.320,000 yuan, an annual increase of 70% -90%.  The consumer electronics sector has grown steadily in 19 years, and the communications sector will become a new growth point for performance.Last year, A customer module product line was fully introduced. This year, the product expansion continued to increase. The company’s motor projects are expected to gradually expand in 19, and the number of motors will increase from last year. At the same time, the company’s expansion and improvement, this segment has become an important support for the company’s performance; Acoustic SPK / RCV is expected to add a coin this year, and is expected to enter watches / notebooks / tablets; wireless charging maintains a high share, optimistic about the introduction of wireless charging modules for tablet / notebook products; meanwhile, the complexity of antennas is expected to increase and the value continues to increase.In terms of communications, 5G construction continues to advance. The company benefits from increased supply and demand from customers such as Huawei. At the same time, the company’s high-speed transmission and optical communications products are also expected to benefit from the growth of cloud service data centers.  The company’s horizontal component expansion, and the 四川耍耍网 initial device power to the machine is still the main focus in the medium and long term.The company ‘s superior-than-expected yield performance and profitability at Airpods have proved its ability to replace the entire machine engineering. It is expected that the supply chain will gradually migrate from Taiwan to mainland China in the future. The company is expected to enter the OEM manufacturing of precision complete machines such as smart watches.This will continue to drive the company’s medium-to-long-term growth and replace the mainstream Taiwanese foundry investment recommendations: AirPods sales and motor sharing exceeded expectations, the company’s operating efficiency and cost control capabilities improved, and the company’s net profit for the 18-20 years was 27.27/37.82/52.9.6 billion raised to 27.27/40.05/55.800,000 yuan, maintain BUY rating, continue to recommend.  Risk warning: Airpods sales are less than expected, performance forecast may not meet expectations, research and development progress is less than expected, Sino-US trade war worsens

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