Jingwang Electronics (603228) Annual Report 2018: Performance Meets Expectations Intelligent Manufacturing Improves Profitability
18-year revenue increased by 19%, and net profit attributable to mothers increased by 22%, basically in line with market expectations.
8.6 billion, previously + 19%; net profit attributable to mother 8.
03 ‰, + 22% at the beginning of the year; gross margin 31.
78%, a slight decline in one year; net interest rate 18.
27%, ten years +0.
The rapid growth in revenue and profit was mainly due to the scheduling of Jiangxi’s newly-built automated production line. The decline in gross profit margin was mainly affected by the gross profit margin and expense ratio of Q4.
Q4 revenue was 13.
4.4 billion, previously + 21%, net profit attributable to mother 1.
74%, + 21% a year, down 27% from the previous month.
Net profit decreased month-on-quarter, mainly due to Q4 gross profit margin decreased 2pct month-on-month, and net interest rate decreased 5pct month-on-month.
The decline in gross profit margin in Q4 was mainly due to the depreciation and upgrading of fixed assets consolidation and consolidation, and the increase in financial costs due to exchange rate changes.
The FPC and PCB business segments grew faster, and the automated production line improved the operating effect. From the perspective of business, the RPCB operating income in 18 years was 29.
86 ‰, 10 years growth + 21%; FPC operating income 15 ‰, 10 years growth + 14%; MPCB operating income4.
25 ppm, + 25% annual growth.
RPCB, MPCB products maintain a comprehensive yield of more than 98%, and FPC products reach a comprehensive yield of more than 96%, which can increase + 3pct.
FPC is mainly produced by the second phase of Jingwang, Jiangxi. The roll-to-roll automated production line has significantly improved the operation effect.
The construction of the second-phase project in Jiangxi is progressing smoothly, and the win-win situation in Zhuhai has been slightly reduced, and the fixed assets in the fourth quarter are being adjusted to increase by 7.
2.7 billion, an increase of 46%, mainly due to the consolidation of the second-phase production line in Jingwang, Jiangxi, and production capacity has been gradually released.
Jiangxi Factory Company plans to build a total of 5 production lines, each of which has a designed production capacity of 50,000 to 60,000 square meters, and a total designed production capacity of 300,000 square meters per month.
In 18 years, Jiangxi Jingwang’s revenue was about 12.
1.3 billion, previously + 30%, Longchuan Jingwang’s revenue was about 25.
400 million, previously + 25%, have performed well.
The newly-received win-win situation in Zhuhai ended at the end of 18 consecutive 0.
1.5 billion, still in active adjustment.
Stable growth of high-quality assets in the industry, maintaining the “buy” rating. 北京spa会所 The company takes lean management as its core advantage. In 18 years, the company’s employees increased by 20%, and the per capita annual output value was 50.
850,000 yuan, at least 17 years 51.
340,000 yuan fell slightly; per capita net profit was 8.
120,000 yuan, a slight increase a year.
The company implements equity incentives to motivate employees, and adopts mergers and acquisitions to accelerate the expansion and expansion of the company, which are better quality assets in the PCB industry.
The 2019-2020 net profit is expected to be 1058/1341 million yuan, corresponding to a PE of 25/20 times, and a BUY rating is given.
Risk prompts PCB industry demand is less than expected