Shengyi Technology (600183) Q3 2019: 5G-driven high-frequency materials leader set sail

Shengyi Technology (600183) Q3 2019: 5G-driven high-frequency materials leader set sail

Net profit attributable to mothers in the third quarter4.

13 ‰, a year-on-year growth of 49%, in line with market expectations of 94 in the first three quarters.

7 billion, an increase of 6% in ten years, and net profit attributable to mothers10.

4.2 billion, an increase of 29% in ten years.

Q3 revenue was 34.

9.7 billion, an annual increase of 10%, revenue growth rate higher than in the first half of the year2.

85% growth rate; net profit attributable to mother 4.

1.3 billion, an increase of 49% in ten years.

The company’s net profit grew faster and faster than revenue growth, mainly due to the higher growth of high value-added products for 5G applications, driving the company’s gross profit margin and net profit rate to increase.

Gross margin for the first 3 quarters was 26.

81, increase by at least 6.

45pct, net interest rate 11.

85%, an increase of 2 per year.

29 points.

Q3 gross profit margin 28.

45%, an increase of 1 from the previous quarter.

31pct, net interest rate 12.

73%, an increase of 0 from the previous month.


The company’s profitability has increased quarter by quarter.

The PCB business maintained better growth, and the high-frequency, high-speed, accelerated volume measurement company’s Q3 copper clad laminate and placement chip revenue was 20%.

6.8 billion, an annual increase of 9%, the company’s high-speed product Q3 single-quarter revenue has exceeded 1 billion, a rapid growth quarter-on-quarter.

Calculate Q3 revenue of PCB board business7.

16 ‰, a year-on-year growth of 24%, and a net interest rate of more than 15%.

Mainly due to the differences in manufacturing of 5G and high-end products, the expansion of the PCB unit price has improved, resulting in steady growth in revenue and outstanding performance, driving the company’s gross profit margin and profit.

The quarterly financial indicators performed well, and the growth of fixed assets was expected to be a new production capacity company Q3 ROE.

44%, an increase of 0 every year.

86pct, the company’s inventory turnover days were 75 days, an increase of 1 day from the previous month, and accounts receivable turnover days of 114 days, a decrease of 3 days from the previous 杭州夜生活网 month.

Operational indicators all performed better.

Fixed assets 43.

2.4 billion, an increase of 8 from the previous month.

5.5 billion, construction in progress 8.

4.2 billion, down 5 from the previous month.

57 billion, it is expected that the company is mainly due to the initial commissioning of the new production lines in Shaanxi and Jiujiang.

The leader of 5G high-frequency materials has started a new growth cycle. The company is given a “Buy” rating as a domestic-leading copper clad laminate company. The breakthrough in high-frequency products is a typical industrial upgrade. New products will greatly increase the company ‘s profitability. In the 5G eraThe company is no longer a simple gradual company, and the industrial upgrade has entered an accelerated growth period.

Estimated 2019-2020 net 杭州桑拿网 profit14.


18 ppm, an increase of 45% and 26% per year, corresponding to PE37 / 30 times, giving a “buy” rating. Risks suggest that the PCB industry is weaker than expected