Lixun Precision (002475) Third Quarterly Comment: Q3 Performance Exceeds Expectations, Precision Manufacturing Giant Accelerates Growth

Lixun Precision (002475) Third Quarterly Comment: Q3 Performance Exceeds Expectations, Precision Manufacturing Giant Accelerates Growth
The third-quarter performance exceeded expectations, and the precision manufacturing giant accelerated its growth. Maintaining a “strong recommendation” rating company released three quarterly reports: the first three quarters of 2019 achieved operating income of 378.3.6 billion (+70.96%), net profit attributable to mother 28.8.8 billion (+74.(26%), the Air Force Corporation announced that the first three quarters of net profit attributable to mother is 24.86-26.51 ppm (+50%-+ 60%), far exceeding the upper limit of performance indicators.In addition, the company expects that the net profit attributable to mothers in 2019 will be 39.48-42.20 trillion, performance expectations are better than expected.Benefiting from the company’s forward-looking layout and efficient execution, certain businesses of the company have entered the harvest period, and revenue and net profit have maintained rapid growth.We believe that the company, as China’s premier platform-based “precision and smart manufacturing” enterprise, will fully benefit from the development of consumer electronics innovation, Internet of Things equipment, 5G communications, and automotive electronics.We raise the company’s profit forecast and expect the company to achieve net profit attributable to its mothers of 41% in 2019-2021.17 (+2.41) / 53.86 (+1.82) / 65.42 (+3.91) Ten thousand yuan, the corresponding EPS is 0.77/1.01/1.22 yuan, the current sustainable corresponding PE is 38/29/24 times.Maintain the “Highly Recommended” rating. Strengthening the company’s internal management, optimizing financial indicators, stocking new products for customers, and increasing the inventory. The company ‘s consumer electronics penetration rate has continued to increase, communications products have achieved double expansion of categories and customers, and they have grown rapidly. The automotive electronics business continues to build and improve product lines.Business develops steadily.As the company’s product competitiveness continues to increase, the scale effect and operating efficiency advantages continue to improve at the same time: the company’s net profit in the first three quarters reached 8% (+0.56pct), with steady improvement in profitability; net cash flow from operating activities was 61.1.1 billion (+194.59%), ROE significantly increased to 17.04% (+ 5pct), stocking new products for customers, and the company’s substantial inventory increased to 10 billion (+41 compared with the previous quarter).8.1 billion). Prospective layout + efficient execution, persist in investing in the future, and the company’s main business growth is worry-free. Benefiting from the company’s short-, medium- and long-term forward-looking layout and the company’s efficient strategic execution, the company has maintained rapid growth in recent years.Looking forward to the future, driven by the advancement of 5G and AI technology, the development of consumer electronics, Internet of Things finished 佛山桑拿网 products and related parts is still worth looking forward to; the communication technology is changing from 4G to 5G, and the trend of miniaturization is becoming more and more obvious; automotive electronics is moving towardsThe development of intelligent driving and connected cars.Facing many such development trends, the company’s endogenous and epitaxial two-pronged forward-looking layout. From components, modules, and system solutions, the system structure and related core product layouts have been completed. Around these layouts, the company’s three main businesses are to maintainrapid development. Risk warning: mobile phone sales risk; market competition intensifies risks; changes in key customer technology solutions

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