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Sunlord Electronics (002138) Company Express: Q3 Results Exceed Expectations, 5G Driven Results Wait for Release

Sunlord Electronics (002138) Company Express: Q3 Results Exceed Expectations, 5G Driven Results Wait for Release
Event: Company 19Q1-Q3 achieved total operating revenue of 19.31 ppm, an increase of 10 in ten years.38%, net profit attributable to mother 2.97 ppm, at least -17.87%, net profit after returning to mother 2.75 ppm, at least -14.34%.Among them, total operating income in Q3 2019 was 7.14 ppm, an increase of 15 in ten years.14%, an increase of 6 from the previous month.09%; net profit attributable to 南宁桑拿 non-mothers is 9329.380,000 yuan, at least -28.18% month-on-month.06%, performance was lower than market expectations. Q3 The gross profit margin was increased by the impact of the price reduction of passive components, and the increase in management expenses and R & D expenses increased pressure on the expense side.In terms of gross profit margin, the company’s gross profit margin for the period 19Q1-Q3 was 34.6%, down by 1 every year.3%, third quarter gross margin was 33.5%, previous and down 4 respectively.6% and 2.1%.Initially, in the second quarter to the third quarter of 18, the market panicked the stock of electronic components and the market price was stable. Since then, it has been digesting inventory and prices have fallen.At the same time, the company’s new products are still relatively small, with a decline in gross profit margin.From the perspective of expenses, the 杭州夜生活网 company’s Q1-Q3 sales expense ratio, management expense ratio, research and development expenses, and financial expenses in 1990 were -0.05pct.,2.27 pct.,1.53 points.,1.45pct, management and research and development expansion, the company’s continued consumption in automotive electronics, filters, magnetic materials, sensors, high-end precision inductors, precision ceramics and other industrial areas, increased short-term cost pressures, and also laid the foundation for the company’s sustainable growth. Base station and terminal services will be driven by 5G, supporting the long-term development of communication services.In terms of base stations, the microwave devices specially developed for 5G base stations have gradually been recognized by major international manufacturers and converted into sales.In terms of terminals, the demand for 5G mobile phones and IoT terminals for high-end precision inductors and LTCC microwave devices will increase significantly. The company deeply cultivates original customers and expands new customers, and promotes continuous improvement in the penetration rate of the terminal market. Inductive products are expanding into application areas, and automotive electronics has achieved large-scale stable delivery with considerable growth prospects.The company’s inductance products have expanded from traditional mobile phones and communications to military and automotive electronics.In the field of automotive electronics, through more than ten years of hard work, the company has become the official supplier of many well-known domestic and foreign electric vehicle companies such as BOSCH, VALEO, Denso, CATL.New orders for new products in the field of automotive electronics have been obtained, and new products being developed will continue to be introduced to the market with huge market space. Investment suggestion: Considering the company’s passive component product price pressure, new product volume progress and trade friction, we lower the company’s EPS for 2019-2021 to 0.57/0.71/0.91 yuan, the corresponding PE is 40.3/32.4/25.4x, considering the company’s leading inductor level, continuous breakthroughs in new products and new customers, fully benefiting from 5G, and maintaining the company’s buy-B rating. Risk warning: Consumer electronics demand recovery is less than expected; 5G construction progress is less than expected risk; new product / new customer expansion is less than expected;