Lianchuang Electronics (002036): Third Quarterly Report Exceeds Expectation

Lianchuang Electronics (002036): Third Quarterly Report Exceeds Expectation
First, the core view of the third quarter performance forecast exceeded expectations, deducting high growth: the company announced that in the first three quarters, net profit attributable to mothers will be realized2.2-2.40,000 yuan, an increase of 19% -31% over ten years, net of non-attributed net profit1.8-1.900 million, an annual increase of 23% -30%.In the third quarter, the net profit attributable to the mother was zero.96-1.2 ‰, a 10% -36% increase over ten years, net of non-attributed net profit of 0.94-1.10,000 yuan, an 重庆耍耍网 increase of 40-50% in ten years.The growth in the third quarter was mainly due to the rapid growth of the company’s core business such as optical lenses and touch display. The optical business has greater growth potential than last year. The volume of mobile phone lenses has broken through, and the potential of glass-plastic mixing has great flexibility: the company has full-process control capabilities such as research and development of lens and image modules, design and manufacture of optical precision molds, processing of optical components such as lenses, and assembly and manufacturing of optical lenses and image modules.The expansion of mobile phone lenses and mobile phone modules has gradually increased, and the maximum production capacity in the second half of the year will be at full load.The glass-plastic hybrid lens is expected to become the main camera upgrade solution in the future, and it has already entered mainstream domestic customers with small batch investment. The pre-arrangement of automotive lenses will usher in a harvest: the company entered the field of automotive lenses in 2015, and established strategic partnerships with Mobileye, Nvidia, Tesla, Aurora, etc. Currently, more than ten automotive lenses have obtained the international automotive electronics manufacturer Valeo, Magna, etc., and mass production value.Tesla’s automotive lenses are also in stable mass production. Second, the investment proposal predicts that the company’s net profit attributable to the mother in 19-21 will be 3.21/4.54/5.78 ppm, corresponding to an estimate of 31/22/17 times. The reference SW electronics manufacturing industry PE (TTM) is 36.The average of 3 times and comparable companies is estimated to be 50 times. Considering the flexibility of the company’s performance, 佛山桑拿网 maintain the company’s “recommended” level. Third, the risks are that smartphone projection and optical lens projection are less than expected, and the gross profit margin of touch display business will increase and decrease.