Lixun Precision (002475) Annual Report 2018 Review: Multidimensional Business Development Precision Manufacturing Leader’s Future Growth Path Still Clear

Lixun Precision (002475) Annual Report 2018 Review: Multidimensional Business Development Precision Manufacturing Leader’s Future Growth Path Still Clear
Record performance, new products and new customers continue to break through the company’s 18 years to achieve revenue of 358.5 trillion, +57 a year.06%, net profit attributable to mother 27.23 ppm, +61 a year.05%, deducting non-attributed net profit of 25.54 ppm, +77 for ten years.67%.Basic income is 0.66 yuan, +60 per year.98%, in line with market expectations.The company adheres to the development thinking of “old customers, new products; old products, new customers, new markets”, continuously improves its precision manufacturing capabilities, continuously optimizes 杭州桑拿 internal management, and realizes expansion into new areas, and in new products, new customersMajor breakthroughs have been made, and performance has reached record highs. Complying with the market’s forward-looking layout, the precision manufacturing leader ushered in a burst of performance. The company reorganized to comply with the market. The company’s forward-looking layout continued to develop new products and new products such as cables, connectors, acoustics, antennas, wireless charging and vibration motors.With the expansion of new products and the expansion of customers, the company ushered in a burst of performance.In the next three years, the company will continue its multi-dimensional business development strategy and actively expand its broad product line in accordance with the market’s growing demand for the wearable 杭州夜网论坛 health industry. With the continued growth of airpods, motors, antennas, acoustics, watches, and communications productsAs well as joint improvement, open up future growth space. Traditional business expands into new markets, and communication and automotive establish new growth points. The company has shifted the field of traditional connector product layout to communication, automotive, industrial, medical, etc. many years ago. It has continued to expand new demand for traditional products and has precipitated in the field of new energy vehicles.With a better foundation, we continue to make breakthroughs in the OEM and Tier 1 customer base.With the advent of the 5G era, the company will strengthen its investment in communication business areas such as base station antennas, filters, and data centers, and transfer the depth of business layout and cooperation. The company’s product layout and precision manufacturing capabilities will continue to provide the company with growth momentum in the future. Risk Tip One: The growth rate of consumer electronics growth, new business expansion is not up to expectations.Second, the company’s product expansion in new areas and new applications is not progressing as expected.Third, the cost of upstream raw material prices has risen. The precision manufacturing leader with a clear growth path and maintains a “buy” rating is expected to return to its mother net profit of 40 in 19/20/21.22/51.35/64.410,000 yuan, EPS 0.98/1.25/1.57 yuan, a year-on-year growth rate of 47.7% / 27.7% / 25.4%, currently corresponding to PE 25.1/19.6/15.7X, industry comparable company average PE 22 in 19/20.65/17.91X, relying on the product layout and precision manufacturing capabilities in the next three years, the company’s performance is expected to continue to reach a new record high, maintaining the “Buy” rating.