Hudian shares (002463): Net profit increased 131% in the first quarter of 2019 and continued to grow

Hudian shares (002463): Net profit increased 131% in the first quarter of 2019 and continued to grow

Investment highlights: 2019Q1 revenue13.

63 ppm, an increase of 16 in ten years.

6%, a month-on-month decrease of 17.

3%; net profit attributable to shareholders of the listed company.

6.2 billion, an annual increase of 131%, a decrease of 13% from the previous month;

49 million, a year-on-year increase of 156%.

Orders were full, and revenue in Q1 2019 increased by 16%.


In the first quarter, due to the Spring Festival holiday, which is usually a relatively low season for the electronics industry, the revenue of Shanghai Electric Power Co., Ltd. in Q1 2019 decreased by 17 from the previous month.

3%, a year-on-year growth rate of 16.

6%, indicating that the order is still very full.

At the same time, the inventory at the end of the first quarter was 12.

500 million US dollars, an increase of 200 million US dollars compared with the end of 2018. Considering that the downstream of Hudian and the customer’s prosperity are in the rising period, and the Q1 receivables have decreased sequentially, the cash inflow obtained from the sales of goods is greater than the current revenue.The company’s inventory is initially benign.

Q1 gross profit margin increased by 1.

1pct, another quarterly high.

As the order structure improved, the gross profit margin for 2019Q1 was 25.

9%, up 1 from the previous month.

1pct, up 8 per year.

3pct, a quarterly high since listing; during the period, the amount of expenses was basically flat, and the expense ratio was 6.

5%, a month-on-month increase of 0.

6pct, a slight decrease of 0 compared with the same period last year.

1 point; operating margin 14.

2%, an increase of 0 from the previous month.

5pct; net interest rate 11.

9%, a month-on-month increase of 0.

5 points.

In 2018, the revenue of the three major application areas increased, and communications remained the backbone of performance.

In 2018, corporate communications board revenue was 34.

8.5 billion yuan, accounting for 64% of revenue, an increase of 20% year-on-year; revenue from automotive panels was 12.

800 million US dollars, a year-on-year growth of 14%, a steady growth rate; office and industrial equipment board revenue5.

200 million, accounting for only 10%, but the annual growth rate is 25%.

The profit performance of the three factories rose.

The net profit of the three major factories of Shanghai Electric Power Co., Ltd. is, in order from large to small, Qingye Factory, Huli Microelectronics, and Hushi Huangshi.

The Qingye Plant is the main body with the largest output value and the highest level of products. In 2018, the automation and smart production reforms gradually developed, and the profitability was significantly improved. In 2018, the Qingye Plant’s pressing workshop was awarded the Jiangsu Province Demonstration Intelligent Workshop; the Huangshi Plant No. 1 PlantThe capacity scale and efficiency of the lowest mid-end corporate communications and computing fields have continued to increase steadily. In 2018, the company achieved a turnaround in losses, and its profitability increased more than expected. Huangshi Plant obtained a new enterprise certificate and will enjoy preferential tax rates.Production of automotive panels, office and industrial control panels, net profit achieved a steady growth of 22%.

The core objective of server business and 5G construction.

About 70% of Hudian’s business comes from the 佛山桑拿网 communications sector, which mainly serves the construction of data centers and base stations.

Hudian supplies high-end printed circuit boards to customers such as Cisco, Huawei and Nokia for a long time, and its performance fully benefits from the development of network data services and the construction of 5G base stations.

Maintain profit forecast and maintain “Buy” rating.2019Q1 net profit1.

6.2 billion, located in the Air Force’s preview interval1.


The 7 trillion middle and upper positions exceeded market expectations.

Maintain Shanghai Power’s 2019/2020/2021 revenue forecast of 65/79/94 trillion and net profit forecast of 7.



10,000 yuan.

Based on the company’s technology and customer advantages in the field of communications and automotive PCB, we are optimistic about the company’重庆耍耍网s long-term development prospects in high-speed PCB and maintain a “Buy” rating.