04/07/2020

Changdian Technology (600584): Performance inflection point performance testing leader exceeds expectations

Changdian Technology (600584): Performance inflection point performance testing leader exceeds expectations
Single-quarter revenue hit a 南京夜网论坛 record high, and it is expected that the revenue end will continue to be strong in the future.The company’s single-quarter revenue hit a record high, mainly due to the overlapping boom in the packaging and testing industry and the domestic substitution trend represented by Hisilicon’s transfer orders, and the leading consumer electronics customers entering the peak season.Changdian Headquarters and Changdian Advanced are significantly affected by the increase in the maximum capacity of the country’s internal storage metering and storage. Xingke Jinpeng Jiangyin Plant benefited from domestic alternatives, and South Korea’s JSCK entered the peak season. Therefore, the single quarter revenue of 19Q3 reached a historical single quarterThe highest income. An operating inflection point has emerged, and a breakthrough reversal will speed up the repair!The company turned a deficit in the whole quarter of 19Q3 and its operating profit exceeded expectations.The net profit attributable to mothers was 77.02 million yuan in a single quarter, and the non-net profit was deducted 43.05 million yuan in a single quarter.The single-quarter operating inflection point has emerged. Through the increase in orders from Xingke Jinpeng Jiangyin Plant, the Singapore plant’s assets are activated, JSCK enters the peak season, the profit inflection point has appeared, and is expected to enter the process of accelerated repair. The gross profit margin increased, the chain continued to improve, and the marginal improvement was obvious.The company’s gross profit margin in the single quarter of 19Q3 was 11.89%, a decrease of 0 every year.35 units, an increase of 1 from the previous quarter.42 units.The proportion of the decrease in gross profit margin was significantly narrowed in the first two quarters and continued to improve sequentially, reflecting the gradual repair of the company’s product profitability.At the same time, Q3 revenue rose 24.1.3 billion, profit increased by 2.8.9 billion, the marginal improvement is obvious! Capitalize on technology and patents to revitalize some of Xingke Jinpeng’s assets.The company plans to value the 14 proprietary technologies owned by Xingke Jinpeng and the 586 patents it contains9.500 million, with the National Industry Fund, Shaoxing Shaoxing Yuexing Yuecheng Yuexin Digital Branch equity investment partnership (limited partnership), Zhejiang Industry Fund Co., Ltd. jointly invested in the establishment of a joint venture in Shaoxing with a registered capital of 5 billion yuan. Changdian Technology is a domestic leader in packaging and testing. It enjoys the double dividend of the increased prosperity of Hisense’s turn-to-order overlapping packaging and testing industry. The company’s management integration, financial fee reduction, and performance flexibility are great.In the 5G era, the penetration and value of advanced packaging are increasing, and Changdian ‘s SiP / AiP / FOLWP and other layouts are leading in the country and are the first to benefit.Expected company 2019?The net profit attributable to mothers will be 0 in 2021.35/7.46/15.08,000 yuan, maintain “Buy” rating. Risk Warning: Downstream demand is not up to expectations, global supply chain risks, increased industry competition risks, and foreign investment is uncertain.