Shanghai Electric Power (002463): Performance meets expectations and waits for 5G + IDC demand to be released

Brief evaluation of performance The company released the 2019 annual performance forecast, which is expected to achieve net profit attributable to mothers in 2019.


500 million, a year-on-year growth rate of 101.


1%; For the first three quarters of the consolidated results, it is expected that net profit attributable to mothers will be achieved in the fourth quarter of 2019.


0 million yuan, corresponding to a growth rate of 60%?
114%, month-on-month growth rate of -19%?

Q4 is in a vacuum period, and the company ‘s performance is basically stable. This year, the communications sector is welcoming 4G supplementary construction, 5G initial initialization, and foreign exchanges being upgraded to 400G. The company is a leading manufacturer in the field of communications PCBs, covering carrier networks and data centers.In each application area, the world’s well-known equipment manufacturers are deeply bound to achieve double growth in performance.

Although Q4’s growth rate is slightly lower, according to Prismark’s expectation, Q4’s single-quarter PCB industry output value growth rate replaced Q3’s 11.

8% score to 0.

7%, indicating that the overall demand for Q4 is weak. The tender for the first half of 5G next year will be completed next year and the 4G supplementary construction is nearing completion. The demand for communication boards has not been released. Therefore, we believe that it is not easy for the company to maintain stable performance in this demand vacuum season.Performance 北京桑拿洗浴保健 is in line with expectations.

The overall environment will pick up next year, and 5G + IDC is still the general direction: According to Prismark, PCB is expected to grow by 1% in 2020?
3%, about 1% overall growth rate in 2019?
3%, the overall recovery trend of the industry has been set.

From the perspective of subdivisions, next year will be a year of true large-scale construction of 5G. In addition to the launch of optical communication plug-ins, Broadcom ‘s Tomahawk 4 chip will begin to deliver 400G cloud equipment after it is delivered. Next year, PCBs in 5G and IDC will be kept as fast as possibleGrowth trend.

Qingye factory continues to be high-end, waiting for Huangshi and Huli to improve: Qingye factory’s product structure is adjusted to high-end communication boards (5G and switch-related boards, etc.),南京桑拿论坛 while low- and medium-end communication boards gradually become Huangshi Phase I;Under the trend of high-end penetration of the factory, the specifications of the communication board overflow orders undertaken by the Huangshi Phase I plant have gradually increased from within 10 to 16 floors, and part of the Huangshi Phase II process has also begun testing and production.Demand impacts and performance is under pressure, but even under such circumstances, the company’s gross profit margin for auto plates is still considerable, and it can be seen that the re-demand will improve and the auto plate business will make a significant contribution.

Investment advice we maintain the company 2019?
Net profit attributable to mothers in 2021.

4, 16.

7, 20.

The profit forecast of 200 million US dollars, according to 30 times next year’s estimated level, maintain a target price of 29 yuan, and continue to give a “buy” rating.

Risks suggest that demand is below expectations; PCB prices for 5G and IDC are below expectations; the company’s market share is below expectations.