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Shanghai Electric shares: performance continues to improve, car & communication PCB welcome development opportunities

Number of visits: Date:2016-10-27 16:34:01

Event

The company announced 3Q2016 quarterly in October 24, 2016, continued high growth in the three quarter of the three quarter results: the company achieved operating income of 927 million, an increase of 9.2%, to achieve the parent net profit of 34 million, an increase of 80.9%; the first three quarters of this year to achieve revenues of 2 billion 780 million, an increase of 11.5%, to achieve the parent net profit of 65 million, an increase of 382.5%; on 2016 the profit is expected to achieve to the parent net profit of 0.6-0.9 billion yuan, an amplitude change from 983.4% to 1525.1%.

Comment

Performance continues to improve. With the company's new plant in Kunshan, Hubei Huangshi new plant has put into operation, and at the end of 2015 to complete the production related Kunshan old factory relocation work, the overall profitability of the company in 2016 gradually restored. In the global PCB market recession, the company by virtue of the difference competitive strategy of automobile plate operating income of its core products, to achieve greater growth in corporate communications.

The product structure continued to improve, the high-end car plate provides performance flexibility, non automotive safety board to seize the low-end niche market. along with new energy The car and Smart car The rapid development of automobile plate volume can be expected. 24GHz high frequency radar top manufacturers company and international cooperation with the development of PCB products in the 4Q2016 is expected to form a production capacity, is expected to share the first batch of safe driving auxiliary and unmanned driving technology development market dividend; new energy vehicle battery management system (BMS) with PCB products have achieved small batch delivery. Shanghai micro electric current capacity is tight, the company's future will be low-end non security level automobile plate production line to the new plant in Huangshi, such as Shanghai electric micro structure upgrade their products to high-end automobile plate production expansion. We are optimistic about the company's continuous automotive sheet product structure, high-end car plate will provide great flexibility for the performance of the company, while the low-end non security automobile plate will rely on raw materials such as materials, medicine optimization, automatic promotion to further expand market share in the niche market.

5G communication demand will erupt, Corporate Communication in business in the future is expected to grow rapidly. The company has always been in the enterprise communication market advantages of products. Although the 4G base station construction market slowdown, sluggish demand for the communication board, but we are optimistic about the subsequent sustained strong stimulus to start 5G commercial communications market demand, when the company added capacity will be effectively released, is expected to usher in a significant increase in performance.

Earnings forecast

We are owned by the parent Forecast Ltd 2016/2017/2018 years to achieve net profit of 0.89/2.32/2.84 billion yuan, respectively 0.05/0.14/0.17 yuan EPS.

Investment advice

In the new energy vehicles and automatic driving, and the rapid development of 5G to stimulate demand, automotive electronic board and communication board enterprises will usher in a huge development opportunities. In view of the rapid advance of automotive business communication, business profitability and stability, the company embarked on the healthy development of the fast lane, giving 45 times 2017 PE, target price of 6.3 yuan, to maintain a "buy" rating.

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