Lixun Precision (002475): Good financial status and 深圳桑拿网 optimistic about 19 years of deterministic growth
The performance of key investment points was in line with expectations, and consumer electronics, automotive, and communications businesses maintained rapid growth.In the past 18 years, the company continued to maintain rapid growth. The main growth came from the consumer electronics business, which achieved revenue of 26.8 billion US dollars, exceeding the growth of 76.5%, revenue accounted for 75%, the growth of consumer electronics business comes from the increase in AirPods launch volume, new products wireless charging, LCP antennas and motors began to be introduced in the third quarter of 2018, and mass production is smooth.Except for consumer electronics, automotive, and communications businesses, they achieved 53% and 30% growth, respectively. Revenue accounted for 5% and 6%.深圳桑拿网 Although the revenue share was still small, the growth rate had increased earlier, andIt is expected to become a new driving force for future growth. AirPods continued to maintain high-speed growth in 19 years. Micro acoustics and motor expansion continued to increase. Consumer electronics remained the main growth force.Lucent’s AirPods production line is in continuous expansion, and it is predicted that the production capacity in 2019 will reach more than 20 million units (a growth rate of about 70%).The expansion and enhancement of high-margin components such as micro acoustics and motors will improve profitability.The introduction of wireless charging for Android customers is relatively fast. Lixun has been continuously leading the transmitter and receiver, and has benefited the most.From A customers to Android customers, this year’s consumer electronics business is still the main driving force for growth. Communication business customers and product card slots have already achieved initial results, and the space for growth is broad.The communications business ushered in the outbreak in 2018.In the 4G era, the company made breakthroughs in the stock market and successfully secured 5G. It has established close relationships with many communications customers and expanded domestic alternatives promoted by trade disputes. The broad prospects for 2019-2020, especially the establishment ofXun specializes in cables / connectors and base station antennas, filters and other products. We are optimistic about the decisive growth of Lixun and maintain the “Buy” rating.Lucent benefited from new markets and new requirements brought about by innovations in consumer electronics technology, such as wireless headphones AirPods, LCP antennas suitable for 5G and wireless charging, and the rapid expansion of revenue brought by the continuous expansion of telecommunications enterprise business customers, continue to be optimistic about the companyHigh growth trend.Net profit is forecasted to be 36 in 2019 and 2020, respectively.2.46.0 billion, corresponding (2019/4/15 closing price) is estimated to be 28, 22xPE, maintain “Buy” rating.  Risk warning: competition intensifies, downstream terminal demand weakens