Cree Electromechanical (603960) semi-annual report review: continuous high growth
Investment highlights: semi-annual report.
In 2019H1, the company realized operating income. The net profit attributable to shareholders of the listed company and the net profit attributable to shareholders of the listed company after deduction are 3 respectively.
480,000 yuan, 0.
46 ppm and 0.
41 trillion, an increase of 45 each year.
58% and 53.
64%, performance maintained high growth.
In addition, the company generated zero cash flow from operating activities in the first half of 2019.
54 ppm, an increase of 9,537 in ten years.
New long-term improvements influenced by downstream client boards.
In the first half of 2019, the company’s flexible automation equipment and industrial robot system business will be in the new half year.
7 trillion, mainly affected by the delay in the board of directors of downstream customers from April to June.
As a non-standard automated production line design enterprise, we believe that preliminary work such as drawing design can be technically reserved before the order is placed. In the second half of the year, with the client’s tender, the company’s performance is expected to maintain a high growth rate.
New areas continue to be laid out.
Automotive electronic products are constantly updated and upgraded, and the corresponding automated production lines also need to continuously keep new technology reserves.
The company continues to develop and deploy in new fields, in the field of IGBT module packaging and testing equipment technology, in the field of new energy vehicles, automotive electronics, optical communications and 5G wireless communications. It develops large flow proportional valve precision tests based on bus + intelligent sensing technology.And calibration, based on Industry 4.
0Industrial software required by smart factories is integrated into intelligent relay systems, batch engineering applications of industrial robot substitution technology, and other new technologies, providing a basis for the company’s long-term development.
Give a “first-tier market” rating.
We expect the company’s EPS to be approximately 0 in 2019-2021.
Facing the different barriers and competition 成都桑拿网 patterns of different downstream automation integration companies, the company deeply digs into the field of automotive electronics integration. We believe that automotive electronics integration belongs to one of the integration areas with the highest barriers and the lowest risk, so we get the company’s valuation premium.
We give PE 38 in 2019?
40 times, with a reasonable value range of 28.
The growth of production capacity was less than expected, the risk of brain drain, and the carry-over of large orders disturbed performance.