Ziguang Guowei (002049)： Outstanding performance of special integrated circuits in the first half of the year boosted performance growth
Ziguang Guowei (002049): Outstanding performance of special integrated circuits in the first half of the year boosted performance growth
Event: The company released the semi-annual report for 2019 on August 22, and in the first half of 2019, the company achieved operating income of 15.USD 5.9 billion, an increase of 48 from the same period last year.05%.Realize net profit attributable to shareholders of listed companies.93 trillion, an increase of 61 over the same period last year.02%.Realize net profit after deducting non-return to mother 2.180,000 yuan, an increase of 110 over the same period last year.66%.In addition, the company foresees that the first three quarters of net profit will increase by 0% -30% each year, corresponding to a net profit of 2.88-3.7.4 billion. Special integrated circuit revenue and gross profit margins increased, and other products were scheduled for stable.In the first half of 2019, the company’s smart security chip product revenue was 6.07 million yuan, an increase of 30 in ten years.32%, 武汉夜网论坛 mainly due to strong sales and growth of smart security chip products; special integrated circuit product revenue was 4.99 ppm, a 117-year increase.01%, mainly because of the large number of customers, the contract volume, the intended growth rate is large; memory chip product revenue was 3.75 ppm, an increase of 35 in ten years.32%, mainly because the company’s restructuring and stability under the actual decline in DRAM prices led to revenue growth; crystal business product revenue was zero.75 ppm, 10-year average4.62%, mainly due to product prices caused by oversupply of products.The company’s gross profit margin for the first half of 19 was 35.72%, an annual increase of 8.68 points, mainly due to the high gross profit of special integrated circuit product revenue and gross profit margin increased significantly.Of the period expenses, the selling expenses are zero.52 ppm, an increase of 16 per year.55%; administrative costs are 1.460,000 yuan, an annual increase of 129.39%, mainly due to labor costs, increased due to consulting fees for intermediaries; financial costs were zero.08 million yuan, an increase of 526 in ten years.45%, mainly due to exchange losses and increased cash discounts; R & D investment was 2.380,000 yuan, ten-year average 1.9%, mainly due to the same period last year, including R & D expenditure of 62 million yuan. Industry chain mergers and acquisitions and domestic substitution have boosted performance growth.The company intends to acquire Linxens in order to open up the upstream and downstream of the industrial chain and increase synergy. In the case of the holder, after the Linxens technology, market and users, the company’s overseas market expansion is expected to proceed smoothly.The 5G era will expand the FPGA market capacity. Through the continuous improvement of the company’s FPGA product models, the domestic replacement of FPGA products will advance. Give “Buy” rating.We are optimistic about the company’s performance growth due to domestic substitution in the future.Expected company 2019?In 2021, the EPS will be 0.80/0.97/1.16 yuan, the corresponding PE is 63.90/52.38/44.01 times, covering for the first time, giving a “buy” rating. Risk warning: M & A progress is lower than expected, and new product development and promotion are lower than expected.