Guangxun Technology (002281): Overseas Business and R & D Achievements Become Highlights and Gradual Transformation Brings Investment Opportunities
2018 performance was basically in line with expectations. Lightfast Technology announced its 2018 and 1Q19 results.
Revenue in 2018 was 49.
29 ppm, an increase of ten years8.
3%, basically in line with our democratic expectations; achieve net profit attributable to mothers3.
3.3 billion, down by 0 every year.
5%, lower than our democratic expectations1.
After the impact of the replacement equity incentive fee, net profit in 2018 increased by 11%.
Revenue in the first quarter of 19 was 12.
190,000 yuan, an increase of 1% in ten years; net profit attributable to mother to zero.
64 ppm, with a ten-year average of 17.
This was mainly due to faster revenue growth and reduced other income.
Development Trend 4Q18 companies achieved revenue of 12.
70 ppm, an increase of 10 in ten years.
3%; gross profit margin 22.
8% for one year.
4ppt, basically stable.
In the first quarter of 19, the company achieved revenue of 12.
19 ‰, a 1% increase over ten years, corresponding to a gross profit margin of 17.
8%, an annual increase of 1.
In 2018, the company’s transmission, data and access portion of the main business revenue share was basically stable; the overseas business revenue share increased by 10.
4ppt to 35.
6%, this is due to the company’s rapid development of overseas business during the year, and the domestic market affected by trade frictions, development has improved.
In the beginning of 2018, the four fees accounted for 12.
2%, zero for one year.
5ppt; 4Q18 four fees accounted for 13.
6%, increasing by 0 every year.
17ppt, combined with other income, asset impairment and other factors, the net profit attributable to the mother in the fourth quarter of 2018 was 0.
69 ppm, a decrease of 16 per year.
1%, lower than our democratic expectations of 5.
In the first quarter of 19, the proportion of four fees to revenue was 12.
0%, a year to raise 0.
84ppt, other benefits exceed level 0.
US $ 2.2 billion, resulting in a return to net profit from zero.
8%.The company’s 2018 results include the amortization cost of equity incentives.
610,000 yuan, there is still amortized cost of 0-2019.
The company’s R & D investment has continued to increase, and it was initially 4.
58 ppm, an increase of 12 in ten years.
6%, accounting for 9% of revenue, and R & D personnel rose 27% to 879.
Breakthrough in high-speed 25G chips, 5G mid-range fronthaul products, silicon light, and 400G products
Earnings forecast 1Q19 net profit increase forecast, we revise down 19 / 20e return to mother net profit forecast 8.
4% / 6.
4% to 3.
Estimates and recommendations Due to the sector adjustment and the company’s performance forecast did not meet expectations, fluctuations gradually appeared.
We believe that the gradual release of the second-phase factory capacity will expand the 杭州桑拿 digital communications business. The company’s continuous R & D investment is expected to bring about breakthroughs in chip technology and enhance the company’s competitiveness.
Currently the company meets the corresponding 19 / 20e 45.
4x P / E, maintain recommended level and maintain target price of 32.
00 yuan, corresponding to 19 / 20e 57.
8x P / E, currently expected 26% upside.
The risk chip breakthrough was less than expected, and the unit price of optical modules in the digital communication market was severely subdivided.