Pengding Holdings (002938) Company comment: 19H1 performance highlights robustness + elasticity gradually grows logically unchanged

Pengding Holdings (002938) Company comment: 19H1 performance highlights robustness + elasticity gradually grows logically unchanged
Event: On July 5, 19, the company announced its revenue briefing for June, with consolidated operating income of RMB 1.8354 million, which is an increase of 6 from the consolidated operating income of the same period last year.06%. Opinion: We are steadfastly optimistic about the company’s new momentum and medium and long-term growth.The company is a global PCB leader. Under the 杭州桑拿 transition of Q1, it shows its stable characteristics. The growth and growth of Q2 underscores the flexibility of performance. Under the large base, 19H1 is only -1.63%; Looking forward to 19 H2, the Sino-U.S. Trade war eases, optimistic about the company’s Huawei project’s 19-year performance growth; Apple’s 19-year new machine antenna material and structure change, promoting the value of single machine to create performance growth points.In the medium to long term, the early release and construction of 5G commercial licenses will be accelerated, and the company will accelerate to benefit from 5G terminals (Apple / Android accelerated penetration FPC / SLP) / related smart devices such as AR / VR / TWS headsets to launch penetration and automotive electronics intelligent / lightweighttrend.At the same time, we are optimistic that the company will continue to improve its product structure and profitability under the active expansion of production, technological transformation and automation. Q1 fluctuates in a stable manner, and Q2 surpasses growth to highlight performance elasticity.According to the company’s revenue from January to June, the company’s 19H1 revenue was 93.26 ppm, 10-year average1.63%, corresponding to 19Q2 company revenue of 50.89 ppm, an increase of 11 years.09%, an increase of 20 from the previous month.11%; It is judged that because Apple Q1 began to reduce its inventory through marked price reduction, Q2 entered the inventory replenishment + old list preparation period. As a first-line supplier of Apple’s multi-product line, it entered the inflection point earlier in March, and Q2 continued to benefit from theThe increase in the volume of goods underscores the firm nature of the company’s transformation and the performance elasticity of its recovery.As for the Huawei incident, since the company introduced the Huawei high-end machine FPC project in 18 years, it is judged that Huawei’s current revenue volume in the company is still small, and it is less affected by the Huawei incident. It is happy to see the company’s performance growth under the relaxation of the US trade war. In 19H2, we are optimistic about Huawei infiltration / Apple innovation and new machine releases. We are optimistic about 5G, medium- and long-term innovations in smartphones, and the company’s growth under the new momentum of automotive electronics.As a global FPC leader, the company has created a “one bird nest” product system to highlight its competitive advantages. The company has expanded comprehensive strategic cooperation with Huawei. Through project promotion / new volume, it is expected to contribute elasticity in 19 years of achievements, and meanwhile, Apple ‘s new antenna for 19 yearsMaterial and structure are expected to undergo major changes, which is expected to increase the value of single machines and create performance growth points.In the long run, the early release and construction of 5G commercial licenses will accelerate, and the company will accelerate to benefit from FPC and SLP volume and price increase logic under new changes such as consumer 5G / folding screens / thinning / transformation. As Apple ‘s core supplier, it is expectedPriority enjoy Apple innovation and follow-through penetration bonus of non-Apple manufacturers.Looking forward to the future, the company is expected to benefit from the electrification of vehicles + intelligentization + lightweight, and enjoy the bonus of FPC value increase of bicycles. Investment suggestion: Net profit is expected to be 30 in 2019-2020.54, 35.35 trillion, EPS is 1.32, 1.53 yuan / share, maintain “Buy” rating. Risk warning: Apple sales continue to deteriorate, customer expansion and improvement are less than expected, 5G progress is slow