Crack Stock (603203): Leader in Precision Electronics Assembly Performance Keeps Steady Growth

Crack Stock (603203): Leader in Precision Electronics Assembly Performance Keeps Steady Growth

Event: The company released its 2018 annual report and gradually realized revenue4.

3.2 billion, an annual increase of 19.

50%, realize net profit attributable to mother 1.

570,000 yuan, an increase of 19 in ten years.


At the same time, the company released its first quarter report for 2019, and achieved revenue1 in 2019Q1.

02 ppm, a ten-year increase of 2.

63%, net profit attributable to mothers was 34.36 million yuan, an annual increase of 18.


The company is a leader in the field of precision electronic assembly, and its performance has maintained steady growth: in 2018 the company achieved revenue4.

32 ppm, an increase of 19 years.

50%, realize net profit attributable to mother 1.

5.7 billion, an annual increase of 19.

33%, operating cash flow1.

37 ppm, an increase of 10 in ten years.

64%, the performance maintained steady growth.

The average gross and net profit margins in 2018 were 55 respectively.

03% and 36.

33%, a decrease of 3 from the previous year.

12 and 0.

05pct; In terms of period expenses, the sales / management and R & D / financial expense ratios are 7 respectively.

83% / 11.

49% /-2.

56%, an increase of 1 over the previous year.

59 points / -0.

97 points / -3.

08 points.

2019Q1 company revenue is 1.

02 ppm, a ten-year increase of 2.

63%, net profit attributable to mothers is 34.36 million yuan, an annual increase of 18.

78%, performance continued to grow steadily.

The business of specialized industrial robots and automated intelligent equipment has grown rapidly. The rich and extensive customer base and downstream application scenarios are conducive to the company’s steady growth: revenue from specialized business robots and automated intelligent equipment2.

00 ppm, an increase of 33 in ten years.

78%, which is higher than the company ‘s overall revenue growth, accounting for 46% of the revenue. Revenues from small equipment such as intelligent soldering stations, accessories and fixtures were 1 respectively.

42 ppm and 0.

8.8 billion, an increase of 9 each year.

61% and 10.

53%.The company deeply cultivates 3C consumer electronics, automotive electronics, communication electronics and other electronic information manufacturing fields. It has deep technological accumulation in the automation of intelligent welding, dispensing implantation, screw lock payment, handling and transfer, and visual inspection.We have accumulated a wealth of application cases, including Foxconn, Flextronics, Helian Yongshuo, AAC Technologies, GoerTek, BYD, Delta Group, Logitech, Panasonic, Dentsu, Stanley Black & Decker, Luxun Group, AnfeThe large-scale customer group known by the Group’s downstream precision electronics manufacturing industry, such as Nuo Group, has a broad customer group and rich downstream application scenarios, which are conducive to the company’s long-term and stable growth.

Continue to expand technology investment and the development and promotion of new products to promote the company’s development potential: In 2018, the company’s research and development expenditure increased by 25.97 million yuan, an increase of 17 over the same period last year.

67%, accounting for 6.

01%, continued to increase technology investment.

The company’s self-developed laser spray soldering equipment and laser wire soldering equipment meet the requirements of smart terminals and modules represented by smart phones and wearable devices for precise assembly, high speed, and stable process requirements. The company has developed selective wave soldering.Serialized products, solutions for application requirements in the fields of automotive electronics, aerospace, military and other electronics manufacturing with demanding reliability and efficiency. The development and promotion of these new products will promote the company’s subsequent development momentum.

Profit forecast and investment recommendations: We expect the company’s net profit for 2019-2021 to be 1.

8.3 billion, 2.

2.5 billion and 2.

7.9 billion, corresponding to PE, 20 times, 16 times and 13 times, maintaining the “buy” level.

Risk reminder: New product market expansion is less 四川耍耍网 than expected, 3C equipment industry continues to slump, etc.