Cree Electromechanical (603960): New products with satisfactory performance and new areas progressing smoothly
The event company released the semi-annual report for 2019, and the H1 in 2019 achieved revenue3.
48 percent is up 45 billion.
33%, achieving a net profit of 0.淡水桑拿网
46 billion percent growth of 62.
A brief comment on the extension of large customer orders affects the new annual order, and the full carry-over of orders in 2018 has promoted the continued success of the flexible automation business.
① The company’s new breakthrough in H1 flexible automation equipment and industrial robot system business in 2019.
7 trillion, a unit of 2 in the new two years compared with H1 in 2018.
The significant decrease of US $ 8.8 billion was mainly due to the company’s downstream related large customers whose board of directors was postponed from April 2019 to June 2019 to merge, and the approval time of the annual fixed asset budget and purchase plan was also postponed to June 2019.It is expected that the impact will be gradually eliminated and the company’s orders will return to normal in the second half of 2019.
② Under the influence of the new 苏州桑拿网long-term orders, the company’s flexible automation business continued to shine, mainly because it benefited from the delivery of most Bosch Group orders in the first half of 2019.
Traditional areas of strength have gradually strengthened.
① In the field of auto parts business, the beneficiary of the upgrade of the Sixth National Standard, the demand for products such as Shanghai Zhongyuan Fuel Distributor has grown rapidly. At the same time, the company’s headquarters has transformed the Shanghai Zhongyuan production line, and its production capacity has increased significantly.The prices of six-standard fuel distributors and other products have also increased. Based on the above factors, the performance of Shanghai Zhongyuan in H1 in 2019 will increase rapidly. It is expected that Shanghai Zhongyuan will continue to grow rapidly in 2019.
② In the field of automotive electronics, the company has won orders for the supply of intelligent complete sets of iBooster controllers from Bosch Group to German Bosch worldwide (domestic and overseas). The overseas supply to Bosch Group gradually verifies the company’s technical strength while ensuring the company’s orders in the Bosch system.The rapid and rapid growth, meanwhile, in the field of new energy vehicle batteries and power managers, the assembly and test production lines of 48VDCDC controllers, and the assembly production line cores of automotive energy recovery systems have been gradually strengthened in the automotive electronics field.
New products and new areas add new growth drivers for the company.
① In the field of optical communication and 5G wireless communication, the company has won an order for the flexible automated assembly and testing unit of Finisar optical fiber transceiver, a well-known manufacturer of optical communication devices worldwide.
② In the IGBT field, the company’s IGBT module packaging and testing equipment technology has been developed and applied smoothly, and has begun to be gradually applied to customers.
③ Equipment in the field of stem cells. The stem cell extraction and storage equipment developed by the company realizes the long-term storage of active cells in a deep low temperature environment of -196 ° C. Cells that can accurately and efficiently perform cell processing during experimental applications are damaged due to temperature differences.application.
We believe that the company’s products have gradually entered the emerging areas above, and have expanded and verified the company’s advantages in the field of flexible manufacturing and reorganized. These areas have entered the emerging areas with broad markets. The gradual transformation of these markets will further open up the company’s growth space.
Investment suggestion: It is expected that the company’s net profit for 2019-2021 will be 1.
54 and 2.
10,000 yuan, closing price on July 31 is 25.
41 yuan corresponding to PE are 39.
Give it 50 times PE in 19 years, with a target market value of 5.6 billion and a target price of 31.
86 yuan / share, the first coverage gives a buy rating risk warning: the automotive industry investment is less than expected.