Jiemei Technology (002859) 2019 Semi-annual Report Review: Downstream of Inventory Goes to End, the Company Will Usher in a New Growth Period
The semi-annual report for the year of 19 was in line with expectations, and the destocking of the downstream came to an end.
82 megabits per year -36.
18%; net profit attributable to shareholders of listed companies is 0.
54 ppm, ten years -48.
64%, deducting non-attribution net profit 0.
52 ppm, at least -49.
65%, performance in line with market expectations.
2Q19 single quarter revenue 1.
92 ppm, ten years -43.
88%, 19Q2 single quarter gross margin of 36.
5%, increase by 1 every year.
6 averages, an increase of 4 from the previous quarter.
In the first half of 2019, the downturn in the downstream industry continued 西安耍耍网 to consume inventory, and it was not until the end of June 2019 that the industry destocked the stock.
Since July, the inventory of downstream customers has gradually become reasonable, the impact of industry changes has gradually subsided, the company’s output and orders have obviously recovered, the crop rate has gradually increased, and the company’s performance has gradually resumed growth.
The product structure has further improved, and new products have progressed smoothly. In July, the monthly revenue of Yageo increased month-on-month, indicating that the industry’s destocking is coming to an end, and the prosperity has gradually recovered. 5G and other products will drive a wider market space.
The company’s paper carrier tape structure continued to be optimized, and the proportion of punching and pressing holes continued to increase.
The plastic carrier tape assets are black PC particles, and some customers have begun to use them in batches. Both production and sales and customers have continued to increase.
The sales of release films have further increased, and the customer and the proportion have steadily increased. The company already has new types of domestically produced release film products such as MLCC process release films and release films for optical materials. The future production capacity will be further released to promote continued explosion.increase.
The industry’s low point has passed. The company has broad growth prospects, and repurchases highlight the company’s confidence in the company.
The company has formed based on the electronic thin carrier tape, and gradually accelerated the expansion and expansion of the field of release film.
Continue to optimize the product structure and follow the development path of supporting services for a full range of products.
At the same time, the company issued an announcement intending to repurchase company shares for employee stock ownership plans or equity incentives.
The repurchase budget is not less than RMB 10,000 (inclusive) and not more than RMB 1.
USD 500 million (inclusive); the repurchase price does not exceed RMB 42 per share (inclusive), which highlights the company’s confidence in future development and recognition of the company’s value.
Demand is not up to expectations, paper carrier tapes, plastic carrier tapes, and release films have led to lower than expected.
The industry boom bottomed out and the company’s performance is expected to reverse. Maintaining the “Buy” rating industry boom recovered, the company’s performance is expected to bottom out and it is expected to achieve net profit return to mother in 19/20/21
Earnings per share 1.
86 yuan, a year-on-year growth rate of 1.
2% / 36.
5% / 26.1%, the current sustainable corresponding 19/20/21 PE is 29.
The company’s estimate is slightly higher than the comparable company’s expectations. The bottoming out of the industry’s prosperity has driven the company’s performance to gradually pick up, so it 四川耍耍网 maintains a “Buy” rating.