Home » Guosen Securities: Maintain Zhuo Shengwei (300782.SZ) “Buy” rating, profitability remains good, core new products gradually increase in volume_stock channel_securities star

Guosen Securities: Maintain Zhuo Shengwei (300782.SZ) “Buy” rating, profitability remains good, core new products gradually increase in volume_stock channel_securities star

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(Original title: Guosen Securities: Maintaining Zhuoshengwei (300782.SZ) “Buy” rating, maintaining good profitability, and gradually increasing the volume of new core products)

Zhitong Finance APP learned that Guosen Securities issued a research report stating that Zhuo Shengwei (300782.SZ) was maintained with a “buy” rating. It is expected that net profit will be 20.43/29.68/3.951 billion yuan in 2021-23, which is 90%/45%/ 33%, corresponding to PE59/40/30 times.

The main points of Guosen Securities are as follows:

The median net profit attributable to the parent in the first three quarters of 2021 increased by 110% year-on-year

It is predicted that the net profit attributable to the parent in the first three quarters of 2021 will be 1.471 to 1.542 billion yuan, a year-on-year increase of 105% to 115%. It is predicted that the net profit attributable to the parent in the third quarter of 2021 will be 485 to 521 million yuan, a year-on-year increase of 33% to 43%. It is estimated that in the third quarter of 2021, the median net profit deducted from the parent company is 502 million yuan, an increase of 3% from the previous quarter.

In the context of the slowdown in the global mobile phone sales phase in the third quarter, the company’s revenue and profit in the third quarter of 2021 still achieved good year-on-year growth. The main reason is that benefited from the development of 5G communication technology, the company’s radio frequency module products continued to penetrate end customers.

Profitability remains good, and the company’s core new products are gradually increasing in volume

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It is estimated that the gross profit margin of the company in the third quarter is about 57%, and the net profit margin is about 44%, both of which are basically the same and maintained well. The company’s receiving end module LFEM coverage continues to increase, and LDiFEM has been mass-produced and shipped to some customers. The launcher module LPAMiF was successfully launched and continued to send samples for promotion. The company’s product structure was further optimized and the product echelon layout was better.

The SAW plant was successfully topped out, and the layout of high-end RF modules has hundreds of billions of growth space

The company’s announcement on August 24 showed that the construction project of Xinzhuo Semiconductor’s industrialization was successfully capped at the end of June, and it is planned to be put into use before the end of the year. The fund-raising project is planned to be optimized and adjusted from the establishment of a dedicated production line in cooperation with a foundry to a self-built production line in the company’s own plant, which will enhance the company’s overall process technology capability and module mass production capability in the SAW filter field.

risk warning:The company’s R&D progress is less than expected; increased investment in new products has led to a decline in profitability.

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