Lianchuang Electronics (002036): Q3 performance meets expectations and vigorously expands lens production

Lianchuang Electronics (002036): Q3 performance meets expectations and vigorously expands lens production
(1) The company released the third quarter report for 2019: the first three quarters, achieving revenue of 42.68 ppm, an increase of 20 in ten years.59%, of which 15 achieved revenue in the third quarter.98 ppm, an increase of 19 years.15%.In the first three quarters, net profit attributable to mothers2.24 ppm, an increase of 22 in ten years.42%, of which net profit attributable to mothers in the third quarter1.02 ppm, an increase of 17 in ten years.38%; net profit for the first three quarters after deduction is 1.880,000 yuan, an increase of 26 in ten years.53%, of which net profit after deduction to non-returning mothers in the third quarter was 9,801.0.94 million yuan, an increase of 45 years.31% (2) The company plans to set up a project company with two subsidiaries of Nankai Economic Development Zone Jinkai Group to invest in the implementation of annual production2.600 million high-end optical lens industrialization projects with a project construction period of 14 months. In the single quarter, the growth rate of non-homing net profit accelerated, and the optical business achieved rapid growth.The company’s rapid growth in the first three quarters of revenue was mainly due to the rapid growth of the company’s optical lens and touch display business, and the gross profit margins of the two major businesses exceeded the company’s overall gross profit margin, resulting in an increase in the gross profit margin in the first three quarters. Expenses increased faster than revenue during the period, based on rapid growth in research and development expenses and financial expenses.Company management expenses1.30,000 yuan, an increase of 27 in ten 南京桑拿网 years.11%; selling expenses 2573.09 million yuan, an increase of 25 in ten years.46%; R & D expenses1.52 ppm, an increase of 42 in ten years.72%, mainly based on the company’s R & D and promotion of high-end products such as glass-plastic blending;26 ppm, a 122-year increase.45%, mainly due to increased financing costs and changes in exchange losses and gains. In conjunction with local state-owned assets, we will vigorously expand the production capacity of high-end lenses.The company established a project company with Nanchang Jinkai Group, with a registered capital of 600 million company, accounting for 70%.The project company spends 1.2 billion to establish an annual output of 2.Industrialization project of 600 million high-end optical lenses.The commissioning of high-end production capacity projects in the future will increase the company’s market share in the lens field, which will strongly support the company’s mobile phone, security and automotive market demand. Maintain “Buy” rating.The company’s EPS for 2019-2021 is expected to be 0.45, 0.61, 0.84 yuan, corresponding to PE is 33.27, 24.66, 17.91 times, maintain “Buy” rating. Risk warning: The sales volume of smartphones has increased significantly;