Shennan Circuit (002916) company research: 2019 results meet expectations and wait for subsequent new growth


Shennan Circuit (002916) company research: 2019 results meet expectations and wait for subsequent new growth

Shennan Circuit (002916) company research: 2019 results meet expectations and wait for subsequent new growth

Shennan Circuit announced the 2019 performance forecast on January 10, 2020, and it is expected that the net profit attributable to mothers will reach 11.

500,000 yuan?

900,000 yuan, 65% growth in ten years?

Corresponding to the single quarter of 19Q4, the company expects to achieve net profit attributable to mothers2.


2.3 billion (2 in 18Q4).

24 ppm), an increase of 26 in ten years.



  The industry’s prosperity continues, seizing potential continuous growth.

The prosperity of the PCB industry in 2019 has been affected from the 5G infrastructure construction to the help of 5G-related electronic products to achieve a new high.

In 2019, the company also seized the opportunity to vigorously develop: through continuous technical transformation and expansion of accumulated capacity, Nantong Phase 1 continued to contribute to performance growth points, and the company’s new IC carrier board capacity gradually put into operation in 19H2 has achieved the company’s futureThe bedding for growth.

  It is expected that revenue will be similar in 19Q3 and profitability will be maintained.

The company’s single quarter profit in 19Q4 will be 2.


23 ppm, intermediate grade 3.

5.5 billion.

The company’s net profit attributable to its parent was 3 in 19Q3.

9.6 billion, roughly flat from a median perspective.

From the perspective of gross profit margin, the company’s new IC carrier board capacity is still climbing up in 19Q4. It will not contribute positively to the company’s comprehensive gross profit margin or net profit, but from the perspective of PCB business, combined with the prosperity of the industrial chainSituation We think the company’s PCB gross margin in 19Q4 may be maintained.

From a net profit point of view, due to labor costs at the end of the PCB industry, project costs, etc. are higher than the first three quarters, considering these factors may cause a smaller suppression of the company’s net interest rate.

  The second phase of Nantong is progressing as scheduled, and production will start in 20Q1.

According to the company’s convertible bond announcement, the company’s second-phase PCB factory promoted by Nantong is on schedule and is expected to be commissioned in 20Q1. The corresponding production capacity is about 580,000 square meters, which is mainly used for general-purpose boards. The average number of layers will be 16 andAbove 16 floors.

We believe that the high positioning of the second phase of Nantong 杭州桑拿网 will bring greater revenue and performance flexibility to the company. At the same time, the company has already been the product certification of the first phase customers for the second phase, which will help the company to achieve the climb as quickly as possible.profit.

  The IC carrier board continued to climb and waited for the performance to erupt after the climb.

The company’s new 600,000 square meters of annual capacity IC carrier board capacity put into production in 19H2. Due to the integration of the customer certification duration of the IC carrier board industry, the IC carrier board business may not be able to make a positive contribution to the company’s performance in the short term, but casuallyAt the beginning of the year, we judged the tilt of the semiconductor industry in 2019/2020 and the current situation of the semiconductor industry that has gradually been realized. We believe that the semiconductor has been reversed, and the demand for semiconductor materials with reduced domestic substitution rates will be huge.The company’s IC carrier board business is expected to usher in high growth after achieving distorted loss-to-earnings surplus in 20H2.

  Risk warning: production expansion is less than expected, and downstream demand is less than expected.

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