Broadcom Integration (603068): ETC heavy volume growth performance
Event: The company released the third quarter report of 2019, and the first three quarters of operating income7.
80,000 yuan, an increase of 113 in ten years.
66%; net profit attributable to mother 1.
640,000 yuan, an increase of 123 in ten years.
Of which the third quarter operating income4.
8 billion, up 291 previously.
13%; net profit attributable to mother 1.
09 billion, an increase of 430 over the same period.
北京桑拿洗浴保健 Benefiting from the ETC policy dividend, performance ushered in an explosion.
The company’s Q3 revenue and profit growth rates were 291% and 431%, respectively. The performance ushered in an explosion, mainly due to the ETC installation rate policy bonus. Until October 9, the number of ETC users nationwide reached 1.
4.3 billion, an increase of about 67 million at the end of the 18th, driving the company’s ETC products and related Bluetooth market demand.
Outside ETC, the company’s other wireless data transmission chips and wireless audio chips continue to remain stable.
The rate control is better, and Q4 performance of active stocking continues to explode.
The company’s single quarter gross margin was 36.
61% every year, the chain growth is 0.
The 69 averages are mainly due to the relatively high gross 苏州桑拿网 profit margin of ETC products. Due to the tightness of the pre-Q3 stocking, we judge that it still has an impact on the gross profit margin.
In terms of expenses, total sales, management, and R & D expenses.
51%, an improvement of 9 per year.
24 per share, financial expenses are reduced by 3 million per year.
With the rapid growth of revenue, accounts receivable3 at the end of the third quarter3.
2.4 billion, an increase of 1 over the end of the second quarter.
7.9 billion, inventory at the end of the third quarter3.
1.8 billion, an increase of about 86 million compared with the end of the second quarter. We judge that it is mainly for the preparation of ETC products in the fourth quarter, which also affected the current operating cash flow.
Products in the wireless communications field are abundant and provide continuous growth momentum.
The company expects that the development of policies to increase the expansion of ETC and gradually return to the mother net profit will increase.
At the same time, the company relies on ETC chips to extend the development of application areas such as path recognition, anti-congestion and parking lot management, and is expected to make further breakthroughs in the field of intelligent transportation.
In addition, the company is deeply involved in the field of wireless communications, has a rich product line, and has developed in low-power circuit design. The low-power Bluetooth audio chip of TWS headsets and WiFi + Bluetooth integrated chips are progressing smoothly. It is expected to increase volume in the future and provide continuous growth momentum.
Taking into account the impact of tight stocking on the company’s profit margin, the company’s 19-21 net profit was reduced to 3.
2 trillion, corresponding to the current sustainable (closing price on October 28, 2019) PE is 49.
9 times, 39.
7 times, 32.
5x, maintain “prudent increase” rating!
Risk warning: ETC promotion is less than expected; wearable device boom declines; Bluetooth product prices rise sharply.