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Huatian Technology (002185): Weak market demand affects semi-annual performance and expects improvement in peak season

09/03/2020

Huatian Technology (002185): Weak market demand affects semi-annual performance and expects improvement in peak season

Event: The company released its 2019 interim results report and achieved operating income of 38 in the first half of the year.

4 ‰, rising by 1 every year.

41%, gross margin 13.

2%, a decline of 3 per year.

1 unit, the net profit attributable to the parent company was 85.61 million yuan, a year-on-year decrease of 59.

3%.

Zero net profit 0.

0402 yuan, down 59 before.

3%.

The company achieved operating income of 21 in the second quarter.

3 ‰, an increase of 14 per year.

5%, gross margin of 14.

4%, a decline of 5 per year.

The net profit attributable to shareholders of the listed company for the four shares was 69.27 million yuan, a year-on-year decrease of 46.

4%.

The overall market demand was weak and the second quarter improved sequentially: the company’s overall revenue in the first half of 2019 and the second quarter’s single quarter revenue increased by 1.

41% and 14.

5%, under the circumstances of unsatisfactory international trade environment and macroeconomic environment, the company’s overall demand is weak and weak, and its production capacity is 重庆耍耍网 relatively reduced. However, starting from the second quarter, some domestic supply chain manufacturers of smart terminals were stimulated by localization.With the rebound of some orders, the combined company’s chain revenue improved.

From the perspective of gross profit margin, the gross profit margin in the first half and the second quarter decreased by 3 respectively.

1 and 5.

For the four units, the gross profit margin of the company experienced a significant decline after the company ‘s fixed expense ratio rose when the capacity utilization rate was lower than expected.

The expansion of the expense ratio brought by the extension of the expansion, and the layout of the future development: the company in the first half of the acquisition of Malaysian Unisem co-existing consolidated statements, the company’s expense ratio has increased, of which the sales and management expense ratio increased by 0.

4 and 1.

The two totaled, while R & D expenses remained at a stable level.

The company acquired Unisem, a main board listed company in Malaysia, through extensional expansion. The replacement has a direct and positive impact on the company’s development of production capacity and technical capabilities. Substitution is also an important step in the company’s layout to better cope with the increasingly complexGlobal trade environment.

The industry demand is initially warming, and the company’s development is focused on the future: the company’s restructuring provides performance expectations for January-September 2019. From the market trend, the second half of the year will see the traditional peak season for consumer electronics products, and the use of 5G infrastructure will continue to expand.The transition and upgrade of smart terminals are also several obvious trends, so the overall demand of the industry still has upward expectations.

In terms of company size, it has gradually improved on the technical capabilities and expanded outward. Technical capabilities such as TSV are certified on the client side. The existing packaging business has gradually improved its maturity and cost-effectiveness after the expansion of production capacity.The acquisition of Unisem has positive significance for the business development potential and risk confrontation capabilities brought by the company’s adjustment of the layout. Therefore, we believe that we remain optimistic about the company’s growth expectations.

Investment suggestion: Our company predicts that the annual income from 2019 to 2021 will be 0.

12, 0.

19 and 0.

22 yuan.

Return on net assets were 5.

2%, 7.

6% and 8.

3%, we maintain the “Buy-B” investment recommendation.

Risk reminder: the risk of terminal demand decline caused by the worse than the macro economy; the trade war affects the inventory management level of terminal manufacturers; the company’s ability to improve its advanced packaging technology capabilities is slower than customer expectations.