An Jie Technology
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Published on 2018-11-02 10:31:57 Share it web version
                                    The die-cut stocking season has grown significantly, and small metal parts have lowered profits. View original PDF

Research report date: 2018-11-02

K map 002635_1

An Jie Technology (002635)

Investment points:

Third Quarterly Report: An Jie Technology's revenue for the first three quarters was 2.504 billion yuan, up 50.8% year-on-year, net profit at home was 426 million yuan, up 23.9% year-on-year, and non-net profit was 172 million yuan, down 47.14% year-on-year.

An Jie die cuttings entered the peak season, affected by the metal business Q3 single-quarter gross profit margin decreased by 11pct. In August 2017, Weibo Precision Co., Ltd. consolidated its schedule. This year's peak season revenue was rather weak, and in August 2018, Weston Hill was consolidated, but the revenue was small, so Q3 Anjie Technology's revenue was 1.04 billion yuan. The year-on-year increase of 29.9% mainly reflects the increase in revenue of the new products for the headquarters. Benefiting from the XR new machine Q4 performance is expected to increase further. The gross profit margin of Q3 in the single quarter was 30.6%, which was basically the same as the previous quarter, down 11pct. The net profit of returning to the mother was 189 million yuan, 6.75% year-on-year, and the non-recurring profit was 172 million yuan. The non-recurring profit and loss accounted for a relatively low proportion.

Anjie Technology cuts into the customer supply chain year by year. 1) Before 2012, benefiting from the rapid development of the notebook computer industry, the company's performance grew rapidly. 2) The growth rate slowed down from 2013 to 2014, mainly because the growth rate of global notebook and tablet shipments declined to negative year by year. 3) Since 2015, we have cut into the supply chain of large customers' mobile phones and storage, automobiles, etc., and built the production capacity of metal + non-metal products: In December 2014, Xinxing Holdings was consolidated into the report. In 2015, the company's revenue and net profit rose sharply. In the same year, the company cut into the supply of iPhone6s optoelectronic products for large customers, and the revenue of mobile phone functional components increased greatly. In 2016, the company's large-customer program changed slightly, the value of single-machine declined, and its performance was slightly lower. In 2017, the company included Weibo Precision into the consolidated statement. Still growing.

The non-metal die-cutting business has benefited from a lot of development. 1) At the beginning of the listing, the company mainly focused on notebook functional components, benefiting from the rapid growth of high-quality notebook terminal customers such as Apple and HP. 2) The company's layout of iPhone function business, the successful delivery of iPhone6s3DTouch optoelectronics in 2015 ushered in the performance of the volume, has now become the company's main revenue point. 3) Apple is committed to building a wireless charging ecosystem, and Anjie layout magnetic materials and heat-dissipating graphite sheets are ready to go. 4) As the penetration rate of OLEDs increases, photovoltaic adhesives and heat sinks are expected to increase in the future. In 2018, as the main die-cutting supplier, participated in the three new machine stocking.

Tesla brings opportunities in the automotive electronics business. Anjie Technology also implements a large customer strategy in the automotive electronics business. In 2016, Powerwall products entered the Tesla supply chain and are now available in the ModelS/X/3 full range, with a maximum bicycle value of $150. Tesla's annual heavy volume will drive the development of Anjie's automotive structural parts business.

Revise down earnings forecasts and maintain an overweight rating. Due to the unexpected shipment of TeslaModel3 and the lack of Weibo precision season, the revenue forecast for 2018/2019/2020 will be reduced from 48/60/7.5 billion yuan to 40/46/57 billion yuan, and the net profit of returning home will be 7.0/ 8.7/10.90 billion yuan was reduced to 6.1/7.1/8.7 billion yuan. The current valuation of Anjie Technology corresponds to 20X/13X PE in 2018/2019, maintaining the overweight rating. [Shen Wan Hongyuan Securities Co., Ltd.]
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