04/20/2021

Farah Electronics (600563): New energy vehicle business continues to grow and waits for traditional industries to pick up

Farah Electronics (600563): New energy vehicle business continues to grow and waits for traditional industries to pick up

Annual report released, the company’s performance has grown steadily. The company released its 2018 annual report: 2018 Farah Electronics achieved revenue of 17.

21 ppm, an increase of ten years.

4%; net profit attributable to mother 4.

52 ppm, an increase of ten years6.

68%; product gross profit margin 43.

24%, at least 1 increase.

Among them, Q4 achieved revenue 4 in a single quarter.

32 ppm, a decrease of 1 per 青岛夜网 year.

86%; net profit attributable to mother 1.

27 ppm, a decrease of 0 per year.

02%; product gross profit margin 43.

86%, an increase of 1 from the previous quarter.

26 units.

In 2018, photovoltaic and lighting businesses were under pressure, which slowed the company’s performance growth. Farah Electronics, as a leading domestic thin film capacitor company, has been widely used in home appliances, lighting, photovoltaics, new energy vehicles, and industrial fields.

In 2018, the first is photovoltaic 5.

The impact of the 31 policy has led to a decline in orders for photovoltaic end customers. The second is the impact of Sino-U.S. Trade frictions, which has led to a contraction in internal and external demand. The third is the demand for thin film capacitors in the lighting industry due to the LED trend.

Against this background, the company’s revenue growth has improved.

The new energy vehicle business leads the company’s growth and drives the company’s profitability. According to statistics from the China Automobile Association, in the 18 years, the production and sales of new energy vehicles in developing countries were 1.27 million and 125, respectively.

60,000 vehicles, an increase of 59 over the same period last year.

9% and 61.

7%.

As a domestic thin film capacitor leader, Farah Electronics has a high market share in the field of new energy vehicles, which has benefited from the growth of new energy vehicle production and sales.

In addition, by improving the performance of the DC / DC converter in the 48V system, Farad electronic film capacitor products can maintain good, long life and other advantages, which can bring the 48V trend and open up the market space.

Earnings forecast and rating The company’s EPS for 19-21 is 2 respectively.

28/2.

59/3.

05 yuan, according to the latest closing price of the corresponding PE is 20 respectively.

79/18.

26/15.

5 times.

The company is a leader in thin film capacitors. The new energy business has strong growth and excellent profitability. With reference to a comparable company’s 2019 average valuation of nearly 28 times PE, the company’s 北京桑拿洗浴保健 reasonable performance is calculated at 27 times PE in 2019. The company’s reasonable value is 61 yuan.”grade.

Risks suggest slower-than-expected progress in production expansion; risks of changes in new energy vehicle policies; and a decline in the industry’s prosperity.