Guangxun Technology (002281): Steady growth performance of non-returning mothers to return to positive bottom bottom

Guangxun Technology (002281): Steady growth performance of non-returning mothers to return to positive bottom bottom

On October 26, the company released three quarterly reports.

The company’s revenue from Q1 to Q3 2019 was 38.

9.6 billion yuan, 6.

46%; net profit attributable to mother 2.

660,000 yuan, 0 year-on-year.

87%, of which, in Q3 2019, revenue was 14.

170,000 yuan, 15.

74%; net profit attributable to mother 1.

220,000 yuan, -1 compared with the same period last year.


The third quarter’s operating income has steadily rebounded. From the first quarter to the third quarter, the company’s non-return to mother-growth growth and growth companies. The overall operating conditions for the first quarter to the third quarter improved slightly compared with the same period last year.Flat, with long-term stable growth of non-return to motherhood, 苏州桑拿网 year-on-year.


Facing the downward pressure on the global economy and the ongoing external operating pressures of Sino-US trade disputes, the company achieved revenue in 2019Q314.

1.7 billion yuan, a year-on-year increase of 15.

74%; net profit attributable to mother 1.

220,000 yuan, -1 compared with the same period last year.


The company’s Q3 earnings were slightly lower than expected due to the fierce competition in the early stage of the business and the continuing impact of Sino-US trade disputes on the company’s downstream.

The company strictly controls operating expenses, financial expenses, and selling expenses continue to decline. The company has actively researched innovative solutions to improve quality and efficiency, and its results have been significantly controlled: in the second quarter of 2019, the overall gross profit level in the third quarter was basically the same as the end of 2018.Compared with the first quarter of 2019, the growth is obvious.

The company’s financial expenses and sales expenses continued to decline; research and development expenses continued to increase, and its revenue proportion continued to expand.

The company’s R & D expenses for 2019Q31.

34 trillion, R & D costs accounted for 9.

4%, slightly higher than the same period last year.

The company continues to maintain a high proportion of research and development. According to the interim report, a number of 25Gb / s-rate semiconductor inverter chips for 5G and data center applications have made progress. Optical transceiver modules for 5G applications in fronthaul and midhaul scenarios are implemented.Model full coverage; 400Gb / s high-speed optical transceiver module for data center has completed prototype development; 400G multi-mode COB platform process capability construction is completed, with small batch delivery capability, and single-mode 8-channel COB process platform construction is completed.

The prosperity of the 5G construction cycle is expected to be on the uplink, and the market will be heavily loaded. Since the official issuance of 5G licenses, domestic 5G has officially entered the first half of the construction cycle.

As the construction of 5G base stations continues, ftth homes and Gigabit broadband are opened, the company, as a global market-wide, full-technology, full-product optoelectronic enterprise, is expected to expand its stocking and provide full coverage for 5G-related optical transceiver modules.It is hoped that domestically produced alternative foundations are expected to be rapidly measured next year.

The operating net cash flow returned to positive, and the company continued to distribute cash dividends to the company Q3.

At the end of the Q3 period, the company’s cash balance increased significantly, mainly due to the increase in cash inflows from operating and investing activities during the restructuring and transition; the company’s cash dividends reported and issued have not changed significantly.

Earnings forecast and forecast The company’s Q3 performance is lower than expected, but as a leader in optoelectronics, it is expected to accelerate growth in 5G and transmission capacity expansion in the future, and the company’s total revenue from 2019 to 2021 will be 57.

800 million, 69.

100 million, 81.

9 trillion down to 54.

200 million, 65.

0 billion, 77.

0 million yuan; net profit attributable to mother: 3.

700 million, 4.

800 million, 5.

5 trillion is reduced to 3.600 million, 4.

500 million, 5.

500 million, corresponding to the current PE of 50.



9 times.

Maintain the “overweight” rating.

Risk warning: 5G construction is less than expected, product development is less than expected, market competition intensifies risks

Author: admin