Huanxu Electronics (601231): Peak season revenue rises month by month, Q3 revenue rises 22% in ten years

Huanxu Electronics (601231): Peak season revenue rises month by month, Q3 revenue rises 22% in ten years

Huanxu Electronics (601231): Peak season revenue rises month by month, Q3 revenue rises 22% in ten years

Announcement: Huanxu Electronics’ operating income in September 2019 was 41.

700 million, five years growth.

55%, an increase of 6 in the previous August.

60%; cumulative operating income from January to September 2019 was 259.

7 ppm, an increase of 17 in ten years.

27%; the company’s 2019Q3 operating income was 113.

7 ppm, an increase of 21 in ten years.

68%, an increase of 64 from the previous month.


Q2 single quarter revenue increased by 5% per year, Q3 single quarter revenue increased by 22% longer.

Q2 revenue was 69.

3 ‰, a year-on-year increase of 5%, a month-on-month decrease of 10%.

In the first half of the year, industrial products and consumer electronics products experienced the 杭州桑拿网 largest increase, finally: 1) Industrial products added significant customers in 2018, and customer orders continued to increase in the first half of this year; 2) Wearable products orders increased significantly in Q1 this year, butOff-season.

However, computer products and storage products were less affected by the external environment and customer orders, and the operating income in the reporting period continued to show levels.

July revenue was 32.

8 billion, an annual increase of 37.

5%, nearly one month earlier than last year, entered the peak production season. In August and September, revenues increased by 19% and 7%, respectively.

Since the peak season for electronic products, especially wearable products, is usually Q4, 4Q2019 revenue is expected to increase slightly from the previous month.

Affected 北京桑拿 by the product structure, operating profit margin in the second quarter fell by 1 year-on-year.

2pct, Q3 is expected to improve.

Q2 gross profit margin declined slightly due to the rise in the structure of consumer and industrial products.

The increase and decrease of management expenses are mainly due to the company’s expansion of operating scale and overseas bases in 2019. The proportion of overseas net assets has increased from 35% to 39% at the end of 2018, which has significantly increased the related personnel expenses quarterly.2.

4%, the total expense ratio of single quarter management expenses and research and development expenses increased by 0.


Based on the above two major factors, the operating profit margin is 2.

64%, down by 1 every year.


Q3 revenue growth is mainly due to new consumer electronics, industrial products, etc. According to the product structure, it is expected that Q3 profitability will be promoted by transformation.

For middle and senior managers, core technical personnel are granted equity incentives.

In August 2019, Huanxu Electronic Incentive Program intends to grant 22.4 million stock subsidies to the incentive objects, accounting for approximately 21 of the company’s equity portfolio on the date of the announcement of the incentive program.

7.6 billion shares of 1.


Of these, 1,792 were awarded for the first time.

200,000 copies, preset 447.

800,000 copies, accounting for 19 of the maximum rights granted this time.

99%, the target of budget incentives shall be determined within 12 months after the incentive plan is adopted by the shareholders meeting.

526 middle-level core managers and core business (technical) personnel are the main incentive objects, accounting for 72 of this incentive strength.

86%. Maintain profit forecast and maintain overweight rating.

Revenue growth in the third quarter slightly exceeded expectations.

Maintain 2019/2020/2021 attributable net profit forecast13.



800 million.

Although the profitability of overseas projects has been slowly increasing, we are optimistic about the application of Universal Asahi ‘s SiP packaging in the miniaturization of consumer electronics products. The current corresponding corresponding 2019/2020 is only 23/20 times PE, maintaining an overweight rating.