Wingtech (600745): Q3 revenue and profit hit record highs

Wingtech (600745): Q3 revenue and profit hit record highs
Investment highlights: operating income of 218 in the first three quarters.740,000 yuan, an increase of 98 in ten years.74%, net profit attributable to mothers5.30,000 yuan, net profit for the same period last year was -1.6.9 billion yuan. Due to the significant increase in the unit price of products and the value of non-customer-supplied raw materials, Q3 single-quarter revenue reached a record high, with a 87% increase over the years.Benefiting from the continued heavy volume of ODM business customers and orders, the unit price of mobile phone products and the value of non-customer-supplied raw materials increased, and Q3 achieved operating income of 104.4 ‰, an increase of 87 in ten years.09%, an increase of 59.44%, a record single-quarter revenue.Q3 achieved net profit attributable to mother 3.3.4 billion, a 118% increase from the previous quarter, and 79 million in the same period last year. In Q3, the gross profit margin increased, the expense ratio decreased significantly during the period, and operating profit exceeded expectations.Single quarter gross profit margin 7.63%, an annual increase of 1.83pct, a decrease from the previous quarter.66 points.Q3 R & D expense ratio 2.4% and financial expense ratio 0.7%, a decrease of 0% from the previous month.9ppt and 1.5ppts.Expected Q4 peak season effect, the expense ratio will continue to fall. Q3 recognizes investment income1.08,000 yuan, total operating profit3.9.9 billion, it is estimated that the operating profit of investment income increased 杭州桑拿网 by 115%. Significant increase in stocking and response to rising demand.As of Q3, the company’s inventory was 44.430,000 yuan, an increase of 173 in ten years.36%, mainly due to the high degree of prosperity of the ODM business. The company has correspondingly increased the procurement and preparation of materials, and it is expected that the incremental increase in income will be gradually realized in the future.Affected by this, the company’s net operating cash flow in the first three quarters11.4.5 billion, a year-on-year decrease of 38.71%, mainly due to the actual purchase of cash replacement, the current net ratio is as high as 2.2. Wyntech’s acquisition of Anshi is progressing smoothly and it is expected that the consolidation will be achieved in Q4.AXA Semiconductor is a leading global semiconductor standard device 佛山桑拿网 supplier, focusing on the logic, discrete device and MOSFET markets, and has more than 60 years of semiconductor professional experience.In 2017, the company’s shares exceeded 1.3 billion U.S. dollars and its market share accounted for about 13.4%, the global rankings of market segments are among the top three.Its products are widely used in automotive, industrial and energy, mobile and wearable devices, consumer and computer fields, and are expected to form synergies. Upgrade earnings forecast and maintain overweight rating.Wingtech ‘s ODM business net profit exceeded expectations for two consecutive quarters.Based on the improvement of the mobile phone ODM business, assuming Q4 does not participate in AXA dividends and does not consider asset consolidation, it increases the 2019/2020/2021 revenue forecast from 244/295/369 trillion to 325/393/513 trillion, and returns to the motherNet profit forecast from 4.4/5.6/6.400 million increase by 7.6/9.2/11.5 trillion to maintain the overweight rating.