Leading Intelligence Manufacturing (002600) Performance Preview Comment: Leading Technology’s Q3 Continuous Growth Gradually Beyond Expectations

Leading Intelligence Manufacturing (002600) Performance Preview Comment: Leading Technology’s Q3 Continuous Growth Gradually Beyond 杭州夜生活网 Expectations
First, the event overview On October 11, the company announced in the first three quarters that the net profit attributable to the parent was 19.0-21.0 million, compared with the expected 3 in the same period last year.5 trillion in the third quarter of a single quarter is expected to return to the mother net profit of 7.9-9.9 trillion, an increase of 243% -330% in a year. Second, the analysis and judgment of Lingyi Technology’s own excellent operating performance, the performance of the report affected by other subsidiaries slightly dragged down the company’s overall Q3 single-quarter net profit attributable to the parent is 7.9-9.9 trillion, which contains 3.The investment income of 950,000 yuan, after excluding it, is expected to be 3 in the quarter.9-5.US $ 900 million, we judge that Q3 has improved mainly due to the introduction of Oriental Liangcai and Jiangfen Magnetic Materials’ two major customers than expected, but we expect that the operating performance of Lingyi Technology in the single quarter will be in line with expectations.Excellent, we think Lingyi Technology’s preliminary operating results are expected to continue to exceed expectations. Customers and businesses in all sectors are synergistic. Next year, the trend of subsidiaries will be better affected by trade frictions. The growth of large consumer electronics domestic customers is expected to return to a high growth track next year.The company’s Dongfang Liangcai is expected to be introduced to major customers, which will bring continuous performance recovery.In terms of business collaboration, the company plans wireless charging module products. Jiangfen Magnetic Materials’ magnetic materials are expected to be introduced first. It is expected that the volume of magnetic materials will increase next year, and the overall trend of the subsidiary will be better. Looking forward to next year, Leading Puzzle will set sail again. Airpods continue to be popular, domestic machines accelerate development, Salcomp integration is smooth, Leading Technology’s own performance is expected to continue to exceed expectations, and the company will deploy cooling modules, wireless charging modules and motor structural components.The main force of annual performance growth.In the long run, the company starts with die cutting, integrates upstream materials and cuts into downstream modules, which further opens up growth space and is expected to become a true platform company for consumer electronics. Third, investment recommendations We estimate the company’s revenue in 19-21 is 271.1,402.4,484.500 million, net profit attributable to mother is 26.300 million (assuming 19Q4 fair value change profit or loss is 0), 28.8, 38.90,000 yuan (20-year and 21-year averages assume a fair value gain or loss of 0), and the corresponding estimate is 27.0, 24.7, 18.3 times.We estimate that Lingyi’s operating results for the years 19-21 will be 22 and 29.9, 39.8 ppm, corresponding to an estimate of 32.3, 23.7, 17.9 times, with reference to SW Electronic TTM’s estimate of 34 times, we think the company is still undervalued and give a “recommended” rating. 4. Risk warning: Sino-U.S. Trade frictions intensify, sales volume of large customers falls short of expectations, and technology conversion of large customers falls short of expectations