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卓翼科技(002369)中报点评:中报符合预期 三季度是关键

招商證券 ·  Aug 12, 2013 00:00  · Researches

Revenue for the first half of the year was 748 million yuan, net profit of 31.97 million, year-on-year increases of 32% and 45%, respectively, and earnings of 0.13 yuan per share. The performance was in line with expectations. Among them, revenue for the second quarter alone increased 58% year on year and 30% month on month, and the company expects January-September performance to increase 10-45% year on year. The base for the first half of the year is small, and the third quarter is critical. The 13-15 EPS is expected to be 0.56/0.79/0.99 yuan, respectively, for the whole year, maintaining the “Prudent Recommendation - A” rating. The interim report was in line with expectations, and the release of production capacity and the increase in product volume contributed to performance growth in the first half of the year. Revenue for the first half of the year was 750 million yuan, up 32% year on year, network communication terminals and consumer electronics increased 29 and 48% year on year respectively, and revenue for the second quarter was 420 million, up 58% and 30% year on year respectively. Revenue growth mainly benefited from capacity release and product growth. Among them, PON terminals, smart phones, and tablets were the main growth points. The production capacity in Shenzhen was fully utilized, and the release of production capacity in Tianjin fell slightly short of expectations. Zhuo Yi further cooperated with mainstream domestic manufacturers in the first half of the year, including winning the bid for the Huawei LTE gateway of about 300 million yuan, winning the bid for the ZTE PON terminal close to 200 million yuan, and deepening cooperation with Lenovo and its ODM manufacturers, supplying more than 1 million mobile phones per month. Currently, the production capacity utilization rate in Songgang, Shenzhen is good. However, the trial production period for some new foreign customers was long, and the release of orders was slow, causing the release of production capacity in Tianjin to fall short of expectations. After last year's growth, Zhuo Yi is in the best period of development this year. Production capacity is likely to continue to increase in the second half of the year. Whether orders from new customers can be released as scheduled is critical. Gross margin declined year over year, but there was a month-on-month recovery. Zhuo Yi's gross margin for the first half of the year fell 1.8 percentage points year on year, with network communication terminals falling 2.2 percentage points. However, gross margin rebounded 2.2 percentage points month-on-month to 11% in the second quarter, mainly benefiting from increased capacity utilization and the recovery of profits brought about by product restructuring. The second half of the year will enter the peak electronics consumption season, and gross margin is expected to remain stable. The base for the first half of the year was small, and the third quarter was the key for the whole year, maintaining prudent recommendation -A. The third quarter of last year was Zhuo Yi's high performance. According to forecasts, the results for the third quarter of this year were down 9% year on year to an increase of 45%. We believe that the peak electronics consumption season in the second half of the year will bring continuous month-on-month revenue growth in a single quarter, increased capacity utilization will bring stable gross margin, and it is still expected that 50% growth will be achieved throughout the year. It is estimated that EPS for 13-15 will be 0.56/0.79/0.99 yuan, respectively, maintaining the “Prudent Recommendation-A” rating, and subsequent breakthroughs in new products and customers will catalyze stock prices. Risk factors: Order release falls short of expectations, Tianjin's production capacity utilization is slow, management levels cannot adapt to business development, labor costs are growing too fast, and depreciation pressure on new plants and equipment is too high

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