Event: the company announced on June 27 that Gunda Electric intends to invest 5 million yuan to set up a wholly-owned subsidiary Shenzhen Gongda Electro Acoustics Co., Ltd. (tentatively); the company borrows 30 million yuan from the related party, the loan term is 12 months, and the annual interest rate is 4.35%. The company has changed its business scope to increase its business scope: audio, e-cigarette, automobile central control, dashboard, rearview mirror and other related consumer electronics, acoustic products R & D, manufacturing.
Comments: we are firmly optimistic about the future development of the company, ten thousand magic shares are expected to strengthen the company's customer expansion, increase the company's product layout, while improving the company's internal management. The establishment of a subsidiary company in Shenzhen and the expansion of business scope prove that we judge that the business is expected to improve continuously in the future, and firmly recommend it!
The business scope has been expanded and the layout of industrial development has been further improved. The company's wholly-owned subsidiary products include acoustic components, semiconductor micro-electromechanical products, audio, headphones, automotive control and other related consumer electronics, acoustic products, etc., will further improve the company's R & D capacity, improve and enhance the company's industrial development layout, which is conducive to the comprehensive and healthy development of the company.
Magic Acoustics is in charge, providing deep binding for loans. Prior to the completion of the transfer of the company's controlling shares, Aisheng Acoustics (98.9% holding) has become the company's new controlling shareholder with rich experience in the management industry. It has been an important technical and management member of international well-known enterprises and provided important support for the company's acoustics cause. This loan shows that the company has a further binding relationship with Magic Acoustics, which will gradually play a synergistic effect and greatly enhance the comprehensive strength of the company's acoustics industry.
Continuous investment in research and development, and the ability of independent innovation has been continuously enhanced. Based on the field of acoustics, the company mainly develops, produces and sells micro-electroacoustic components such as micro electret microphones and their components, modules, systems and other products, with a relatively stable market share. In 17 years, the company's R & D expenditure was 79.7553 million yuan, an increase of 44% over the same period last year. By the end of 17, the company had been granted 190 patents and 61 patents were being applied for. The company's product quality level reaches 50PPM, the main product parts self-made matching, customers including SONY and other well-known customers at home and abroad, in the international electro-acoustic product manufacturing industry has won a high market reputation and reputation.
With the coordinated development of capital blessing, the acoustics industry has entered a new journey. Multi-industrial capital blessing company, is expected to continue to introduce resources for the company in the future, the company's acoustic products are expected to continue to increase, while strengthening the competitiveness of the acoustic industry chain. The company and Wandemo Acoustics coordinated development, in products, customers, technology and other aspects will be rapid development and improvement.
Investment suggestion: maintain the company's profit forecast, the company's revenue in 18-19 is expected to be 10.2 / 1.38 billion yuan, the net profit of return to the mother is 0.53 hundred million yuan, and the EPS is 0.15 hundred million yuan respectively. Maintain the "buy" rating, taking into account the cost of the transfer of control of shares, maintain the target price of 18 yuan.
Risk hint: the progress of new acoustic products is not as expected; the risk of business integration