Items:

We have recently combed the listed companies and investment opportunities related to the PCB industry.

Guoxin point of view:

1) Bomin Electronics has accumulated industry for many years, the product system is rich and complete, and has accumulated a large number of high-quality customer resources in the automotive and communications industries.

2) in 2018, the company acquired Juntian Hengxun PCBA business, achieving performance growth and strengthening profitability; subsidiary Jiangsu Bomin also achieved a turnaround in 2019, with a significant improvement in performance.

3) Bomin Electronics, as the core supplier of HDI in the domestic PCB industry, will benefit from the growth opportunities under the domestic substitution trend of PCB under the background of 5G construction for a long time in the future.

We are optimistic about the industry development opportunities of the company after the large-scale commercial use of 5G. It is estimated that the company's net profit for 19-21 years is 2.1 billion yuan for 2.7pm and 1.11 yuan for EPS 0.67 and 0.86 respectively, corresponding to the price-to-earnings ratio of 27-21-16. Give a "buy" rating.

Risk hint: industry competition intensifies and international trade conflicts worsen.