1. 5G mobile phone heat dissipation is facing challenges, mobile phone heat conduction market ushered in more opportunities. Compared with 4G mobile phone, 5G mobile phone adds more RF modules and antennas. Under the premise of pursuing thinness, the internal space of 5G mobile phone is narrower. In addition, 5G brings the characteristics of high-frequency and multi-mode to the mobile phone, so the increase of the speed of mobile phone computing leads to the improvement of mobile phone power consumption. Due to the high price and cost of copper cooling system, graphite radiator material is still the mainstream of the market, and graphene high temperature resistant material is expected to become a new solution.
two。 Based on the graphite heat dissipation material market, layout heat pipe, VC. At present, the company has related products such as single-layer high thermal conductivity graphite film, composite high thermal conductivity graphite film and multi-layer high thermal conductivity graphite film, ultra-thin heat pipe and ultra-thin soaking plate, in order to adapt to the rising heat dissipation demand of electronic products brought about by the development of 5G, the company continues to increase the research on heat pipe and soaking plate, and plans to launch high-thickness graphite film products to enrich customers' choices, so as to maintain the leading position in the field of heat dissipation through the combination of products.
3. Launch exterior structure products to create new profit growth points. Combined with the development trend of 5G and the relevance of the company's industry chain, carbon technology entered the business plate of mobile phone glass panel and ceramic back panel, and achieved business revenue in 2019. The profit performance of the results brought by the new business is not obvious, but with the advantages of the company's customers, with the rich variety of products, it is expected to bring performance growth and improve the comprehensive strength of the company in the future. With the new business in 2019 Q4 has been put into production, revenue, net profit contribution is expected to gradually improve.
4. Maintain existing customer resources and expand overseas markets. The main customers of carbon technology include Samsung, Huawei, VIVO, OPPO and so on. In 2018 and 2019, the company set up subsidiaries in Vietnam, the United States and South Korea respectively, actively expanding overseas markets, and the operating revenue of foreign markets increased by 16.5% in 2019 compared with 2018. Long-term cooperation with terminal manufacturers has created conditions for the company's future expansion.
Profit forecast: we expect the company's annual income from 2020 to 22 to be 588 million yuan, 691 million yuan and 825 million yuan respectively, and the net profit belonging to the shareholders of the listed company is 51.9 million yuan, 58.24 million yuan and 66.74 million yuan respectively, and the corresponding price-to-earnings ratio is 86 times, 77 times and 67 times respectively.
Give a "recommended" rating.
Risk prediction: the development of new business is not as expected; the macro environment is deteriorating; industry competition is intensified.