A leading manufacturer in the field of radio frequency antennas, with a rich product line and strong R&D capabilities. The company has been deeply involved in the field of wireless terminal communication antennas for nearly 20 years. Its main products include mobile phone antennas, laptop antennas, wearable product antennas, vehicle antennas, wireless charging and base station antennas, etc., which are widely used in mobile communication terminals and communication devices such as mobile phones, tablets, mobile payments, automobiles, drones and wearables. The company insisted on independent innovation and grasped the opportunities of changes in the wireless communication industry pattern, and obtained high-quality customer resources for products and personalized one-stop product service capabilities to meet market needs. The company has entered the supply chain of the top five mobile phone manufacturers in the world; obtained qualified supplier qualifications from many well-known car companies; became an important supplier of VR/AR antennas for leading international customers; and obtained supply qualifications from some mainstream base station equipment vendors at home and abroad.
The low-altitude economy helps 5.5G to be deployed commercially, and the boom in the base station antenna industry is expected to increase. On March 28, China Mobile launched the world's first commercial deployment of 5G-A. It plans to push the industry chain to launch more than 20 5G-A terminals and grow 20 million 5G-A end users within the year. 5G-A integrated sensing technology is well suited to the development needs of the low-altitude economy industry, and can support functions such as multi-dimensional sensing and high-precision positioning of aircraft such as drones and flying cars. The number of antenna oscillators at 5G-A base stations has increased dramatically compared to traditional 5G base stations. The rapid development of the low-altitude economy industry is expected to drive the rapid commercialization of 5G-A and drive an increase in demand for products such as antennas and filters for 5G-A base station accessories. In the field of base station antennas, the company achieved batch delivery of macro base station antennas in 2018-2019, leading the industry; 5G micro base station antennas were also shipped in batches during the same period. In 2022, the company's 5G base station antennas will break through major overseas customers, and the company can provide 5G macro base station antenna oscillator arrays according to customer needs, which is expected to deeply benefit the 5G-A commercial process.
The automotive antenna low voltage wiring harness business is growing rapidly due to the reduced value added to the market. On January 30, the company announced its 2023 performance forecast, achieving net profit of -1.8 to -215 million yuan. The loss margin increased, mainly due to losses in the fingerprint module business, new energy components business, cooling components business, and impairment of some assets. The company's automotive antenna and low voltage wiring business achieved rapid growth.
Profit forecast: Schubert is a leading RF antenna manufacturer in China. It is optimistic that the company's downstream demand boom will gradually recover under the 5G-A commercial construction process and achieve performance growth. The company is expected to achieve revenue of 16.11/18.55/ 2,250 billion yuan in 2023-2025, net profit of 1.88/0.12/089 million yuan, corresponding to EPS of -0.40/0.03/0.19 yuan. This is the first coverage, giving it an “increase in wealth” rating.
Risk warning: 5G-A construction falls short of expectations, and market competition intensifies.