In the three quarters of 2020, Liande equipment reported that its revenue of 573 million increased by 16.49% compared with the same period last year, and its net profit was 49.43 million, down 12.54% from the same period last year. After deducting the influence of tax rate, the net profit was flat. In the fourth quarter, BOE and other panel manufacturers concentrated bidding, while the company will soon increase the input of new business, this year's performance is low, optimistic about the future development of the company, raised to a strong recommendation.
1. The recovery of production and operation income accelerates the growth of Q3 income by 49% in a single quarter.
Revenue in the first three quarters increased by 573 million over the same period last year, up 16.5% from the same period last year. Q3's single-quarter revenue increased by 49.4% over the same period last year. The first 3Q comprehensive gross margin of 27.6% fell 4.3 percentage points from the same period last year, while the Q3 single-quarter gross profit margin was only 23.46%. At present, the main source of income is still bonding equipment. The decline in gross profit margin is mainly due to the lower price of the first order of 19-year AMOLED equipment and the uncompleted delivery confirmation of Q3, an automotive electronics product with higher gross margin.
As the company has opened up the market for AMOLED equipment and been recognized by major customers, and the company optimizes design to control costs, the company's gross profit margin will recover quarter by quarter from the fourth quarter of this year.
2. The increase of the rate of sales expenses due to the increase of after-sales service and the increase of sales expenses during the period of waiting for the qualification reevaluation of high-tech enterprises. 1) the administrative fee of 26.14 million yuan increased by 6.2% compared with the same period last year. 2) the sales fee increased by 41.9% year-on-year, mainly due to the increase in after-sales service fees. The company has sent the target AMOLED equipment to customers since mid-19, and some of it has been checked and accepted, and the cost of commissioning and installation has increased. 3) the R & D cost of 42.53 million yuan decreased 6.66% compared with the same period last year. 4) the financial cost of 7.62 million yuan decreased by 17.44% year-on-year.
The net profit of 20H1 home is 49.43 million, down 12.54% from the same period last year. The decline in net profit is mainly due to the review of the qualification of national high-tech enterprises. If the income tax is 12.75 million yuan, which is 62.13% higher than the same period last year, if the income tax is reduced by 700-8 million yuan in order to complete the identification of high-tech enterprises, the net profit will be about the same as the same period last year. The sales rebate decreased, and the cash flow of operating activities was 24.73 million.
3. AMOLED equipment entering the centralized bidding period is set to increase the investment in Daxin business to strongly recommend that AMOLED is the incremental investment of panel manufacturers. Liande successfully seized the opportunity to become a mainstream supplier in 19 years, and Q4 demand concentrated release volume and price increased; in addition, the company plans to raise an additional 800 million into automotive electronics, large-size TV modules, semiconductor closed testing projects. Liande is already a supplier in mainland Germany, and large-size modules have more than 100 million orders, which is bound to increase the reserve capacity of large input, which can contribute to the growth point in the future. It is expected that the annual return net profit will increase slightly by 90 million, which is the low point in recent years. With the Q4 panel enterprise bidding start-up Liande competitiveness highlighted, the new business can contribute to the increment. It is expected that the 21-year net profit will increase by 69% corresponding to 29 times, up to highly recommended!
4. Risk hint: competition intensifies and technological renewal is accelerated.
