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宜安科技(300328)中报点评:发展消费电子产品战略成效显著

國元證券 ·  Aug 20, 2015 00:00  · Researches

Event: The company released its semi-annual report. In the first half of 2015, the company achieved operating income of 261.4694 million yuan, an increase of 34.47% over the same period last year; realized net profit of 20.384 million yuan, an increase of 55.07% over the same period last year. Achieved earnings of 0.0911 yuan per share. Conclusion: In the first half of 2015, the company continued to promote the development strategy of consumer electronics products, and the application rate of precision magnesium-aluminum alloy ultra-thin die castings in consumer electronics products increased rapidly. The company has leading R&D and production technology for ultra-thin magnesium-aluminum alloy precision die castings, and has strong strength in the field of magnesium-aluminum alloy auto parts. The company has mastered industry-leading core technology in the field of liquid metals, and the industrialization of its biodegradable magnesium alloy products is also being actively promoted. The company's earnings per share for 15-17 are expected to be 0.29 yuan, 0.41 yuan, and 0.54 yuan, respectively. Give an increase in holdings rating. Text: Actively developing the consumer electronics sector has shown results. In the first half of 2015, with the rapid development of the global consumer electronics market and the shift of the consumer electronics manufacturing industry to China, the company focused on customer needs and market changes, took product technology and quality as the lifeline, continued to promote the development strategy of consumer electronics products, actively explore new customers in the consumer electronics field, and increase R&D and innovation in consumer electronics-related technologies. With breakthroughs in bottlenecks such as technology and cost and increased market recognition, the application rate of the company's precision magnesium-aluminum alloy ultra-thin die castings in consumer electronics products increased rapidly. By the end of the reporting period, the company had established cooperative relationships with many well-known domestic and foreign customers such as Huawei, Samsung, Wistron, Heshuo, and Xiaomi. The company has strong strength in the field of magnesium-aluminum alloy auto parts. The company has leading R&D and production technology for ultra-thin magnesium-aluminum alloy precision die castings, has accumulated rich experience in the development and management of magnesium-aluminum alloy auto parts products, and has strong lean production capacity and complete industrial chain advantages. Benefiting from the weight reduction of automobiles driven by demand for magnesium alloy die-casting, the company closely follows the R&D direction of world-renowned brand automobile manufacturers, increases R&D investment, enhances simultaneous development capabilities with mainframes and automakers, integrates customer resources and service teams, and continuously expands well-known customers in the auto parts industry at home and abroad while consolidating existing customer base and market share. Currently, the company is cooperating with internationally renowned customers such as TKP, Tesla, HBA, TRW, AWE, and Alpine. The company's research project “Major Projects in Dongguan - Key Technology Research and Application for Integrated Development of Pure Electric Vehicles” entered the application stage in 2013. The project is to study the design and optimization of magnesium alloy structural parts; the composition and melting process of low-cost, high-performance magnesium alloy; and the development of high-performance magnesium alloy electric vehicle components. In 2013, the company obtained an authorized patent for magnesium alloy car doors. Industry leader in the field of liquid metals. The company began developing liquid metal in 2010, and now has advanced new material production technology, mature production technology and a complete industrial chain. It has mastered industry-leading core technology in the field of liquid metal, and is one of the very few suppliers in the industry that have achieved commercial use of liquid metal products in the consumer electronics field, creating a high technical barrier. As one of the earliest companies in the industry to carry out liquid metal research and development, the company's liquid metal production technology is not only becoming more mature in molding small products, but it also has the production capacity for large molded products. Research on the preparation of massive amorphous materials and composites at the Institute of Metals of the Chinese Academy of Sciences represents the highest level in the world. The company has established a close equity relationship with it, which is conducive to joint in-depth research on key technologies for the preparation and molding of new materials, grasping the core technology of materials, processes and related equipment preparation, and occupying the high ground of the liquid metal industry. The industrialization of biodegradable magnesium alloy products is also being actively promoted. As an enterprise with core competitiveness in the field of biomedical materials, the company has been promoting the process of industrial transformation with its innovative power. As a pioneer leading industry standard setting, clinical practice and industrialization in China, the company uses academician workstations as strong technical support, and uses the country's first medical magnesium alloy industry technology innovation strategic alliance to promote the technological innovation, R&D and application process of a series of degradable magnesium alloy orthopedic implants, and is committed to building a medical magnesium alloy industry chain covering the whole country. Currently, the “biodegradable magnesium internal bone fixing screw” product applied for by the company has passed the special approval application for innovative medical devices, and is undergoing registration type testing at the China Institute of Food and Drug Control. The company's earnings per share for 15-17 are expected to be 0.29 yuan, 0.41 yuan, and 0.54 yuan, respectively. Give an increase in holdings rating.

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