Suntec Technology (002815) Annual Report 2018 Review: Steady Increase in Profitability and Progress of 5G Customers

Suntec Technology (002815) Annual Report 2018 Review: Steady Increase in Profitability and Progress of 5G Customers

18-year revenue growth of 17.

82%, net profit increased by 27%, slightly exceeding the expected 18-year revenue of 36.

56 trillion, ten years +17.

82%, net profit attributable to mother 5.

610,000 yuan, +26 for ten years.


Of which Q4 revenue was 8.

84 ‰, an increase of 9 in ten years.

49%, down 7 from the previous month.

63%, net profit 1.

28 ppm, a ten-year increase of 7.

40%, down 15% from the previous month.


The company’s consolidated revenue and net profit maintained steady growth. The decline in Q4 revenue was mainly due to factors, while the net profit rate was restructured. The company’s total 杭州夜生活网 expense ratio improved due to the year-end accrual of expenses and exchange loss gains.Interest rate 33.

27%, +0.

16 pct, but net interest rate is 14.

43% MoM.

5 pct.

  The business lines are progressing well, and the high-frequency and high-speed boards are growing at a significant rate. Actively expanding 5G customers, the product line has been continuously enriched and improved for 18 years. The company ‘s mid-volume orders (above 20 square meters) accounted for 70% of the sales area.70% of the new orders are medium and large batch orders.

At the same time, the company’s various HDI, rigid-flex board, high-frequency high-end board, and flexible circuit board business have all made positive progress. Among them, high-frequency high-speed high-rise boards, rigid-flex board have a growth rate of more than 50%, and the growth trend is good.

And the company actively expands 5G customers. At present, the main cooperative customers are Fiberhome, Putian, CommScope, Calix, SIAE MICROELET-TRONICA, etc., and it has also recently released strategic customers such as Rosenberg, Qualcomm, Broadcom, and Xuchuang Technology.

  The company’s future production capacity will be released in an orderly manner, and its operating objectives will remain unchanged. The company’s fixed assets have continued to increase since the third quarter of 2018, and have increased at the beginning of the year.

8 billion, mainly for the continuous throughput of Jiangmen Phase II, although production capacity shifted slightly due to order introduction and yield.

According to the current research information, the company has better orders in hand and is confident to complete its annual overall business goals.

The company started budgeting to start the civil construction of the Zhuhai project. According to the plan, Zhuhai Chongda will be divided into 3 phases, totaling 400 acres, and the target production capacity will be 6.4 million square meters.

At the same time, the company’s Shenzhen, Dalian, Jiangmen No. 1 Plant and other old production capacity increased production capacity through core equipment transformation.
10% / year, the company’s 19-year overall capacity target capacity growth of about 20%?

  The major shareholders announced an initial plan to increase their holdings, demonstrating their confidence in development, and given a “buy” rating to the company’s 18-year per capita revenue / per capita net profit interval of 14% / 22% and ROE of 21%.

Equity incentives were completed in 18 years, and the growth target for 19 years was not less than 69% compared to 17 years before the 100% restricted shares were unlocked. At the same time, major shareholders announced an initial increase in shareholding plans, demonstrating their determination to develop the company.

The company is expected to achieve net profit for 2019-20207.


21 ppm, year-on-year growth rate of 30% / 26%, corresponding to 19 years of PE20X, given a “buy” rating.

  Risks suggest that the PCB industry is weaker than expected


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