CNC machining wide range of applications

Key point

Report results to achieve high growth: in 2015 the company’s revenue, net income and net operating cash flow was 39,4.5 and 8.8 billion yuan, an increase of 68%, 55% and 2800%. The company expects first quarter net profit of about 1.3 to 1.5 billion yuan, an increase of 40-60%. CNC metal cell phone cases of high volume growth is the main reason.

Automation and the new structure is a new bright spot: the company is to develop industrial automation, automation team of more than 400 people, more than 500 robots start to work. The current production line is mainly used for internal, external sales follow-up will be expanded to bring new revenue growth. Heavy duty connector company recently passed the China Railway URCC certification will open rail high-profit market. The company also has achieved volume production structure global auto giants. l CNC machining risk of excess capacity does not exist: Some investors worried about the impact of mobile phone cases material changes to the company CNC brings business, we believe, CNC machining capacity will be most widely used in the processing of housing material, the company will continue with to growth point, there is no overcapacity. Financial forecasts and investment advice

Early repurchase of company shares average price of about 30.6 yuan, higher than the current share price. The company is 52% and 38% respectively over the past five years, revenue and net profit compound annual growth in the mobile phone shielding member, the connector housing areas of success and proved the company’s high-quality properties. In the performance of the company sustained high growth in the context of the current stock price is low, is a fluctuating market environment, a good hedge varieties.

We forecast the company 2016–2018 earnings per share were 1.12,1.59 and 2.13 yuan (original forecast 1.22,1.65,2.12), according to comparable companies, we give the company 35 times 2016 P / E valuation, the corresponding target price 39.2 yuan, maintain buy rating.

risk warning

The main customer-related product sales not up to expectations.


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