Shennan Circuit (002916) Company Review: Optimized Product Structure, High-end Growth in Profit Side

Shennan Circuit (002916) Company Review: Optimized Product Structure, High-end Growth in Profit Side

Shennan Circuit Announces 19Q3 Quarterly 武汉夜生活网 Report: A single 19Q3 quarterly report, achieving revenue of 28.

670,000 yuan, an increase of 36 in ten years.

69%, an increase of 9 from the previous month.

05%; net profit attributable to mother 3.

9.6 billion, an increase of 105 in ten years.

81%, an increase of 39.

44%; from the beginning of the year, Shennan Circuit has achieved a total revenue of 76.

58 ppm, an increase of 43 in ten years.

48%; net profit attributable to mother 8.

67 ppm, an 83-year increase.


Both gross profit margin and net profit margin have been boosted, and the prosperity of the PCB industry has continued, leading the first to benefit from this.

The average value of Shennan’s 19Q3 gross profit margin and net profit margin has been significantly improved compared to 19Q2. We believe that the increase is mainly due to changes brought about by the optimization of product structure. This also illustrates the continued prosperity of the PCB industry.With limited production capacity, South Circuit has enough ability to select orders and increase the added value of its own products.

At the same time, the prosperity can also help the company to maximize the stability of production capacity, high production rate forecast, automated production and large-scale production industry can also contribute positively, directly helping the company to reduce the fixed allocation under unit replacement.

Judging from the company’s management costs, the company’s management costs in 19Q2 were 1.

59 trillion, 1 anti-inheritance in 19Q3.

29 trillion, a drop of about 20%.

The second phase of the Nantong plant was newly built, with a steady increase in production capacity and an increase in growth base.

The total revenue of Q1-Q3 companies in 2019 was as high as 76.

USD 5.8 billion, a year-on-year growth of about 43%. According to the company’s announcement, the growth of receivables mainly comes from the strong growth of various business orders and the new revenue increase contributed by the first phase of the Nantong plant.

Currently, the company’s second-stage factory in Nantong, which is under construction, connects its products to 5G communications, and uses general high-frequency high-speed boards. The average number of layers will be 16 or higher.

We believe that the high positioning of the second phase of Nantong will bring greater revenue and performance flexibility to the company. At the same time, the company has already been the second phase of the product certification of its customers.It will continue to exceed expectations, and we expect to advance to 20Q1.

The new circuit of the IC carrier board continues to pay attention to the future.

From the perspective of the new track, the company’s forward-looking layout of the IC carrier board (Wuxi).

It is believed that with the continuous recovery of downstream semiconductor demand and the replacement of various electronic products, the demand for semiconductor materials will intensify, and the lack of localized materials will also bloom.

Risk Warning: Downstream demand is less than expected.


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