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Guangxun Technology (002281): rapid growth in revenue end R & D investment continues to increase

Guangxun Technology (002281): rapid growth in revenue end R & D investment continues to increase

Brief evaluation of performance The company released the third quarter report of 2019, reporting and realizing operating income38.

96 ppm, a ten-year increase6.

46%; net profit attributable to mother 2.

660,000 yuan, an increase of 0 in ten years.

87%.

Business analysis Q3 revenue achieved rapid growth and gross profit margin remained stable.

In Q3 2019, the company achieved revenue of 14.

17 ppm, an increase of 15 in ten years.

74%, an increase of 12 from the previous month.

46%, rapid growth in income.

As the telecommunications and datacom market products are upgraded to a high rate, the gross profit margin has continued to improve, and the gross profit margin in the first three quarters was 19.

84%, an increase of 0 from the first half.

41pct, an increase of 1 over the same period last year.

05pct.

Q3 profit declined slightly, affected by the continuous increase in R & D expansion.

The company’s Q3 single unit belongs to the mother’s net profit1.

2.2 billion, down 1 year.

98%, mainly due to the significant increase in R & D expenditure.

Company Q3 R & D expenditure1.

33 ppm, an increase of 27 in ten years.

9%, significantly faster than revenue growth.

The company continued to expand research and development investment in the field of 5G and data center deployment, and continuously enhanced its core competitiveness.

In addition, the company’s sales expense ratio and management expense ratio decreased year by year, showing the company’s good cost management and control capabilities.

Actively deploy 5G and Datacom to accelerate the launch of new products.

The company is actively deploying 5G and datacom fields this year.

In terms of 5G, the company’s optical transceiver modules for fronthaul and mid-backhaul scenarios are used to achieve full coverage of the model and complete the promotion and trial of multi-provider fronthaul solutions.

In the field of data communication, the prototype development of the 400G high-speed optical transceiver module for the data center has been completed. The process capability construction of the 400G 北京桑拿洗浴保健 multimode COB platform has been completed and has small batch delivery capabilities. The single-mode 8-channel COB process platform has also been completed.

In addition, 25G series chips for 5G, data center and other applications have made progress.

The 5G curtain opens, cloud vendors’ capital expansion is picking up, and the company is expected to usher in a new round of high-performance growth.

5G will enter large-scale commercial deployment from 2020 to 2022, and transmission network procurement will be officially launched in the fourth quarter. The company’s transmission business is expected to accelerate its growth.

In the field of data communication, with the recovery of global cloud computing investment and the surge in traffic brought by 5G development, the company’s data communication business is expected to usher in a new round of rapid growth.

Profit adjustment is expected to achieve net profit in 19-21.

55/5.

34/6.

970,000 yuan, corresponding to EPS 0.

52/0.

79/1.

03 yuan, corresponding to the current PE 51/34/26 times, maintain “Buy” rating. Risks prompt that the mass production of 25G chips is postponed; 5G construction is less than expected; the capital expenditure of operators and cloud vendors is less than expected.