Tianao Electronics (002935) 2018 Annual Report and 2019 First Quarterly Report Comment: Steady Performance Growth and Downstream Demand Potential

Tianao Electronics (002935) 2018 Annual Report and 2019 First Quarterly Report Comment: Steady Performance Growth and Downstream Demand Potential

2018 Annual Report: Revenue 8.

6.4 billion, an annual increase of 5.

35%; net profit attributable to mother is 97.08 million yuan, an annual increase of 4.

93%.

The profit distribution plan is: 1.

07 billion shares are the base number, and a cash dividend of 2 for every 10 shares is distributed to all shareholders.

50 yuan (including tax), the capital reserve will be transferred 南京桑拿网 to all shareholders for every 10 shares of 5 shares.

2019 first quarter report: revenue of 40.85 million yuan, an annual increase of 23.

29%; net profit attributable to mother-in-law is 14.94 million yuan, a decrease of 1.58 million yuan.

The first share was awarded by the state, with outstanding technical strength and great growth potential.

The company is one of the domestic military time-frequency product R & D and production enterprises with strong comprehensive strength, complete product range and advanced technology.Huawei’s main supplier of 铷 atomic clocks.

Currently, a national time-frequency system is being established and improved independently. The downstream industry of time-frequency products maintains a continuously growing demand.

As the only listing platform of the ten China Electronics Technology 青岛夜网 Corporation, future asset injections are expected.

According to the company’s prospectus, the total assets of the ten companies in 2017 were 87.

6.5 billion, net assets 44.

8.7 billion, achieving a net profit of 6.

1.6 billion.

In 2017, the net profit of listed companies was only 92.52 million yuan. The profit volume of the ten companies was significantly larger than that of listed companies. If asset injection in the future will greatly increase the performance of listed companies.

Earnings forecasts and investment advice.

According to the latest annual report, we predict that the company will realize net profit attributable to mothers in 2019-2021.

14/1.

37/1.

66 ppm, corresponding to the closing price of PE on April 24 is 49/41/33 times, the first coverage, given a “careful increase” rating.

Risk warning: market demand is released less than expected; investment and investment projects are put into operation slowly.