Fire Communication (600498): Performance in line with expectations
Highlights of the report Event description On the evening of April 26, Fiberhome Communications released its 2018 annual report and achieved revenue of 242 in 2018.
35 ppm, an increase of 15 in ten years.
1%; net profit attributable to mother 8.
44 ppm, a 10-year increase2.
Incident Review The international market has further improved, and the flames of the sky have illuminated the future of the safe market: Affected by the expansion of internal operator capital and intensified competition in the industry, the company’s internal market achieved revenue of 176.
880,000 yuan, the domestic market revenue growth rate replaced to 13.
88%, domestic gross profit margin is 0.
8pct to 21.
62%; Benefiting from the company’s internationalization strategy, the company’s overseas revenue reached 62.
73 ppm, an increase of 19 years.
56%, overseas revenue accounted for 25.
88%, overseas gross margin increased by 0.
03pct to 27.
85%, the international market is further improved.
In addition, due to the impact of changes in downstream client organization reforms, market competition has expanded the expected performance of FiberHome. From a gradual perspective, Fiberhome has achieved net profit.
02%, an annual growth rate of 26%, and gradually realize the development of business in the security market, performance has eliminated market share, and the domestic security market leader is stable.
Foreign exchange loss affects performance, inventory turnover rate improves and reduces space: Affected by exchange rate changes, the company’s exchange loss in 18 years was about 85.05 million yuan, and the exchange gain in 17 years was about 5.48 million yuan. The company’s 18-year financial expenses increased by 85.
08%, affecting performance.
Benefiting from continued revenue growth, the company’s sales expense ratio decreased by zero.
09pct, the management expense ratio (including R & D expense ratio) increased by 0.
16pct, the overall rate remains stable.
Among them, research and development costs increased by 17.
81%, or because the company increased its 5G R & D promotion.
In addition, the company has continuously strengthened its stock management, and the company’s inventory in 18 decreased by 8 compared with 17 years.
52%, compared with 都市夜网 friends, the company has room for improvement in the future in terms of improved inventory turnover and the issue of product confirmations.
The construction of 5G commercial transmission network will be first, and the 5G transmission tender will be launched soon: Technical level: 5G speed will be more than 10 times that of 4G, which will bring great expansion requirements for mobile backhaul networks and transmission networks, so operators are deploying 5G On the eve, the transport network must be deployed in advance.
Commercial use: At present, there is an unprecedented enthusiasm for 5G construction inside and outside the industry. Many provinces and cities are scrambling to plan for 5G layout, and some cities have started to build 5G on a large scale.
However, the 5G base stations that have already been built are truly 佛山桑拿网 commercial, and they still need to wait for the 5G transmission equipment to be in place.
5G transmission network bidding is about to begin, and Beacon is expected to take the lead as a domestic leader in optical communications.
Investment suggestion: Transform into 5G construction and accelerate the overall development of transmission network investment. The industry is booming. The company is expected to make breakthroughs in the next two years.
We expect the company to have a net profit of 10-21 in 19-21.
09 billion, 12.
6.1 billion, 16.
3.9 billion, 19-21 year performance growth rate of 20%, 25%, 30%, corresponding to PE is 35 times, 28 times, 22 times, key recommendations, maintain the “Buy” rating.
Risk Warning: 1.
5G commercial use is less than expected; 2.
The construction of 5G transmission network was less than expected.