Shentianma A (000050): Fast-growing revenue, bad debt impairment, accrual of small and medium size finished products

Shentianma A (000050): Fast-growing revenue, bad debt impairment, accrual of small and medium size finished products

Key investment points: LTPS in the small and medium size and automotive markets, revenue growth: the company’s combined revenue of 28.9 billion, an increase of 21%, in terms of consumer electronics, Xiamen Tianma ranked fifth.

The 5th and 6th generation LTPS production lines have maintained full production and sales, and have consistently maintained the number one position in the world.

In the professional display market, the company’s automotive TFT expansion volume is growing rapidly every year, with the world’s third largest share in China, and the instrument display second in the world.

The cash flow improved, 上海夜网论坛 the bad debts were impaired, and the finished products were loaded lightly: at the end of 18 years, the company’s receivable Jin Ming and Jinzhuo Savings totaled.

100 million, accrued 2 in 17 years.

500 million, accrued 4 in 18 years.

600 million, has an impact on net profit. If this factor is eliminated, at least it will maintain rapid growth.

The company has continuously strengthened the management of customer receivables for 18 years, ending Q4 accounts receivable63.

4 billion, 71 more than Q3.

600 million reduction, Q4 net operating cash flow13.

200 million, continued to improve.

As panel prices stabilize in the future, we judge the company’s profitability to improve.

Full screen continuous upgrade + OLED penetration rate increase, future growth kinetic energy redundancy: The company is leading in the field of full screen layout, with gaps, water droplets, and digging holes in each other’s mature solutions, which continue to maintain a large amount of growth in the industry.

At the same time, through the release of production capacity and cost improvements, the OLED penetration rate has increased rapidly, the company Shanghai5.

The 5th generation line has been expanded to 30K / M, and the 6th generation line in Wuhan has also been replaced by mass production. The future growth momentum is very sufficient.

Profit forecast and investment grade: Net profit is expected to be 15 in 19-21.

6, 19.

3, 24.

20,000 yuan, achieving EPS 0.

76, 0.

94, 1.

18 yuan, corresponding to 22 for PE.

4, 18.

1, 14.

4 times, based on the company’s fast performance growth forecast, it is estimated that in 19 years, it is necessary to further improve the space and maintain the “Buy” rating!

Risk 杭州夜网 warning: Notch screen penetration is lower than expected; panel prices continue to decrease.