Wingtech (600745) Company In-depth Research Report: ODM Business Elasticity Reveals M & A and Bright Future

Wingtech (600745) Company In-depth Research Report: ODM Business Elasticity Reveals M & A and Bright Future
The successful development of new ODM customers has demonstrated the company’s performance flexibility.The company is a leader in the smart phone ODM industry. After opening new customers in 2018, the company continues to grow with the expansion of new customers (especially the two subdivisions of complete machine manufacturing and material procurement), and the 5G replacement cycle is turned on to start the overall prosperity of the industryThe positive is expected to show sustained and rapid performance growth in the future.In addition to smart phones, the company develops other smart hardware products such as tablets, laptops, and VR, and gradually promotes the expansion of its business scope from intelligent hardware ODM to the flood of IoT communication module fields. It continues to expand and expand, and only expands its long-term growth. The merger and acquisition of Anshi smoothly progressed, and the prospects of power semiconductor leaders are bright.The company’s acquisition of Anshi Group is progressing smoothly.AXA Group is the world’s leading supplier of semiconductor standard devices. It is in the top three in the industry in the field of discrete devices, logic devices and MOSFET devices, and its downstream is mainly for automobiles.After Anshi Group was acquired by Chinese capital and operated independently, the performance growth rate in the past two years has increased significantly.Looking into the future, Ace Group expects to make up for the shortcomings in the standard device field, expand the market in the domestic market 苏州桑拿网 under the current domestic substitution background, and continue to increase the demand for semiconductors with automotive electronics. The long-term development prospects are very clear.After the completion of the acquisition, Wingtech and Anshi Group expect that the shared resources will promote each other, and the synergy will be significant. Earnings forecasts and investment advice.What do we expect in 2019?In 21 years, Wingtech’s net profit attributable to mothers was 8 respectively.11,15.01, 23.8.3 billion, the net profit of Anshi Group was 14 respectively.41, 16.20, 21.8 billion.With reference to comparable companies, the average PE for 2020 is 41 times, and consider the merger of the company with Ace Group (79.98% consolidation ratio) of 2020?21-year net profit compound growth rate is 44.9%, with the company preparing for EPS 2 in 2020.45 yuan / share as the benchmark, giving the company 40 times PE, with a reasonable value of 98.00 yuan / share, given a “buy” rating. risk warning.The company’s acquisition of Anshi Group has not been completed, and there are risks such as uncertainty.