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Joyson Electronics (600699): Steady growth and orderly integration of automotive safety

Joyson Electronics (600699): Steady growth and orderly integration of automotive safety

Event: On October 28, 2019, the company announced 四川逍遥网 the third quarter report of 2019, with revenue of 458 in the first three quarters.

0.6 million yuan, an increase of 16 in ten years.

2%, net profit attributable to mother 7.

20,000 yuan, an average of 33 in ten years.

6%, deducting non-net profit 8.

14 ppm, an increase of 15 in ten years.

66%.

Comments: Revenue growth is stable, and the company’s customer distribution has dispersed the risks brought by the segmentation of the Chinese automotive market.

The automotive safety business, which accounts for a major part of the company’s revenue structure, has customers evenly distributed in four regions in China, North America, Europe, and Asia outside of China.

Continue to promote Joyson’s security integration, establish a global procurement system, optimize supply chain management and personnel structure, and improve production capacity utilization from multiple perspectives.

The gross profit margin of the automotive safety system business was slightly affected by the fluctuations in the global automotive market and GM’s North American strike. The end of the general strike and the recovery of the global automotive market. It is expected that the gross margin of the safety business will also rise again in the fourth quarter.

R & D in key forward-looking areas. On the basis of obtaining mass production orders for 5G-based V2X products, we will strengthen product development in related fields and obtain more orders.

The company will also continue to pay attention to the implementation of relevant policies for the spin-off of listed companies’ business and provide further support and assistance for the development of innovative businesses.

We comprehensively consider the development of the company, and it is estimated that the net profit in 2019, 2020 and 2021 will be 12 respectively.

900 million, 15.

8.7 billion, 16.

800 million, corresponding to an estimated 15.

8X, 12.

86X, 12.

13 times.

Give the company a “Recommended” rating.

Risk warning: The growth of the automotive electronics business is less than expected, and the company’s automotive safety business integration is less than expected.