Shennan Circuits Co.Ltd(002916) ( Shennan Circuits Co.Ltd(002916) )
Shennan circuits’ announced 1q22 results. Revenu / np brut 21,7% / 42,9% YOY, lecture rmb3316mn / rmb348mn. 1q22 ‘s results were largely in line without Forecasts, with Positive Margin surenterprise. Looking Forward, we remain cautiousdue to high macro Environment and Recent Resurgence of covid cases in China. Although the Later has limited impact on shennan’s production, the demanduncertainty remains as Supply Chain distribution is expected to last longer. Maintainhold, adjusted TP to rmb102.
1q22 résultats en ligne avec marge de position sur l’entreprise. 1q22 ‘s revenues were largely in line with our Forecast, Accounting for 20.1% of our fy21 estimation (vs. 19.5% for 1q21). Gpm was 26.8%, 4.3% higher than 4q21, mainly due to 1) favorable Product Mix, 2) Recovery gpm for PCBA, 3) Improving Operational Efficiency as new Nantong Factory Raping upproduction and 4) product / Customer Structure Optimization for PCB and substrate Business.
Le dernier verrouillage partiel a une incidence limitée sur la production, mais demande des rappels de non – certification. Resurgent covid cases in China has limited impact Production as some Factories are currently under Closed Loop System Management. However, The Impact on Demand and Supply Chain is expected to last longer. Nous aimerions que le Datacenter / auto – Demand soit fort cette année, mais il est partiellement désactivé par le raccourci proposé de la puce. Pour le marché du téléphone, demandez des renforts au mode. L’enregistrement des derniers fillings de Telco, ~ 670k 5gbase stations (including 28k 700mhz) sera ajouté en 2022 (vs. 650k / 640K in 2021 / 2020). Le CAPEX global sera plat en 2022; However, 5G – related Spending will be Lower and Detailed Timeline of deployment is unclear.
Maintain Hold, with New TP of rmb102. Nous attendons la reprise de fy22 à grow18. YOY, soutenu par la nouvelle capacité publiée cette année et forte demande pour Datacenter / auto / Substrate. However, Uncertainty will remain Longer – than expected as Supply Chain disruption persists. We trimmed Target P / e multiple to 26.2x fy22e P / E, avg. 2 – year Historical Forward P / E, (vs. prior 30X), and reduced TP to rmb102. Mise à jour du contenu: 1) sooner than expected East of Chip short, 2) stronger recovery in Consumer demand, 3) Material costand Logistic overhang removed.
