Xingsen Technology (002436) 2018 Annual Report Review: IC Carrier Board Gradually Improves Profitability

The company’s 18-year revenue increased by 6%, and net profit attributable to mothers increased by 30%, in line with market expectations of 18-year revenue of 34.

73 ppm, a five-year increase of 5.

80%; net profit attributable to mother 2.

15 ppm, an increase of 30 in ten years.


Q4 revenue 8.

69 ppm, a ten-year increase of 7.

93%, down 4 from the previous month.

72%, net profit attributable to mother 0.

380,000 yuan, an increase of 544 in ten years.

54%, down 51.


The company’s 18-year revenue and net profit have exceeded steady growth, mainly due to the company’s key projects on track.

The single Q4 net profit has almost no substantial increase, mainly due to the decrease in the base in 17 years, but a decrease from the previous quarter, mainly due to the company’s impact on the factors, and the financial expense ratio increased due to exchange rate reasons4.

71pct, as well as the year-end accrual of expense expenses, management expenses, and sales expense supplements have increased, resulting in a Q4 net profit margin of -4.


The IC package substrate project performed well, with major subsidiaries operating well1, and PCB revenues26.

32 ppm, a ten-year increase4.

19%; gross profit margin 30.

07%, slightly pitch 0.

93pct, the overall performance of the PCB business is stable.

Among them, Guangzhou factory Xingsen Express revenue 18.

1.9 billion, + 18% a year, net profit 1.

6.3 billion, previously + 116%, showing more outstanding operating conditions.

Sales revenue of Fineline 11.

0.6 million yuan, ten years + 0.

17%, net profit is 0.

730,000 yuan, at least -22.

49%, the decline was mainly due to the impact of Sino-US trade friction, and the weakness of overseas markets.

Revenue of the subsidiary Yixing Silicon Valley 3.

89 trillion, +3 for ten years.

20%, small error of 0.

At 09 ppm, its operating conditions in the second quarter improved significantly and remained stable; the British subsidiary EXCEPTION’s 杭州夜网论坛 operations improved significantly.

2. The company’s IC semiconductor business increased rapidly with revenue 5.

7.4 billion, previously + 17%, gross margin of 15.

75%, ten years +2.

66 points.

Among them, the IC package substrate business performed well and achieved revenue2.3.6 billion, previously + 64%.

The company’s storage products account for more than 70% of the volume, and its production capacity has reached full production capacity. By September 2018, it has passed Samsung certification and became Samsung’s sole domestic supplier in the mainland. The transformation of Samsung’s demand and the introduction of the company’s IC substrate capacityExpand production capacity to 1.

800,000 square meters / month, profitability is expected to increase again.

With an “overweight” rating, we expect to gradually implement the Yixing factory and IC carrier board business. The company’s net profit and profitability will significantly improve, and its performance is expected to usher in an upward turning point.

We expect the company’s 2019-2020 net profit of 297/370 million yuan, EPS 0.


25 yuan, corresponding PE is 29 / 23X, given the “overweight” rating.

risk warning.

The prosperity of the PCB industry was less than expected, and the company’s business improvement exceeded expectations.

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