Broadcom Integration (603068): ETC’s Pull Effect Begins to Demonstrate Rich Product Reserves in the Wireless Communications Field to Provide Continuous Growth Momentum

Broadcom Integration (603068): ETC’s Pull Effect Begins to Demonstrate Rich Product Reserves in the Wireless Communications Field to Provide Continuous Growth Momentum

Announcement: The company released the semi-annual report for 2019, with an operating income of 30,000 yuan, an annual increase of 23.

79%, net profit attributable to mother 0.

55 ppm, a ten-year increase4.

twenty two%.

Q2 earns 1.

740,000 yuan, an increase of 39 in ten years.

77%, net profit attributable to mother 0.

39 ppm, a 杭州桑拿网 ten-year increase4.

05%.

At the same time, the company forecasts that net profit attributable to mothers will increase significantly in the first three quarters.

Benefit from the improvement of ETC, and rapid revenue growth.

The company developed the first fully integrated chip applicable to the national standard of ETC, which is in a leading position in the industry. In the first half of the year, the Ministry of Communications issued a notice to promote the development of ETC, which required an increase in the level of ETC installation, driving the company’s ETC chip demand, and Q2 revenue1.

740,000 yuan, an increase of 39 in ten years.

77%, except for ETC chips, the company’s other wireless data transmission chips and wireless audio chips continued to grow steadily.

The rate control is good, and the scale 深圳桑拿网 effect of ETC volume is expected to continue to appear in the second half of the year.

The company’s gross profit margin in the first half of the year was 34.

82%, of which Q2 single quarter was 34.

92%, Q1 remained basically stable.

In terms of expenses, the total sales, management, and R & D expenses in the first half of the year were total.

5%, improvement of 3 per year.

38 shares per share, financial expenses increase by 0 every year.

83 averages. Through the volume of ETC chips in the second half of the year, we judge that the scale effect will continue to appear.

The decrease in net cash flow from operating activities was mainly due to the increase in inventory production and purchase. The company’s inventory at the end of the first half of the year2.

32 trillion, an increase of 0 from the beginning.

700 million US dollars, mainly from raw materials and consigned processing materials projects, we judge that it is for the preparation of ETC chips in the second half of the year.

In the second half of the year, the ETC chip’s heavy-volume performance met the outbreak. It has long been optimistic about the rich product reserves in the wireless communications field to provide continuous growth momentum.

The company expects that the promotion of ETC by the policy will increase, and net profit attributable to mothers will increase in the first three quarters. At the same time, the company relies on ETC chips to expand the development of application areas such as path recognition, anti-congestion and parking lot management, focusing on the field of intelligent transportation.Further breakthroughs.

In addition, the company is deeply involved in the field of wireless communications, has a rich product line, and has developed in low-power circuit design. The low-power Bluetooth audio chip of TWS headsets and WiFi + Bluetooth integrated chips are progressing smoothly. It is expected to increase volume in the future and provide continuous growth momentum.
The company is expected to have a net profit of 4 in 19-21.

2, 5.

4, 6.

500 million US dollars, equivalent to the current budget (closed on August 27, 2019) PE is 32.

6 times, 25.

4 times, 21.

1x, maintain “prudent increase” rating!

Risk warning: ETC promotion is less than expected; wearable device boom declines; Bluetooth product prices rise sharply.

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