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帶量採購利空下關注龍頭抄底機會;精密製造龍頭,新產能18年下半年投產
格隆匯 12-10 16:33

早在20181211日格隆匯會員專區研報掘金板塊有覆蓋過這隻股票,至今漲幅高達216%!不知道的你當時下手了沒?

歷時短短一年,依靠其強大新產業吸引力,我們統計了從文章發佈當時至今的漲跌幅情況,區間漲跌幅已經漲到216個點,其中區間收盤最大漲幅高達269%,

可以説當時入手的朋友已經成功搭上風口的順風車了,還是時速200碼的那種!!根據以往的習慣,接下來我們就來看看當時的它是怎樣一個情況吧:

1) 營收增速下滑但高增速態勢不變,業績不受智能手機疲軟影響,搞研發投入佔比7.8%

公司秉持“老客户、新產品;老產品、新客户、新市場”的發展理念,着力於新產品,新客户及新市場的不斷開拓,實現了營業收入及淨利潤持續穩定的增長,

2010-2017年間,公司營業收入從10.11億元增長至228.26億元,年複合增長率56.09%,淨利潤從1.16億元增長至16.91億元,年複合增長率46.63%。

2018年前三季度,即使在智能手機出貨量增長停滯且iPhone處於淡季的情況下,公司營業收入和淨利潤仍較去年同期有所增長,但由於需要投入大量資金為下半

年的新品進行研發及產線建設,僅上半年的研發投入便高達9.33億元,同比增長67%,佔營業收入比重達到7.8%,這也導致了公司淨利潤增速不及營業收入

增速,第三季度,隨着無線充電、馬達、LCP天線等新產品逐漸放量,公司毛利率和淨利率已有所回升。

2) 併購切入行業及產業鏈,成為蘋果及一線汽車廠商供應商

立足連接器,持續進行產業鏈縱向整合和橫向拓展。2011年收購崑山聯滔,切入蘋果連接器供應鏈;2013年收購德國SuK,佈局汽車電子,切入寶馬,奔馳

等一線汽車廠商供應鏈;2015年增持台灣宣德股份並且增資東莞訊滔,提前卡位TypeC連接器賽道。

通過2016年控股蘇州美特和2017年控股上海美律和惠州美律,切入聲學領域及蘋果聲學供應鏈,並最終成為AirPods代工企業;憑藉自身強大的精密模組製備

能力及技術儲備,成為蘋果無線充電模組,馬達及LCP天線供應商。同時公司通過收購光寶攝像頭模組事業部補足光學模塊,收購珠海雙贏切入FPC領域

3) 憑藉經驗和技術優勢,細分行業卡位明顯,Type-C及無線充電器領先同行

4) 一體化產品推出突顯精密製造能力,AirPods訂單份額逐漸提高增厚公司業績

5) 新能源汽車及新產業的發展推動精密製造業市場擴充

想要查看更多文章內容,歡迎加入格隆匯會員大家庭,我們在格隆匯APP—會員專區—研報掘金板塊等你來!

格隆匯會員專欄由資本市場中的豐富經驗的研究員精心打造,重點覆蓋A股、美股、港股三大市場,深度挖掘醫藥醫療保健行業、新能源汽車產業鏈、半

導體行業、人工智能產業鏈、愛奇藝、嗶哩嗶哩等精神文化娛樂產業鏈中的中長期投資價值。

快來加入格隆匯會員吧!

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