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招银国际:给予深南电路持有评级,目标价位102.0元

2022-10-26 00:39:55 802

摘要:招银国际Alex Ng,Lily Yang,Lana Lin近期对深南电路进行研究并发布了研究报告《Corp Day Takeaways: Company’s operation remains normal, little impact ...

招银国际Alex Ng,Lily Yang,Lana Lin近期对深南电路进行研究并发布了研究报告《Corp Day Takeaways: Company’s operation remains normal, little impact from COVID》,本报告对深南电路给出持有评级,认为其目标价位为102.00元,当前股价为93.51元,预期上涨幅度为9.08%。

深南电路(002916)

We hosted an investor call with Shennan during our Technology Corporate Day.There is limited impact from COVID (mainly in logistic) and the Company’soperation is normal. We maintain our outlook and previous forecasts for theCompany. The utilization rate and production ramp up status are in line with ourestimates. Due to limited new capacity added this year, we maintain HOLD rating.TP is RMB102.

PCB: Limited capacity added in 2022. PCB revenue breakdown by marketare 50-60% from Telecom, 13-14% from data center, 10% fromindustrial/healthcare and 5% from auto. Total utilization rate is ~80%.Domestic telecom business remains weak in 1H22, but is expected to haveHoH growth in 2H22, driven by resumed demand for 5G BTS and favorablepolicy on new infrastructure investments. We expect overseas telecombusiness to have higher growth but smaller contribution, and remain neutralon telecom PCB segment. For auto PCB, Nantong phase III factory is rampingthe production, with ~30% utilization rate. Full capacity is expected tocontribute ~RMB1.5bn revenue in late 2023/24E.

Substrate: demand is strong but new capacity to contribute after 2022.Shenzhen and Wuxi phase I factories are expected to contribute RMB1.0bn-1.2bn and RMB1.3bn with full capacity. Wuxi phase II and Guangzhoufactories are planned to begin production by the end of 2022 and 2023. Overallutilization rate for substrate production line is reaching maximum, suggestingcontinuous high demand. We think the full utilization status will maintain in2H22. For memory-used substrate (>30% of segment rev.), there is limitednew capacity added during the past years across the industry. But the demandfor memory is growing, especially driven by data center expansion.

Maintain HOLD, with unchanged TP of RMB102. There is limited impactfrom COVID (mainly in logistic) and the company’s operation is normal. Wemaintain our previous rating and TP of RMB102. Potential upside: 1) soonerthan-expected ease of chip shortage, 2) stronger recovery in consumerdemand and 3) material cost and logistic overhang removed

证券之星数据中心根据近三年发布的研报数据计算,国金证券樊志远研究员团队对该股研究较为深入,近三年预测准确度均值高达84.91%,其预测2022年度归属净利润为盈利27.72亿,根据现价换算的预测PE为11.45。

最新盈利预测明细如下:

该股最近90天内共有10家机构给出评级,买入评级10家;过去90天内机构目标均价为118.55。证券之星估值分析工具显示,深南电路(002916)好公司评级为3.5星,好价格评级为3星,估值综合评级为3星。(评级范围:1 ~ 5星,最高5星)

以上内容由证券之星根据公开信息整理,如有问题请联系我们。

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