Shanghai Electric Power (002463): Long-term performance growth and profitability hit a record high

Shanghai Electric Power (002463): Long-term performance growth and profitability hit a record high

Initial performance growth and profitability hit a record high.

Company revenue in 2018 was 54.

$ 9.7 billion, an increase of 18 per year.

81%; net profit attributable to mother 5.

70 ppm, an increase of 180 in ten years.

29%; the company’s comprehensive gross profit margin is 23.

41%, the overall approved interest rate has returned to the industry-leading level and broke the company’s historical record.

The high growth expectation of the company’s performance is that Huangshi Factory turned losses into profit, Huli Microelectronics still maintained stable growth, and the profitability of Qingye Factory was restored and 厦门夜网 broke through the highest level in history.

The company expects that the net profit attributable to mothers in Q1 2019 will be 1.


70,000 yuan, an increase of 99 in ten years.

48% -142.

22%. Expected operating income and gross profit margin have increased from the same period last year.

  Benefiting from the start of 5G construction, the enterprise communication board business has entered a long-term dividend period.

Corporate Communications Board Revenue in 201834.

85 ppm, an increase of 20 in ten years.

02%; gross profit margin 24.

66%, an annual increase of 7.


5G temporary shooting will be submitted in 2019 to start 5G trial commercial construction. It is expected that the 5G construction cycle will continue for 5-7 years and the number of base stations will reach 1 for 4G.

More than 5 times, the transition from passive antennas to active antennas will form a strong demand for PCB boards.

The company’s enterprise communication products are leading in the industry, integrating Huawei, Ericsson and other well-known customers at home and abroad. 5G products have completed most of the product technology certifications in 2018, and have participated in the construction of multiple 5G test networks around the world.

  Optimize the product structure of automotive panels and expand competitive advantages to ensure growth.

The company’s auto plate revenue in 201812.

82 ppm, an increase of 13 in ten years.

64%; gross margin is 24.

01%, an annual increase of 2.


The company continues to optimize the automotive board customers and product structure. Both 24GHz automotive high-frequency radar and PCB products for BMS have achieved rapid growth, and 77Ghz automotive ranging radars have also begun to provide stable supply.

The global automotive electronics market in 2019 is not optimistic. Domestic competition may intensify. The company will focus on the high-end, safe automotive plate field, accelerate research and development investment in new technologies, and reduce costs to maintain and expand its competitive advantage.

  Profit forecast and investment suggestions: Through the increase of the company’s production capacity and the proportion of high-end products, it is estimated that the net profit attributable to mothers in 2019-2021 will be 7 respectively.



23 ppm, the current sustainable corresponding dynamic PE is 26/21/17 times, maintaining the “overweight” level.

  Risk warning: 5G 北京夜生活网 and auto plate demand are less than expected; capacity improvement is less than expected.