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民生证券:给予中际旭创买入评级

Minsheng Securities: give buy rating to Zhongji Xuchuang

證券之星 ·  Oct 27, 2021 02:30

2021-10-27 Ma Tianyuan of Minsheng Securities Co., Ltd. conducted a research on Zhongji Xuchuang and issued a research report entitled "higher results in the third quarter, moving into the Bureau to boost development momentum". This report gives a buy rating to Zhongji Xuchuang, and the current share price is 33.29 yuan.


Zhongji Xuchuang (300308)
I. Overview of events
On the evening of October 25th, China International Xuchuang (300308) released its results for the third quarter of 2021. According to the report, the operating income of Zhongji Xuchuang in the first three quarters of 2021 was 5.322 billion yuan, an increase of 2.25 percent over the same period last year. The net profit of shareholders belonging to listed companies was 560 million yuan, down 6.63 percent from the same period last year. The net profit of non-parent companies was 511 million yuan, down 1.72 percent from the same period last year.
II. Analysis and judgment
The company's performance in the third quarter is higher, and the volume effect of high-end optical modules continues to be reflected.
From the revenue side, the company achieved operating income of 5.322 billion yuan in the first three quarters of 2021, an increase of 2.25% over the same period last year, of which the single-quarter operating income in the third quarter was 2.024 billion yuan, an increase of 3.27% over the same period last year and 10.85% month-on-month. There was a significant improvement in the third quarter compared with the previous quarter, which was mainly driven by the demand of key customers in overseas data centers, so that the shipments of high-end optical modules represented by 200G/400G continued to rise. From the profit side, the return net profit decreased by 6.63% compared with the same period last year, and its failure to keep up with the pace of revenue growth was mainly caused by the increase in R & D investment, equity incentive fees and other factors.
The fixed increase will help the company to expand its production, and the entry of strong shareholders will boost the momentum of the company's development.
On the evening of October 22nd, the company disclosed the report on the issuance of shares to specific targets, with a total amount of 26.99 yuan and an additional issue price of 31 yuan per share, for a total of 87.08 million shares. After the production of this project is reached, the company will increase the annual production capacity of 1.75 million high-end optical communication modules and 9.2 million high-end optoelectronic devices used in the access network. It is worth mentioning that China Mobile Limited Investment Company successfully subscribed 16.1 million shares in this subscription, with a total investment of about 499 million yuan, and will hold 2.01% of the shares of the company after the completion of the transaction. After taking a stake, the two sides are expected to carry out more in-depth cooperation in the field of optical communications, and the business lines of Zhongji Xuchuang are expected to gain greater driving force for performance growth.
Senior executives increase their holdings to demonstrate confidence in the future development of the company
In June 2021, the plan to increase the holdings of senior executives and core employees of the company has been completed during the commitment period, with a total increase of 3.9844 million shares. Among them, Mr. Wang Jun, vice president and secretary of the board of directors, and Ms. Wang Xiaoli, vice president and chief financial officer, respectively increased their holdings of 139800 shares and 138600 shares, totaling 278400 shares, demonstrating their confidence in the future development of the company.
III. Investment suggestions
We estimate that the return net profit of the company from 2021 to 2023 is 9.83 12.25 / 1.456 billion yuan respectively, corresponding to PE25x/20x/17x. Select Xin Yi Sheng, Tianfu Communication, Taichengguang, Optical Technology as comparable companies, the average PE26 in 2021 (wind consistent expectations). The company is a high-end optical module head supplier, with the expansion of midwifery capacity, 200G/400G products will usher in further expansion, the company's industry position will be further stable. Cover for the first time and give a "recommended" rating.
Fourth, risk tips:
Overseas demand is lower than expected, market competition aggravates risks, the schedule of fixed growth projects is not as expected, and the price of optical modules changes too much.

A total of 14 agencies have rated the stock in the last 90 days, including 10 buy ratings and 4 overweight ratings; the average institutional target price in the past 90 days is 47.87; according to the Securities Star valuation analysis tool, the good company of China International Xuchuang (300308) has a rating of 3.5 stars, a good price rating of 3 stars and a comprehensive valuation rating of 3 stars.

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