Lixun Precision (002475): Release of convertible bonds to boost growth and increase value Vietnam expands overseas presence

Lixun Precision (002475): Release of convertible bonds to boost growth and increase value Vietnam expands overseas presence
Core point of view: The company issues convertible bonds to boost growth, Vietnam invests in overseas development, and the company releases an announcement to raise 3 billion funds through convertible bonds to be used in 4 areas: smart mobile terminal modules (11 billion), smart wearableEquipment accessories (6 billion), smart wearable devices (600 million), and supplementary liquidity (700 南京桑拿网 million), the company expects that the three major investment projects will contribute incremental revenue of nearly 12 billion yuan after reaching production.At the same time, the company issued a foreign investment announcement. It plans to newly establish Telecom Precision (Yi An) in Vietnam, and plans to increase its capital by approximately 12 in Vietnam.The 43 trillion expansion of overseas capacity, through the development of overseas layout, the company effectively used overseas cost advantages, while reducing the impact of trade disputes on the company’s business. With consumer electronics as the core, communications, automotive and other business assistance, companies with overlapping growth momentum will continue to focus on consumer electronics in the next two years. Based on the business of major customers, they will 武汉夜网论坛 continue to improve their supply chains and responsiveness.The throughput of the company’s wireless headsets continues to increase. Acoustic products, motors and other products will continue to grow in the major customer industry chain. At the same time, new products cut into 18 years will start to be delivered in 19 years. We expect that the rapid growth of the year will continueWith the rapid growth of terminal system-level products such as AirPods and the continuous advancement of non-mobile phone business, the company’s successful management level strives to maintain sustained growth momentum. To build a large-scale precision manufacturing platform and maintain a “buy” rating. We are optimistic about the company’s growth prospects. It is expected that the company’s EPS in 19-21 will be 0.72/1.01/1.32 yuan, according to the latest closing price, corresponding to 19-21 years PE were 27.1/19.3/14.8 times, the company estimates that the center is located at 40 times PE (TTM) in the past 3 years. Considering that the profit growth rate will improve in the next 2 years, it still maintains a rapid growth that exceeds the overall growth rate of the industry.Based on the estimated central value of the past three years, a certain discount is given. Calculated at 32 times PE for 19-year EPS, the reasonable value is 23.04 yuan / share, maintain “Buy” rating. Risks suggest that the downstream market is growing less than expected, and industry competition is exacerbating risks.