The future development, PCB business will be key support: "IT consulting" and PCB manufacturing has become a founder group for future development of important direction; And PC manufacturing operations detachment (6 billion output value) to speed up the PCB founder group business development speed (1.5 billion), and output value last year due to the PC business stripping fill with widening income gap;
For the next three years, technology will become a founder realized the leading role of PCB strategy group: 1, high starting point, founder technology in technology have been PCB business to maintain national lead, and basic international competitive situation; 2, high order HDI plate and the high frequency will be the biggest beneficiaries of intelligent terminal prosperity, the output value of the products packaging substrate than 10 times; 3,glue gun founder technology has to realize high order HDI board technology breakthrough, and the more the zhuhai customer resources will boost the realization of the high-end market breakthrough.
2011 is a founder of the science and technology management inflection point highlight starting point: 1, the PC business year after year stripping will relieve the listed company assumes the loss, improve performance growth; 2, the company has invested 1.636 billion yuan business expansion, this will bring the PCB nearly 1.7 glue stick billion yuan in 2010 output value (the PCB production value 1.533 billion yuan) business but in 2011, has entered the stage production, so as to ensure that the company's future three years PCB business income more than 30% growth; compound 3 new capacity, focused on the high order HDI plate with high frequency as the gross margin, and the products of high quality and zhuhai customer group, so as to enhance the company profit margins.
Investment advice and valuations
Three years net profit growth of 30%, composite 12 years EPS0.161 yuan: 2011-2013 is expected to net profit of the company will 230.70, 352.76 and 540.17 million yuan, a year-on-year increase of 4.22%, 52.91% and 53.13%, according to the latest equity calculation EPS to 0.105, 0.161 and 0.246 yuan.
The business valuation method split, target price of 3.94 yuan, to "buy" rating: 2011-is expected to 13 years EPS0.093 PCB business contribution yuan, 0.150 yuan and 0.234 yuan, reference domestic listed company valuation levels of PCB, give $3.74 price target; 2011-is expected to 13 years the PC business contribution EPS0.012 yuan, 0.11 yuan and 0.012 yuan, reference lenovo group [5.00 1.38%] (00992. HK) valuation levels, give founder technology the PC business 0.2 yuan target price corresponding 12 years, 16.6 times earnings.
risk
Founder group PCB business focus on the risk and to zhuhai, gross margin decline risk.