Sega Technology (002796): Continues to Benefit Ericsson from 5G Scale Construction, Expands Overseas Markets in North America and Others Smoothly

Sega Technology (002796): Continues to Benefit Ericsson from 5G Scale Construction, Expands Overseas Markets in North America and Others Smoothly

Event: The company issued a notice for the third quarter of 2019, and it is expected that the net profit for the first three quarters of 2019 will be zero.

85 yuan -1.

100,000 yuan, an annual increase of 230% -330%.

In the third quarter, the company expects to achieve net profit attributable to its mother of 2426.


110,000 yuan, an increase of 97 in ten years.

87% -307.


We commented, for example, that the performance was basically in line with expectations, products such as 5G antenna filters continued to grow at a high speed, and Ericsson and overseas customers in North America expanded smoothly, driving the company’s performance to grow rapidly.

The company started to consolidate its wholly-owned subsidiary Bofat in January 2018. Bofat benefited from domestic and Japanese operators such as 4G deep coverage and rapid growth in 5G construction demand. Revenue from antenna and filter products continued to grow at a high speed, while 5G productsThe proportion continued to increase, and profitability was further enhanced.

In the first half of 2019, the company successfully entered the Ericsson supply system and achieved small batch delivery to Ericsson. At the same time, the U.S. subsidiary Dengyo USA received the first orders from the end of 2018. The North American market continued to expand and the overseas business scope continued to expand, further opening up the company’s long-term growthspace.

Facing the 5G 四川耍耍网 era, the company has a complete product line, comprehensive layout of antennas, metal cavity filters, ceramic filters and other products. In 19 years, the ceramic filter has begun to contribute to the performance. At the same time, it has acquired Jet Frequency Electronics to further strengthen the ceramic filter technology reserveAnd R & D capabilities.

In the future of 5G, there are two main technical routes for metal and ceramic filters. The company integrates mature products and mass production capabilities in these two areas, and the market competitiveness of 5G filters will be outstanding in the future.

Due to technology maturity and equipment supplier procurement, the company’s current 5G metal cavity filter revenue contribution is relatively high, and ceramic filters have also passed equipment vendor certification 北京桑拿洗浴保健 in the first half of 2019 to achieve small batch replacement and start contributing revenue.

For the selection of 5G filter technology, metal and ceramic solutions have their own pros and cons in terms of maturity, performance, volume, weight and other parameters. In the future, operators and equipment vendors will have certain requirements for the two products.

The company’s metal cavity filters have been continuously delivered in large quantities, and ceramic filters have also begun. At the same time, 51% equity of Jiepin Electronics was acquired (and the remaining 49% equity framework agreement was signed) to further strengthen the technical reserves and ceramic filter industry.R & D capabilities are expected to maintain leading product technology competitiveness in the field of 5G filters.

Profit forecast and investment advice: The company’s traditional precision box business has developed steadily, and its profitability has been gradually optimized.

Antenna and filter product technologies and mass production capabilities have been enhanced, 5G products have continued to grow at a high speed, and new customers such as North America and Ericsson have expanded smoothly.

After the implementation of domestic 5G licenses, the scale of 5G network construction continued to accelerate, trying to promote the company’s continued high-speed growth.

We continue to be optimistic about the company’s layout in the radio frequency field. As a leading domestic 5G antenna and filter supplier, the company is expected to benefit significantly from 4G deep coverage and 5G network construction.

As the 5G construction progress and overseas market development progress exceeded expectations, the company’s net profit attributable to the parent in 19-21 was raised from 1.


26, 2.

69 ppm to 1.


60, 3.

24 ppm, corresponding to 19 times 40 times, 20 times 24 times price-earnings ratio, maintaining the “overweight” level.

Risk Warning: Product R & D risks, operator capital expenditures exceed expectations, market competition exceeds expectations