杭州夜网论坛 夜网 Lixun Precision (002475): AIRPODSPRO’s strong 5G performance, high growth in the AIOT era can be expected

Lixun Precision (002475): AIRPODSPRO’s strong 5G performance, high growth in the AIOT era can be expected

Lixun Precision (002475): AIRPODSPRO’s strong 5G performance, high growth in the AIOT era can be expected
We participated in the Luxun Precision Investor Exchange Conference in Kunshan on October 31, and continue to be optimistic about Luxun Precision 1) The 4Q19-2020 certainty driven by categories such as Airpods; 2) Grasp the potential of terminal innovation in 5G, AIOT era;) Continuous optimization of operational efficiency through digital platforms.Maintain Outperform rating.  Comment on the excellent performance of Airpods Pro, driving up Airpods business volume, ASP, and profitability levels.  1) Airpods Airpods Pro, welcomed by consumers. We see that the timetable also extends from one day to 2-3 weeks. We think that Luxun will benefit as a major supplier of Airpods Pro. We expect to establish this year and next two years.News Precision Airpods will gradually surpass our expected 36 million / 54 million units; 2) ASP and profit margin upward: In addition to gradual growth, Airpods Pro is at least 50% higher than ordinary Airpods. We estimate that the BOM increase distance is close, and the netThe profit margin is also higher than the ordinary version. We expect that the ASP and profit level of Airson ‘s Airpods business will be ushered in synchronous improvement from 4Q19.  Next year will usher in 5G and Apple’s big year, Lixun benefit from multiple categories.1) Terminal: We expect that Apple and 5G will be ushered in 2020. The stock of 5G in the Android camp will begin to increase early next year. In addition to Apple’s iPhone SE2 and 2H20 5G in 1H20, we believe that the mobile phone market will rebound significantly and antennas, Wireless charging, motors, acoustics and other components are also 北京夜网 expected to innovate simultaneously; 2) Base station: Lixun has basically completed key products and customer layout in base stations, data centers, etc. We believe that Licent ‘s wireless radio frequency and high-speed connector business will benefitIn 5G, the localization trend, we expect the communication business will grow by more than 60% this year, and look forward to the space of 5 billion US dollars in the future.  The AIOT innovation cycle has begun, and Luxun has great promise.1) Apple Watch: Following Airpods, we expect that Luxun will soon enter Apple Watch assembly and Sip in 2H20, becoming the second largest increase next to Airpods next year; we expect 2H20 Apple Watch will also usher in breakthrough innovation, ASP and furtherIt is worth looking forward to; 2) Non-Apple camp: Under the 5G + AI trend, a new round 杭州桑拿 of AIOT terminal innovation cycles has come. We expect that Luxun will also cooperate with non-Apple customers’ wireless headsets, smart homes and other categories next year to grasp the advantages of AIOT innovation.  Estimates suggest that we maintain 2019 / 20e EPS 0.79/1.19 yuan is unchanged.Currently corresponds to 2019 40.2/26.8xP / E.Maintain Outperform rating and 40.00 yuan target price, corresponding to 2019 / 20e50.6/33.The price-earnings ratio is 6 times, compared with the current 26% upside.  Risk Smartphones are less than expected; AIOT development is less than expected.