Domestic PCB business leader, profitability remains stable.Eton electronics is one of the top 10 PCB companies, whose main products are printed circuit boards used in automotive electronics, communications, industrial products, consumer electronics and computer products.In the first half of 2018, the company achieved a total revenue of 1.508 billion yuan, a year-on-year decrease of 3.65%.The net profit of shareholders belonging to the listed company was 259 million yuan, up 2.52% year on year.The company continues to deepen the optimization of product structure, and its main business develops steadily. The gross profit rate of the company in mid-2018 is 29.03%, leading the industry.
The product structure is continuously optimized and the proportion of PCB for vehicle is continuously increased.Automobile electronics company layout is early, but the overall proportion was not high 14 years ago, 14 years later to increase the layout of automotive electronics, performance has maintained growth for many years, one is from the increase in the number of traditional customers, two is the company's new customers.The company has three major growth points in automotive electronics in the future. One is that the certification of customers in the automotive electronics industry usually takes 2-3 years. If the certification is passed, the corresponding orders will have a qualitative improvement.Secondly, the changes brought about by new energy vehicles. The PCB area applied by traditional single-vehicle vehicles is between 0.5-2 square meters for ordinary vehicles and 2-3 square meters for luxury vehicles, while the PCB area applied by new energy vehicles is mostly between 2-4 square meters, and the application area of single vehicle is greatly increased.
SG network development process is accelerating, communication business is expected to improve.Communication equipment accounts for 20% of the company's revenue, mainly including the charging part of apple mobile phones and computers and PCBo used in the base station. Affected by the relatively expensive product price, it is expected that the related business will not be greatly improved in the short term.Base station construction of SG is highly likely to benefit SG: SG is expected to be commercially available in 2020, and large-scale SG construction is expected to be launched in 2019 at the latest. As a manufacturer that has cooperated with huawei for many years, SG is highly likely to receive orders from huawei.