Crystal source electronic smart card chip leader value is still underestimated

Jingyuan Electronics (002049, shares it) was listed on June 6, 2005, the issue price is 4.78 yuan, the opening price of the first day is 6.41 yuan, the lead underwriter is United Securities Co., Ltd., the stock price yesterday was 22.70 yuan.

Since November 12, it has risen 62.61% against the market. Since the 12th, it has closed the daily limit for 4 consecutive trading days. The latest dynamic price-to-earnings ratio was 64.73 times.

The company is a leading enterprise in the domestic piezoelectric quartz crystal industry. It has entered the top 100 electronic components in China and has obvious advantages in the industry. It has already invested in four SMD production lines, and the annual production capacity of SMD products has increased from 24 million to 72 million.

The company has an annual production capacity of more than 100 million piezoelectric quartz crystal components. At the same time, it has mastered the core technology of SMD chip new components and independently developed all kinds of enterprises. The product technology level is domestically leading.

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The company's fundamentals have some support for the stock price rise, and this year's annual report also made a pre-history disclosure. The earnings per share in the past three years were 0.2263 yuan in 2008, 0.2525 yuan in 2009, and 0.2630 yuan in the first three quarters of 2010. In the past three years, the net profit attributable to shareholders of the parent company was 30,047,900 yuan in 2008, an increase of -1.2996%; in 2009, 34,039,400 yuan, an increase of 11.6065%; in the third quarter of 2010, 35.503 million yuan, an increase of 37.26%. The company disclosed in the third quarter of 2010 that it expects net profit growth of less than 30% in 2010 and net profit of 34.09 million yuan in 2009. Reason for change: The scale of production and sales of the company's SMD products increased. During the reporting period, the company achieved a total operating income of 2,708,040,400 yuan, realized a total profit of 44,532,100 yuan, and realized a net profit of 35,530,300 yuan, an increase of 33.29%, 40.75% and 37.26% respectively over the same period of last year, mainly due to the company's production and sales growth. To.

Jinyuan Securities believes that Jingyuan Electronics holds a 100% stake in Tongfang Microelectronics through restructuring. Tongfang Microelectronics is the chip's main provider of CPU cards, and its chip products basically cover multiple CPU cards and RFID card applications. Generation ID card, social security card, bank IC card, campus card, bus card, etc.), the chip shipment has accumulated more than 500 million, is the top ten global and domestic smart card (Gedger, Schlumberger, Gemalto, grip The chip's main supplier of odd data, etc., will benefit from the rapid development of the domestic and international smart card market in the future. Maintain the buy rating of the company and raise the target price to 36.54 yuan.

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