标题：Shengyi TechnologyHigher expense pressure；watch 4G and capacity release in 2016
发布日期：2015-11-06 13:15:58
内容： Results largely in line During 1~3Q15, Shengyi’s revenue edged up 0.4% YoY to Rmb5.61bn, while net profit attributable to shareholders fell19.5% YoY to Rmb338mn, in line with our previous assessment that its earnings would be under pressure in 2H15. Growth in revenue turned positive; gross margin improved YoY: due to weak demand for consumer electronicsand disappointing progress in 4G, its revenue edged up 2% YoY in 3Q15, turning positive compared with the 6% YoY fallin 2Q15. GM rose 1.7ppt YoY to 18.1%, the highest for the third quarter in history, thanks to the surging GM of printedcircuit boards. Higher pressure on expenses; destocking efforts accelerated cash collection: in 3Q15, operating profit fell29% YoY because: 1) expense ratio rose 3.0ppt YoY and G&A expense ratio rose 1.7ppt, due to higher depreciation andR&D investments. 2) Dongguan Shengyi Electronics suffered losses of Rmb30mn from securities investments. Inend-3Q15, inventories fell 16% YoY, which accelerated cash collections. Net operating cash flow surged 126% YoY.
发布日期：2015-11-06 13:15:58
内容： Results largely in line During 1~3Q15, Shengyi’s revenue edged up 0.4% YoY to Rmb5.61bn, while net profit attributable to shareholders fell19.5% YoY to Rmb338mn, in line with our previous assessment that its earnings would be under pressure in 2H15. Growth in revenue turned positive; gross margin improved YoY: due to weak demand for consumer electronicsand disappointing progress in 4G, its revenue edged up 2% YoY in 3Q15, turning positive compared with the 6% YoY fallin 2Q15. GM rose 1.7ppt YoY to 18.1%, the highest for the third quarter in history, thanks to the surging GM of printedcircuit boards. Higher pressure on expenses; destocking efforts accelerated cash collection: in 3Q15, operating profit fell29% YoY because: 1) expense ratio rose 3.0ppt YoY and G&A expense ratio rose 1.7ppt, due to higher depreciation andR&D investments. 2) Dongguan Shengyi Electronics suffered losses of Rmb30mn from securities investments. Inend-3Q15, inventories fell 16% YoY, which accelerated cash collections. Net operating cash flow surged 126% YoY.
