Huanxu Electronics (601231): The share repurchase is intended to be used as an incentive for employees to raise the repurchase price to show confidence

Huanxu Electronics (601231): The share repurchase is intended to be used as an incentive for employees to raise the repurchase price to show confidence

The repurchase of 120-200 million shares was used for employee incentives, and the repurchase price was revised from 11 yuan to 13.

5 yuan.

On February 14, 2019, the First Extraordinary Shareholders’ General Meeting approved the “Quotation on the Scheme of Repurchasing Shares by Concentrated Bidding Transaction”.The repurchase period is approved by the shareholders’ meeting; within six months from 杭州夜生活网 the date of the repurchase program; according to the repurchase price ceiling.

Calculated at 00 yuan / share, the number of shares to be repurchased is estimated to be 9,090,910-18,181,818 shares, accounting for 0% of the company’s total share capital.

42% -0.


As of May 13, 2019, the period of the company’s repurchase period has passed halfway. As the company has continuously exceeded the price limit disclosed in the repurchase program, the repurchase has not yet started.

On May 14, the company announced that the price of the repurchased shares was adjusted to not more than RMB13.

50 yuan / share, the estimated number of shares to be repurchased is 7,407,408-14,814,814 shares, accounting for 0 of the company’s current total share capital.

34% -0.


At present, the inventory of the first quarter of 2019杭州夜生活网 is US $ 5.1 billion, and the company has sufficient funds to buy back shares.

The increase in revenue in April indicates that it is entering the off-season of Q2.

Operating revenue for April 2019 was RMB 22.

7 ppm, an increase of 3 from the same period last year.

64%, a decrease of 2 compared with the previous month’s consolidated operating income.


From Apple Watch to Airpods, Universal has benefited from the trend of miniaturization of high-end wearables.

The Apple Watch 4 has increased heart rate sensing and fall detection around the previous generation, and continues to advance intelligently.

With the miniaturization of the Airpods design, Global Asahi Electronics continues to participate in the Airpods Sip module manufacturing.

Huanxu Electronics will occupy a major share of Apple’s two most successful wearable products.

Deepen the multi-industry chain and layout.

The company’s European, American, and domestic joint ventures are in the capacity reserve period, and the global layout strategy is clear. It is expected that the market service capacity will be further improved gradually in the coming year to gain more market share.

1) Cooperate with consumer electronics customers to establish new production lines.

2) In February 2019, a dual joint venture agreement with Qualcomm’s subsidiary plans to invest in a joint venture in Brazil to develop and manufacture SiP module products with all-in-one functions, replacing smartphones, Internet of Things and other related equipment; 3 monthsThe ZenFone Max Shot and Max Plus released have already installed the first Qualcomm Snapdragon SiP chip that Huanxu cooperated with Qualcomm.

3) Zhongke Hongtai Electronics Co., Ltd., a joint venture with Zhongke Shuguang, was registered and established in Kunshan in March 2019, and is committed to producing secure and controllable server products.

4) For industrial products, establish a production base near Mexico to serve new customers.

5) Automotive electronics, the company has existing bases in the Americas and Asia, and builds bases in Europe to better serve local customers.

In August 2018, a wholly owned Sun company acquired the target company located in Poland.




, To quickly improve the EMS factory layout.

6) Shenzhen and Kunshan expanded production to serve non-SiP customers.

Maintain profit forecast and maintain overweight rating.

Maintain 2019/2020/2021 attributable net profit forecast14.


300 million US dollars, currently expected to correspond to 19 times the PE in 2019, optimistic about the company’s SiP packaging business development and profitability improvement, maintaining an overweight rating.