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Torch Electronics (603678): Reduction of considerations completed as scheduled

Torch Electronics (603678): Reduction of considerations completed 天津夜网 as scheduled

The event company issued an announcement of the results of the shareholders and their concerted parties reducing their holdings. Mr. Cai Mingtong and her concerted parties, Ms. Cai Chunchun, reduced the total number of unrestricted shares of the company by 19,212,760 through centralized bidding and block trading. This reduction planImplementation is complete.

At present, Mr. Cai Mingtong directly holds 166,485,440 shares of the company, accounting for 36 of the company’s total share capital.

78%; Cai Chunchun does not directly hold company shares.

The review of the reduction of shares was completed on schedule, and the suppression of overcoming factors was lifted. The company released an announcement in December 2018. The controlling shareholder and concerted parties plan to reduce the total number of 青岛夜网 shares of the company through centralized bidding or block trading to not more than 19,300,000 shares.From January 10 to July 8, 2019, the funds were used to repay part of the stock pledge and provide employee protection for the company’s second phase of employee stock ownership plan.

Since February 2019, the company has successively issued announcements to lift the pledge. Until the end of June 2019, Mr. Cai Mingtong pledged 15.67 million shares of the company stock company, accounting for 9 of the total number of company shares it held.

03%, accounting for 3 of the company’s total share capital.

46%.

Since 2018, the company’s performance has continued to grow rapidly. The 2018 annual report reported a 41% increase in net profit attributable to mothers, and a 31% increase in the first quarter of 2019. However, the reduction in holdings has always been an important factor for suppression., Which marks the suppression of the vanguard factor.

The three major industries continue to improve, maintaining the “Buy” rating. Since 2019, the company’s three major industries have progressed smoothly: self-produced components benefit from the high level of military electronics industry brought by the national defense informationization + domestic substitution, maintaining rapid growthBecause the agent components are Japanese high-end products, the price has increased and the business as a whole remains stable; the new material project is progressing as planned, and it is expected to receive subsidies in the first half of the year.

It is expected that the company’s net profit attributable to the parent in 2019-2021 will be 4 respectively.

3.5 billion, 5.

7.7 billion, 7.

4.5 billion US dollars, corresponding to 24 times, 18 times, 14 times the corresponding PE, maintaining the “buy” level.

Risk reminder: the construction progress of Liya chemical production line is less than expected; competition for civilian capacitors is becoming increasingly fierce