He Ertai (002402) quarterly report comments: Fixed assets and industrial parks continue to grow and put into production. Long-term growth is worth looking forward to.

He Ertai (002402) quarterly report comments: Fixed assets and industrial parks continue to grow and put into production. Long-term growth is worth looking forward to.

On the evening of October 22, the company released the 19Q3 quarterly report: revenue 26.

55 ppm, +38 a year.

8%, net profit attributable to mother 2.

4 ‰, +30 a year.

2%, R & D expenses 1.

2.3 billion, accounting for 4% of revenue.

6%, +92 per year.

47%, operating cash flow2.

900 million, before +353.

12%; single quarter revenue is 0.

920,000 yuan, ten years +33.

63%, net profit attributable to mother 0.

710,000 yuan, +26 for ten years.

25%.

The first three quarters of performance continued to grow at a medium and high speed, mainly due to the increase in reports and customer orders, and the increase in NPE revenue of Sun.

The revenue of the subsidiary Changchang Technology increased, and the advance payment from suppliers increased: ① Notes receivable 2.

12 trillion, +47 a year.

25%, mainly due to the increase in sales revenue of Kunchang Technology, and the bills receivable received increased by 0.

6.8 billion yuan.

② The advance payment was 21 million yuan, a year-on-year increase of 15 million yuan, which was mainly due to the increase in prepayments of the suppliers by Kunchang Technology.

The company’s convertible bonds were successfully issued, and the second phase of its main business, the Bright Industrial Park, went into operation. Future business growth is worth looking forward to: The company’s convertible bonds were successfully listed on June 28.

A total of 5 convertible bonds were issued at par.

47 ppm (5.47 million sheets) with a term of 6 years and a coupon rate of 0 per year.

4% / 0.

6% / 1% / 1.

5% / 1.

8% / 2%, the funds will be used for the construction of the Yangtze River Delta production and operation base (4/4.

900 million), electronic process automation and big data operation management platform system (0.

8/1.

2.8 billion), smart life big data platform system project (0.

67/2.

02 billion).

(Note: The former is the amount of funds invested by convertible bonds, and a small amount is the amount of the project.) The company’s production line rapid new equipment input and old equipment update: ① Guangming Industrial Park Phase II Q3 production, 1.

The US $ 400 million construction in progress was converted into fixed assets. ② Budget. During the reporting period, the company’s operating scale expanded and production equipment investment increased by 1.

At the same time, it also prepaid funds for production equipment and terminated 19Q3 fixed assets totaling 6.

05 ten percent, +69.

17%; other non-current assets (mainly prepaid production equipment) 61.49 million yuan, +271 per year.

64%; the deferred diabetes coefficient increased by 3.95 million yuan (corresponding to a depreciation of 26.33 million according to a 15% score), which was mainly due to the accelerated upgrading of old equipment. Chang Technology: A domestic leader in analog phased array radar T / R chip components, good performance growth. Active phased array radar is a major military technology development direction for military powers. Microwave millimeter wave RF T / R chip components areIts core components and key technologies.

Kunchang has conquered the core technology of analog phased array radar T / R chip components, making the large-scale promotion of internal active phased array radar a reality: ①Military products: high gross profit margin, market scale breakthrough, has been finalized and applied in batchThe main customers are large enterprises in the field of national aerospace, military institutes and weapons and equipment, which have core competitive advantages in the domestic industry.

②Civilian products: Lichang pays attention to the huge market development potential brought by the I