2316 楠梓電 多 - 股票

By Kama
at 2020-01-06T12:46
at 2020-01-06T12:46
Table of Contents
股友們新年快樂,這次我們深入一點討論
首先,楠梓電總股數2.03億股,持有滬電2.21億股,平均每股楠梓電持有1.1股滬電是眾所皆知的。
分析近幾年楠梓電的每股淨利:
https://imgur.com/ByiHvJv
從這張圖,只能用獲利起伏不定來描繪這間公司。
不過,當我們將楠梓電的獲利來源分類:
https://imgur.com/R5LvdrH
(數字可能和真實稍有誤差,不過大致上和現實相去不遠)
可以發現,最為人詬病的本業虧損,其實只是最近三年發生的事,且三年虧損總和不到每股1元,虧損最大的年份對於每股淨利的影響只有 - 0.4。
接著,看到滬電帶給楠梓電的每股淨利貢獻,從2014年的 - 0.02,2015年的 - 0.09,2016年的0.47,2017年的0.52,2018年的1.71,到2019年的3.15 ~ 3.42
滬電帶給楠梓電的淨利近幾年持續放大,要投資楠梓電,勢必得對滬電有些瞭解
滬電近十年盈利數據:
https://imgur.com/nGxzX9j
https://imgur.com/xVKiRJR
https://imgur.com/hjzfUbi
https://imgur.com/Z89sRw4
https://imgur.com/f5qPLT3
https://imgur.com/ryWLPB7
值得注意的是年營收統計圖未列出2019年數據,2019前三季之營收已達50億人民幣,將近2018年全年營收55億人民幣,而淨利部分2019前三季為每股0.50人民幣,超越2018全年淨利每股0.34人民幣(2019全年淨利每股0.67 ~ 0.72人民幣)
不難看出營收在近幾年快速成長,且毛利率、每股淨利皆大幅成長,甚至每股淨利成長幅度遠遠超越營收成長幅度,其貢獻來自於(1)營收的成長(2)營業成本佔營收的比例下降(3)營業費用的改善
滬電近九年營收成長率及每股收益成長率(每位投資人選取資料範圍不同,分別列示3,5,7,9年之平均資料):
https://imgur.com/lmvrkrS
股東權益報酬率:
https://imgur.com/Kji2ATC
根據目前的預算數評估,尚有預算25億人民幣之工程待建設
https://imgur.com/34k30YM
https://imgur.com/rSgB1Gg
https://imgur.com/l7NLaCS
https://imgur.com/736qHSA
https://imgur.com/iKMyQHN
代表滬電的營運規模在未來仍有提升的空間
企業通訊市場板佔約七成滬電營收
2018年度及2019前二季度數據如下:
https://imgur.com/0efa7Ld
2013年至2018年良品率:
https://imgur.com/dBYPFsI
2013年至2018年研發投入:
https://imgur.com/fWgbwJB
公司在近期公佈的資料中,2019Q3的存貨營收佔比達到更高的水準,暗示管理層以較樂觀的態度看待未來的訂單
https://imgur.com/aMjreuI
再來是滬電2014年,對於年度虧損的解釋:
https://imgur.com/gilOPxa
回頭看楠梓電的淨利來源
https://imgur.com/R5LvdrH
假設最壞的情況,楠梓電本業無法扭虧為盈,每年本業損失每股0.5元的淨利,而楠梓電每股持有約1.1股滬電股份,今年能夠從中認列3.25元上下的淨利,且滬電獲利每年仍在成長(2017 ~ 2019年甚至是以倍速成長),另外,5G建設在未來幾年基本上需求將大幅提升
相關新聞:
https://imgur.com/0xdRmB9
https://imgur.com/CJKdDUH
新聞來源:
https://www.chinatimes.com/realtimenews/20191018003988-260410?chdtv
https://technews.tw/2019/12/20/huawei-expands-procurement-in-south-korea-2020/
那麼,楠梓電未來每年能夠從滬士電子認列多少損益,的確是可以好好思考的問題。以楠梓電現在約莫12倍的本益比,代表著台灣投資人認為滬士電子將不會再成長,而這和事實似乎有些出入。
營業成本及管銷費用持續改善,且每股淨利近幾年皆有可觀的成長。近七年年平均營收成長率及年平均每股收益成長率分別為11.5%、36.5%,時間若拉到近三年,則分別為 21%及140%。ROE從2016年的4%,提升到2019年約25%(2019股東權益以Q3期末資料計算)。中國股民給予這間公司30 ~ 35倍的本益比(滬電2019年每股淨利約0.67 ~ 0.73人民幣,而楠梓電每股可認列3.13 ~
3.42台幣之獲利),對於同一間公司,台灣股民卻只給予12倍本益比,實在讓人困惑。以目前12倍的本益比看來,似乎代表著滬電將不會再持續成長,且楠梓電本業也不會轉虧為盈。那麼,倘若滬電明年又成長的話呢?倘若楠梓電的本業哪一天轉虧為盈的話呢?如果兩件事都發生,股價又會如何反應呢?
擷取滬電2018年報其中一段
https://imgur.com/v41Birf
滬士電子接下來要面對的不是沒有需求,而是要提升產量及效率來滿足未來5G建網需求。龐大的需求,代表著滬電未來幾年持續成長也是大概率的事。
在汽車板方面,滬電是特斯拉的供應商,屬於Model 3供應鏈的一環
Model 3 自2017 Q3首度交車,直到2019 Q4交車輛數據如下:
https://imgur.com/ALOToMd
雖然汽車板業務只佔滬電營收約25%,不過對總體營收仍有幫助
相關新聞:https://money.udn.com/money/story/5612/4214250
特斯拉交車數據能夠在特斯拉官網SEC Filings中查詢
以上資料皆取自公開的滬士電子近十年年度報告及半年報
光是整理完近十年可取得的報告、資料,就能大概了解為何中國股民願意給予滬電30 ~
35倍的本益比,楠梓電目前只被給予12倍的本益比,很大原因來自於滬電近幾年的成長為楠梓電所帶來的收益被楠梓電本業最近三年的虧損所平滑而使公司每股淨利的成長顯得沒那麼突出,倘若單看每股淨利,很容易就會忽略權益法認列的損益近幾年正在快速成長的事實。另外,也來自於大部分股民只關心楠梓電會不會出售滬電股份,卻忽略就算楠梓電不處分持股,照樣能夠持續從滬電認列損益。大部分的股友在閱讀財務報告時,倘若沒搭配滬電財務報告,很難注意到滬電的營收,及其獲利品質、股東權益報酬率及每股淨利正大幅提升,而這些帶來的影響也將會在往後的年
份逐漸放大。
至於市場對於滬士電子產品的需求是否能夠維持,基本上,近幾年滬士電子都是被訂單追著跑,與其考慮是否沒有市場需求,不如考慮如何提高產量及降低成本。而在提高營收,降低營運成本及費用比例方面,都是近幾年滬電有做到的。掉單,小陳認為基本上不會,小陳瞄了一下滬電的十大股東持股,發現有個稱為中央匯金的第四大股東,持有滬電約6500萬股(以每股22人民幣計,相當於14.3億人民幣)
https://imgur.com/LCAARVb
中央匯金為由中國出資的獨資公司,而滬士電子最大的客戶華為同樣也是中國大力扶植的,此外滬士電子也是華為的金牌供應商,要滬士電子不強,我想也難。
相關報導:https://ek21.com/news/2/111721/
可能有人會想問:既然滬士電子前景那麼好,怎麼股價還會暴跌?
當滬電在9,10月股價高峰之時,以股價29人民幣看,2019全年每股淨利約0.7人民幣,當時滬電已經達到40倍的本益比,任何一間前景再好的公司,被給予到40倍本益比的評價,實在都有些誇張了。
就算從現在每股21 ~ 25人民幣看,中國股民依然給予滬電30 ~ 35倍的本益比,依然非常高,不過30 ~ 35倍本益比背後的意義也代表著市場普遍認為滬電未來有相當大的成長空間。
只要滬電每股賺1塊人民幣,楠梓電每股就能認列1.1塊人民幣的獲利,不過在台灣,楠梓電卻只被給予12倍本益比,因此,相比未來楠梓電能夠從滬電獲得的淨利成長,我認為楠梓電的股價還是有不菲的成長空間。
最後附上中國主要 PCB 廠商獲利能力比較圖:
https://imgur.com/9Pf2jtQ
https://imgur.com/AnIG0LG
https://imgur.com/91i2xl7
https://imgur.com/Ep3pGei
5G 佈建才剛起步,且又是中國政府支持的,只要中國想做,我想沒什麼是中國做不起來的,既然中國想好好佈建 5G產業,小陳當然是好好抱緊大腿。
楠梓電基本上已經處於不管怎麼做都贏的局面:
如果不處分滬電持股,就是繼續認列滬電損益,滬電每股賺多少,楠梓電就跟著賺多少,本業虧損的部分每年頂多虧損0.5元就很了不起了,只要滬電繼續成長,本業虧損佔認列滬電帶來的獲利,在未來將會越來越小,且這還是本業遲遲無法獲利的情形。倘若本業轉虧為盈,將會是兩頭賺的局面。
如果處分滬電股份,每股可以獲得約100元的處分利益,股東也樂見其成。
此外,滬電每年三月前後都會發布總經理工作報告,有興趣的股民,我也推薦去翻閱看看。
今日再購入269張
https://imgur.com/RqFKqrO
目前小陳剛完成2020第一季股票配置,分配4000張在楠梓電。
https://imgur.com/n3HApDk
https://imgur.com/zXlYKOz
https://imgur.com/Ln3DQHW
https://imgur.com/txoypJX
長期投資
相關文章,供有興趣的股友參考:
https://xueqiu.com/5633311140/128550056
2007 ~ 2019 滬電財務數據:
http://quotes.money.163.com/service/cwbbzy_002463.html
資料來源:http://quotes.money.163.com/f10/cwbbzy_002463.html
https://www.inside.com.tw/article/17188-pcb-5g
https://www.bloomberg.com/news/articles/2019-09-20/china-s-5g-will-fire-up-this-pair-of-huawei-suppliers
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Sent from JPTT on my iPhone
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首先,楠梓電總股數2.03億股,持有滬電2.21億股,平均每股楠梓電持有1.1股滬電是眾所皆知的。
分析近幾年楠梓電的每股淨利:
https://imgur.com/ByiHvJv
從這張圖,只能用獲利起伏不定來描繪這間公司。
不過,當我們將楠梓電的獲利來源分類:
https://imgur.com/R5LvdrH
(數字可能和真實稍有誤差,不過大致上和現實相去不遠)
可以發現,最為人詬病的本業虧損,其實只是最近三年發生的事,且三年虧損總和不到每股1元,虧損最大的年份對於每股淨利的影響只有 - 0.4。
接著,看到滬電帶給楠梓電的每股淨利貢獻,從2014年的 - 0.02,2015年的 - 0.09,2016年的0.47,2017年的0.52,2018年的1.71,到2019年的3.15 ~ 3.42
滬電帶給楠梓電的淨利近幾年持續放大,要投資楠梓電,勢必得對滬電有些瞭解
滬電近十年盈利數據:
https://imgur.com/nGxzX9j
https://imgur.com/xVKiRJR
https://imgur.com/hjzfUbi
https://imgur.com/Z89sRw4
https://imgur.com/f5qPLT3
https://imgur.com/ryWLPB7
值得注意的是年營收統計圖未列出2019年數據,2019前三季之營收已達50億人民幣,將近2018年全年營收55億人民幣,而淨利部分2019前三季為每股0.50人民幣,超越2018全年淨利每股0.34人民幣(2019全年淨利每股0.67 ~ 0.72人民幣)
不難看出營收在近幾年快速成長,且毛利率、每股淨利皆大幅成長,甚至每股淨利成長幅度遠遠超越營收成長幅度,其貢獻來自於(1)營收的成長(2)營業成本佔營收的比例下降(3)營業費用的改善
滬電近九年營收成長率及每股收益成長率(每位投資人選取資料範圍不同,分別列示3,5,7,9年之平均資料):
https://imgur.com/lmvrkrS
股東權益報酬率:
https://imgur.com/Kji2ATC
根據目前的預算數評估,尚有預算25億人民幣之工程待建設
https://imgur.com/34k30YM
https://imgur.com/rSgB1Gg
https://imgur.com/l7NLaCS
https://imgur.com/736qHSA
https://imgur.com/iKMyQHN
代表滬電的營運規模在未來仍有提升的空間
企業通訊市場板佔約七成滬電營收
2018年度及2019前二季度數據如下:
https://imgur.com/0efa7Ld
2013年至2018年良品率:
https://imgur.com/dBYPFsI
2013年至2018年研發投入:
https://imgur.com/fWgbwJB
公司在近期公佈的資料中,2019Q3的存貨營收佔比達到更高的水準,暗示管理層以較樂觀的態度看待未來的訂單
https://imgur.com/aMjreuI
再來是滬電2014年,對於年度虧損的解釋:
https://imgur.com/gilOPxa
回頭看楠梓電的淨利來源
https://imgur.com/R5LvdrH
假設最壞的情況,楠梓電本業無法扭虧為盈,每年本業損失每股0.5元的淨利,而楠梓電每股持有約1.1股滬電股份,今年能夠從中認列3.25元上下的淨利,且滬電獲利每年仍在成長(2017 ~ 2019年甚至是以倍速成長),另外,5G建設在未來幾年基本上需求將大幅提升
相關新聞:
https://imgur.com/0xdRmB9
https://imgur.com/CJKdDUH
新聞來源:
https://www.chinatimes.com/realtimenews/20191018003988-260410?chdtv
https://technews.tw/2019/12/20/huawei-expands-procurement-in-south-korea-2020/
那麼,楠梓電未來每年能夠從滬士電子認列多少損益,的確是可以好好思考的問題。以楠梓電現在約莫12倍的本益比,代表著台灣投資人認為滬士電子將不會再成長,而這和事實似乎有些出入。
營業成本及管銷費用持續改善,且每股淨利近幾年皆有可觀的成長。近七年年平均營收成長率及年平均每股收益成長率分別為11.5%、36.5%,時間若拉到近三年,則分別為 21%及140%。ROE從2016年的4%,提升到2019年約25%(2019股東權益以Q3期末資料計算)。中國股民給予這間公司30 ~ 35倍的本益比(滬電2019年每股淨利約0.67 ~ 0.73人民幣,而楠梓電每股可認列3.13 ~
3.42台幣之獲利),對於同一間公司,台灣股民卻只給予12倍本益比,實在讓人困惑。以目前12倍的本益比看來,似乎代表著滬電將不會再持續成長,且楠梓電本業也不會轉虧為盈。那麼,倘若滬電明年又成長的話呢?倘若楠梓電的本業哪一天轉虧為盈的話呢?如果兩件事都發生,股價又會如何反應呢?
擷取滬電2018年報其中一段
https://imgur.com/v41Birf
滬士電子接下來要面對的不是沒有需求,而是要提升產量及效率來滿足未來5G建網需求。龐大的需求,代表著滬電未來幾年持續成長也是大概率的事。
在汽車板方面,滬電是特斯拉的供應商,屬於Model 3供應鏈的一環
Model 3 自2017 Q3首度交車,直到2019 Q4交車輛數據如下:
https://imgur.com/ALOToMd
雖然汽車板業務只佔滬電營收約25%,不過對總體營收仍有幫助
相關新聞:https://money.udn.com/money/story/5612/4214250
特斯拉交車數據能夠在特斯拉官網SEC Filings中查詢
以上資料皆取自公開的滬士電子近十年年度報告及半年報
光是整理完近十年可取得的報告、資料,就能大概了解為何中國股民願意給予滬電30 ~
35倍的本益比,楠梓電目前只被給予12倍的本益比,很大原因來自於滬電近幾年的成長為楠梓電所帶來的收益被楠梓電本業最近三年的虧損所平滑而使公司每股淨利的成長顯得沒那麼突出,倘若單看每股淨利,很容易就會忽略權益法認列的損益近幾年正在快速成長的事實。另外,也來自於大部分股民只關心楠梓電會不會出售滬電股份,卻忽略就算楠梓電不處分持股,照樣能夠持續從滬電認列損益。大部分的股友在閱讀財務報告時,倘若沒搭配滬電財務報告,很難注意到滬電的營收,及其獲利品質、股東權益報酬率及每股淨利正大幅提升,而這些帶來的影響也將會在往後的年
份逐漸放大。
至於市場對於滬士電子產品的需求是否能夠維持,基本上,近幾年滬士電子都是被訂單追著跑,與其考慮是否沒有市場需求,不如考慮如何提高產量及降低成本。而在提高營收,降低營運成本及費用比例方面,都是近幾年滬電有做到的。掉單,小陳認為基本上不會,小陳瞄了一下滬電的十大股東持股,發現有個稱為中央匯金的第四大股東,持有滬電約6500萬股(以每股22人民幣計,相當於14.3億人民幣)
https://imgur.com/LCAARVb
中央匯金為由中國出資的獨資公司,而滬士電子最大的客戶華為同樣也是中國大力扶植的,此外滬士電子也是華為的金牌供應商,要滬士電子不強,我想也難。
相關報導:https://ek21.com/news/2/111721/
可能有人會想問:既然滬士電子前景那麼好,怎麼股價還會暴跌?
當滬電在9,10月股價高峰之時,以股價29人民幣看,2019全年每股淨利約0.7人民幣,當時滬電已經達到40倍的本益比,任何一間前景再好的公司,被給予到40倍本益比的評價,實在都有些誇張了。
就算從現在每股21 ~ 25人民幣看,中國股民依然給予滬電30 ~ 35倍的本益比,依然非常高,不過30 ~ 35倍本益比背後的意義也代表著市場普遍認為滬電未來有相當大的成長空間。
只要滬電每股賺1塊人民幣,楠梓電每股就能認列1.1塊人民幣的獲利,不過在台灣,楠梓電卻只被給予12倍本益比,因此,相比未來楠梓電能夠從滬電獲得的淨利成長,我認為楠梓電的股價還是有不菲的成長空間。
最後附上中國主要 PCB 廠商獲利能力比較圖:
https://imgur.com/9Pf2jtQ
https://imgur.com/AnIG0LG
https://imgur.com/91i2xl7
https://imgur.com/Ep3pGei
5G 佈建才剛起步,且又是中國政府支持的,只要中國想做,我想沒什麼是中國做不起來的,既然中國想好好佈建 5G產業,小陳當然是好好抱緊大腿。
楠梓電基本上已經處於不管怎麼做都贏的局面:
如果不處分滬電持股,就是繼續認列滬電損益,滬電每股賺多少,楠梓電就跟著賺多少,本業虧損的部分每年頂多虧損0.5元就很了不起了,只要滬電繼續成長,本業虧損佔認列滬電帶來的獲利,在未來將會越來越小,且這還是本業遲遲無法獲利的情形。倘若本業轉虧為盈,將會是兩頭賺的局面。
如果處分滬電股份,每股可以獲得約100元的處分利益,股東也樂見其成。
此外,滬電每年三月前後都會發布總經理工作報告,有興趣的股民,我也推薦去翻閱看看。
今日再購入269張
https://imgur.com/RqFKqrO
目前小陳剛完成2020第一季股票配置,分配4000張在楠梓電。
https://imgur.com/n3HApDk
https://imgur.com/zXlYKOz
https://imgur.com/Ln3DQHW
https://imgur.com/txoypJX
長期投資
相關文章,供有興趣的股友參考:
https://xueqiu.com/5633311140/128550056
2007 ~ 2019 滬電財務數據:
http://quotes.money.163.com/service/cwbbzy_002463.html
資料來源:http://quotes.money.163.com/f10/cwbbzy_002463.html
https://www.inside.com.tw/article/17188-pcb-5g
https://www.bloomberg.com/news/articles/2019-09-20/china-s-5g-will-fire-up-this-pair-of-huawei-suppliers
-----
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