展望第一季，有鑑於南亞、中南美洲、中歐、東歐頻寬升級趨勢持續下去，對PON ONU需求維持強勁，且北美有線電視服務商的新款OTT STB開始出貨，但因農曆新年長假將影響台灣、大陸的生產排程，預期營收維持於高檔，且雖網通主晶片持續漲價，但持續將成本轉嫁給客戶，預期毛利率約略與去年第四季持平。
Zhonglei (5388) will continue its digital transformation this year. Higher-speed network transmission will become a rigid demand. In addition, the shortage of materials will ease, and the operation will usher in significant growth. The legal person circle is optimistic, and the net profit after tax is expected to double. The after-tax profit per share is 5 to 6. Zhonglei’s stock price has turned from black to red after the morning market, and the volume has been rising all the way, with an increase of more than 2.5%, jumping back to the 5-day moving average.
With the global vaccination, although economic activities are gradually returning to normal, working from home and distance learning have changed the previous lifestyle. Therefore, it is estimated that the trend of fixed network bandwidth upgrade will continue, driving the wave of household terminal broadband CPE replacement. , The replacement wave of PON, WiFi-6 and 5G CPE has become the main driving force for revenue growth, but due to the shortage of semiconductor materials, the momentum of shipment has been suppressed. Zhonglei's revenue in 2021 will be 43.906 billion yuan, an annual increase of 21.63 %, a record high. However, the legal person estimates that Zhonglei suffers from shortages of components, rising prices eroded gross profit margins, and the expansion of human service telecom operators in many countries, resulting in high costs and after-tax net profits. nearly 20%.
Looking forward to the first quarter, in view of the continued trend of bandwidth upgrade in South Asia, Central and South America, Central Europe and Eastern Europe, the demand for PON ONU will remain strong, and the new OTT STBs of North American cable service providers have begun to ship, but due to the long Lunar New Year holiday will be affected. Production schedules in Taiwan and mainland China are expected to maintain high revenue, and although Netcom's main chip prices continue to rise, it continues to pass on costs to customers. It is expected that the gross profit margin will be roughly the same as that in the fourth quarter of last year.
Driven by the epidemic in 2022, digital transformation will continue, and higher-speed network transmission will become a rigid demand, which will also drive the replacement wave of 5G, PON, OTT STB and WiFi-6. It is expected that the shortage of materials will ease this year compared to last year. Next, Zhonglei's annual revenue is expected to grow compared with last year. The legal person estimates that Zhonglei's gross profit margin is expected to remain at a level of around 13%, and its after-tax net profit is expected to double. 6.
Powered by Firstory Hosting