Wuhan Fan (002194) Performance long-term growth drive shows

Company recently issued a notice that the global qualified suppliers to obtain Ericsson qualification, we believe that the company will constitute a long-term positive.　　The future of the company will be expected to get rid of the downstream link to the Huawei a single big situation, effectively enhance the company's overseas market expansion, the performance of long-term growth drive has emerged. Prior to the company has been Huawei, NSN, motorcycles, rung, ZTE and other companies to identify the qualification, and the acquisition of Ericsson Global supplier qualification, is the effective improvement of customer structure. Huawei, the company's biggest customer for a long time, accounts for 60% to 70% of the company's total orders per year from Huawei. And compared with Huawei, Ericsson in the global mobile communications equipment accounted for a higher, in recent years has been in the rising stage, has been raised to 43%-44%. Company in Europe at the beginning of a commitment to negotiate with Ericsson headquarters, recently finally received the qualified supplier of Ericsson Global qualification, reflecting the company's brand and strength in the global scope of rising, the future will be expected to get rid of the downstream link to the Huawei a single big situation, thus helping to improve bargaining power,　　Also will effectively enhance the company's overseas market expansion, the long-term growth of the company's drive has emerged. We believe that the company's future market share is expected to increase to more than 30%, thus growing into the RF device industry, the world's largest enterprises. The recognition of Ericsson's qualified suppliers globally will accelerate the company's future performance and further enhance the company's valuation level. According to our earnings forecast for the next three years, the net profit compound growth rate can reach 22.8%. To give the company 09 30 times times PE, the target price of 22.08 yuan, to maintain the company's investment rating of "buy."