Main points of investment
2022Q1's performance was basically flat compared with the same period last year. According to the company's quarterly report for 2022, revenue in the first quarter of 2022 was 138 million yuan, down 4.49 percent from the same period last year, while net profit was 31.6 million yuan, an increase of 6.71 percent over the same period last year, and 29.27 million yuan was deducted from non-net profit, an increase of 1.70 percent over the same period last year.
Functional / structural devices + automation equipment linkage to create a comprehensive product solution. The company's functional devices are widely used in consumer electronic products such as smart phones, tablets and smart wearers, realizing the functions of pasting, buffer protection, conductive heat conduction, insulation shielding and so on. At the same time, the company provides customers with automation equipment and fixtures, vehicles, tools and other tools, which are mainly used in downstream assembly plant fitting, laser cutting, precision processing and other production links. The main products include automatic attachment and assembly equipment, laser cutting equipment, high-speed precision carving equipment, etc., to provide customers with comprehensive product solutions.
Focus on the global head of terminal customers, product share has increased. The company's direct customers include Foxconn, Lixun Group, Pengding Holdings, Murata, Amfino, BOE and so on. The products are finally applied to global head customers such as Apple Inc, Microsoft Corp, Amazon.Com Inc, XIAOMI and so on. The company has become a qualified supplier certified by Apple Inc and Amazon.Com Inc and has established a good cooperative relationship with the lower reaches of the industrial chain. Through more comprehensive technical enhancement in the areas of consumer electronics functional devices, precision structural components and other products, the company has achieved a continuous improvement in the market share in the field of consumer electronics business.
We will continue to expand the layout of the field, make multiple breakthroughs in the field of new energy, and cast new growth poles. The company actively distributes heat conduction and heat dissipation, new energy equipment and other fields, a variety of new products have entered the proofing stage, some products have passed the core customer certification. In the field of new energy vehicles, the company mainly develops products such as equipment, heat conduction plates, functional devices and so on. In terms of equipment, relying on the accumulation of many years of experience, the company independently develops automation equipment with the advantages of high precision and high production rate, focusing on the equipment in the middle and rear part of lithium battery, including stacking, coiling and assembly. at present, it has obtained the order of Guangzhou Automobile Eian New Energy vehicle, and other mainstream battery companies are discussing cooperation, and the equipment design scheme has been demonstrated. In terms of heat conduction plate products, the company provides battery liquid-cooled plates for power battery customers based on the R & D and manufacturing experience of heat conduction and heat dissipation modules. In terms of functional devices, Meizhou Jiaying, a wholly owned subsidiary of the company, has developed optical protective films and high temperature tape, which are mainly used in intelligent cockpit displays and lithium batteries, which have been certified by some customers and are expected to start mass production this year. The company actively expands the process experts in the field of new energy and batteries, quickly makes up for the shortcomings of the process, superimposes its own rich experience in the field of industrial automation, cuts into the new energy field from the field of consumer electronics, quickly achieves business breakthroughs and opens up a new space for growth.
[investment advice]
The company deeply ploughs the precision function parts of consumer electronics, through years of technology accumulation, the business extends to the field of automation equipment used by downstream customers when processing, and has formed the synergy advantage of "key die-cutting materials + core automation equipment" linkage. To provide comprehensive solutions for downstream customers, the product share has increased steadily. At the same time, the company continues to expand the scope of business applications and actively expand the field of new energy. Based on the experience of R & D and manufacturing of products and automation equipment in 3C field, breakthroughs have been made in key areas such as lithium battery automation production equipment, power battery heat conduction plates, automotive electronic functional devices, and some products are expected to start mass production within this year. It is estimated that the company's revenue from 2022 to 2024 will be 9.51,12.49,1.612 billion yuan respectively, and its net profit will be 1.64,2.11,278 million yuan respectively, and the corresponding EPS will be 2.74,3.51,4.64 yuan per share respectively, and the corresponding PE will be 29,22,17 times respectively.
[risk Tip]
The progress of new products and new business introduction is lower than expected.
Downstream demand is lower than expected
The progress of production expansion is not as expected.