Deep ploughing PCB28 load, transform "PCB+ solution" one-stop service provider. Bomin Electronics was founded in 1994, started high-precision printed circuit board business, through endogenous extension, the transformation of "PCB+ components + solutions" one-stop service solution provider, the establishment of PCB and solutions two major business groups in 2020. In 2021, the company achieved revenue of 3.521 billion yuan (year-on-year + 26.39%) and net profit of 242 million yuan (- 1.96%), of which PCB and customized electronic device solutions business achieved revenue of 2.423 billion yuan and 972 million yuan respectively, up 20.26% and 41.44% respectively over the same period last year.
AMB ceramic liner is suitable for high voltage IGBT power module and SiC power device module to create the second stage of growth. The IGBT liner of the company's microcore division focuses on AMB technology, which has the advantages of self-research ability of AMB solder, sintering research and development technology and many years of manufacturing experience of printed circuit boards. Compared with DBC liner, AMB liner has better thermal conductivity, heat resistance and impact resistance. it is suitable for high voltage IGBT modules with high heat dissipation and reliability, and is the preferred material for SiC power device module packaging. The company's IGBT liner production line equipment has been debugged in 2021, with a capacity of 80,000 sheets / month, and the company is expected to reach 200,000 sheets / month within three years. Products have been tested and mass-produced in aviation system, CRR system, Zhenhua technology, Guodian Nanrui, BYD Semiconductor and other customers. With capacity expansion and customer cooperation, the company's AMB ceramic liner business is expected to expand rapidly.
Strong and weak electricity integrated circuit special board + automobile electronic assembly union coordinated development, the supply of new forces in car construction. The company's PCB business group patented product "strong and weak electricity integration special circuit board", strong electricity and weak electricity design on a board, supply devices to effectively solve the problem of high integration, and provide module assembly solutions. In 2021, the company's PCBA products entered the new power supply chain of car building, which is used in capacitor assembly, battery and vehicle control system, power battery pack bus, BMS and so on. In March 2022, the company announced to become a supplier of related parts and components for XPeng Inc. F30 and E38 models. The order cycle is 5 years, and the transaction amount of the project is expected to reach 250-300 million yuan. We believe that the collaborative layout of the company's strong and weak electricity integrated special board and electronic assembly business will help the company to enhance the added value of its products and one-stop service capacity.
Capacity expansion supports the growth of PCB business. The company's Jiangsu Bomin Phase II project HDI production line and IC carrier plate production test line will increase production capacity by 40,000 square meters per month after reaching production; Meizhou new generation electronic information industry investment expansion project has started construction at the end of 2021, the first phase is expected to be put into production in 2024, and the annual output will reach 3.6 million square meters in 2026. We believe that PCB, as the basic business of the company, will achieve steady growth with the release of new production capacity.
Profit forecast. We estimate that the operating income of the company will be 4.045 billion yuan / 5.254 billion yuan / 6.617 billion yuan in 2022-2024, and the net profit of homing in 2022-2024 will be 297x463,653 million yuan respectively, corresponding to an EPS of 0.58 pound 0.91 pound 1.28 yuan per share. Considering the valuation level of the comparable company and the growth of the company's AMB liner, the 23-year PE valuation range of 20-25x is given. Corresponding to the reasonable value range of 18.20-22.75 yuan, the "better than the market" rating was given for the first time.
Risk hint. The risk that capacity expansion is less than expected; the risk of downstream demand fluctuations.