Takazuka Technology is the innovator and leader of cross-process. In the field of consumer electronics, the rapid release of CMI and the promotion of new products, automotive electronics has achieved a 0-1 breakthrough, the prospect is worth looking forward to.
The company deeply ploughs the mobile phone optics industry, leading the development of cross-process innovation and equipment self-control. The company has mold design and manufacturing technology, injection molding technology, metal stamping technology, electroplating technology, IM metal insertion molding technology, two-color molding technology, winding technology and other individual technologies. The company continues to innovate and promote the cross-process, at the same time, with the help of self-made equipment to quickly open the production line to ensure yield and delivery, realizing the jump of unit price ASP from 0.1yuan to 3 yuan, while the gross profit margin is increased from 20pt to 50pt +. At present, the latest chip-mounted metal-plastic primary molding parts (CMI) has entered the volume stage, and shipments from 21Q4 are expected to continue to increase, promoting performance growth. The follow-up layout of more new products can be expected in the future.
The company goes deep into the field of automotive electronics and expects production and sales to continue to climb. The company actively arranges the production, manufacturing and sales of spare parts in the field of automotive electronics, and has obtained fixed production plans from many customers, which is in the period of product verification and small order production. In 2018, the company began to enter the automotive field through the certification of automotive customers such as Jettaigt and Mitsui Metals, with customers such as Mitsui Metals, Jettaigt, Jingxi heavy Industry and Asia-Pacific Mechatronics. The field of automotive electronics is the focus of the company's development in the next 3-5 years. On the one hand, automotive electronics has a good development prospect, and the market demand continues to grow. On the other hand, the company has made considerable achievements in material selection and structural design of automotive precision electronic components. It already has the theory and R & D basis for the batch development of vehicle electronic components, and actively promotes related projects. Strive to become an integrated supplier in the field of automotive electronics.
For the first time, coverage gives a "highly recommended" rating. The company has an obvious competitive advantage in the field of consumer electronics optics. When CMI parts enter the volume stage, the company's main business will maintain rapid growth. The automotive electronics market has high growth expectations and development prospects, and it is expected that production and sales will continue to climb. We estimate that the 22-24 return net profit of the company is 0.55 RMB 1.31 billion yuan, corresponding to eps 0.45 yuan, 1.09 yuan and 1.74 yuan respectively, and the current share price corresponding to PE is 21.6 and 13.5 times, respectively, giving a "highly recommended" rating for the first time.
Risk tips: (1) Technology research and development can not meet the risk of end-user product upgrade. (2) the price of raw materials