[investment points]
Functional devices + automation equipment linkage to create a platform solution supplier, the company ploughing consumer electronics precision functions, through years of technology accumulation, business extends to downstream customers used in the field of automation equipment, has formed a "key die-cutting materials + core automation equipment" synergy advantage, to provide downstream customers with comprehensive solutions, product share steadily increased.
There are many breakthroughs in the field of new energy, casting a new growth pole. 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, the company focuses on the equipment in the middle and rear of lithium battery. at present, it has won orders for Guangqi Eian new energy vehicles, and other mainstream battery companies are discussing cooperation, and the equipment design scheme has been demonstrated. Will benefit from the continuous growth of lithium battery demand in downstream new energy vehicles, energy storage and other areas. 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. The liquid cooling board is the core component of the battery thermal management liquid cooling function module. The battery package temperature environment of the power battery has a great impact on the reliability, life and performance of the battery. Therefore, battery thermal management is an important guarantee of new energy vehicles. With the continuous improvement of sales and permeability of new energy vehicles, the demand for liquid-cooled plates will continue to increase at the same time. The company actively expands the process experts in the field of new energy and battery, 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 realizes the business breakthrough, and creates a brand-new growth pole.
Layout of upstream materials, business expansion and profitability are expected to continue to improve. The company has mastered the key processes and equipment such as OCA glue ratio, base film surface coating, R & D formula of high-performance PI tape and so on. Through self-research and production of upstream electronic functional materials, it will help the company to open up new customers in the consumer electronics industry, and will also help the company to enhance the profitability of its main business.
[investment advice]
It is estimated that the company's revenue from 2022 to 2024 will be 9.51,12.49 and 1.612 billion yuan respectively, and the net profit will be 1.64,2.11 and 278 million yuan respectively, the corresponding EPS will be 2.74,3.51,4.64 yuan per share respectively, and the PE before the corresponding period will be 28,22 and 17 times respectively. We select comparable companies from the functional devices industry and the equipment industry, give the company 30 times PE in 2023, give a 12-month target price of 105.30 yuan, and upgrade to the "buy" rating.
[risk Tip]
The introduction and expansion of new products is not as expected, and the progress of new customer development is not as expected.
Demand in the consumer electronics market is weak, and terminal shipments fall short of expectations.
The exchange rate fluctuates violently.