Main points of investment:
Gradually reduce the traditional business and form a new main business pattern of "laser + superconductor". Revenue in the first half of 2022 was 2.165 billion yuan, an increase of 13.43 percent over the same period last year, while the net profit of returning to the mother was 179 million yuan, an increase of 17.62 percent over the same period last year.
Laser industry chain is complete, production capacity is gradually released.
The laser industry has a complete layout. Independent research and development of laser weapons, the core components of pump sources, lasers and other products have independent intellectual property rights, with the laser industry chain key technologies and large-scale production advantages.
The laser business reversed losses in the first half of 2022, with a net profit of 23.68 million. At present, the order is 350 million yuan, full capacity production, the delivery of 200 million orders will be completed in the first half of the year, and the remaining orders will be completed this year.
High temperature superconducting technology is in the lead in the world, and its competitive advantage is obvious.
The company is the first production unit of superconducting induction heating device in China, and has the world's first megawatt high temperature superconducting straight influenza heating equipment. The company's high temperature superconducting induction heating technology has been recognized as the "international leading standard". The company's current superconducting production capacity is about 20 sets, and the production capacity is expected to reach 50 units in 2022.
The company has 17 patents in the superconducting plate, including 8 new invention patents in the first half of 2022.
Divestiture of loss-making business and optimization of profit structure
Clear out the traditional industries. On June 13, 2022, the company signed an intention agreement to transfer Liangchuang shares in the backlight business plate. The company completed the divestiture of traditional power cable assets in the first half of 2022.
Earnings forecast, valuation and rating
If Lianchuang completes the table, we estimate that the company's revenue in 2022-2024 will be 34.70 $33.18 / 3.742 billion, with year-on-year growth of-3.24%, 4.39%, 12.79%, 1.43%, 4.05%, 5.63 / 734 million and 74.57%, 39.11%, 34.43%, respectively. The EPS and CAGR are 0.89, 1.24, 1.61 and 46.89 respectively.
Corresponding to the current share price PE is 33-23-18 times. If Lianchuang fails to complete the table, we estimate that the company's revenue from 2022 to 2024 will be 39.20 shock 42.18 / 4.642 billion yuan, with year-on-year growth of 9.31%, 7.60%, 10.06, 8.98%, 3.37, 4.75 / 645 million, and 45.55%, 40.89, 35.78, and 1.42 yuan per share, respectively. CAGR is 40.68%. Corresponding to the current share price PE is 39-28-20 times.
The company's laser and laser weapons products, high-temperature superconducting products contribute mainly to the growth, lack of comparable companies. We estimate that the company's profit growth rate in the next three years will be 46.89%. Based on the PEG valuation method, we will give the company 45 times PE in 2022, with a target market capitalization of 18.2 billion yuan and a corresponding share price of 40 yuan. Cover for the first time, giving a "buy" rating.
Risk tips: transformation risk, management risk, raw material price fluctuation risk, accounts receivable risk.