Anjie Technology Co., Ltd. was established in 1999, mainly engaged in functional devices, structural components and power wireless charging modules and other products, the company's products are widely used in consumer electronics, new energy vehicles, information storage and 5G communications.
Supply and demand side: the growth rate of mobile terminals has slowed down, and new energy + VRAR has become a new direction of growth. (1) Global smartphone demand has declined slightly, but the differentiated market continues to grow, and developing countries are expected to become the main source of global mobile phone sales growth. (2) the global sales of new energy vehicles continue to grow, and the share of China's market is increasing rapidly. In terms of penetration, the penetration rate of new energy passenger vehicles in China has increased from less than 5 per cent in 2019 to nearly 30 per cent in 2022. Sales in 2025 are expected to reach 11.1 million.
(3) some breakthroughs have been made in the technology and application of VR to meet the attention of the market. With the launch of new products for head customers, overall sales are expected to increase this year. (4) the wireless charging technology is becoming more and more mature and the permeability is gradually increasing. Application scenarios are expanding, with consumer electronics and automobiles as its main application areas. The global wireless charger market is expected to reach US $1.564 billion by 2022, with an annual compound growth rate of about 8.1%.
Growth logic: deeply bind leading customers and follow the growth of key customers. In terms of consumer electronics, with the continuous development of terminals, the value of a single machine continues to increase. Expand business lines among major customers, with Microsoft Corp, Alphabet Inc-CL C, Lenovo and other core customer groups. Form a close relationship of mutual trust and cooperation with core customers, participate in customer's latest technology research and development, and have high customer stickiness. New energy vehicles, as one of the suppliers that establish deep cooperation with new energy international customers, deeply benefit from the improvement of the localization rate of head customers. Overseas factories to meet customer demand, continue to expand production capacity. The proportion of new energy vehicle business has increased from 6 per cent in 2019 to 27.96 per cent of 2022H1, which will become an important performance growth point for the company.
Cover for the first time, giving a "buy" rating. We estimate that the company's revenue from 2022 to 2024 will be 42.5 billion yuan, 54.32 yuan, respectively, with a growth rate of 9.43%, 27.81% and 31.19%, respectively. Select Lingyi Intelligent Manufacturing, Changying Precision, Xinwei Communications, Lixun Precision and Gore as comparable companies, among which Lingyi Zhicheng is the leading company related to Apple Inc structure components, and Changying Precision is the leading manufacturer of precision electronic components in China. Xinwei Communications is the leading domestic wireless charging provider, and Goyle shares is the domestic precision component manufacturer. Its industry average PE in 2023 is 15.9. It is optimistic that the company's rapid development in the field of new energy vehicles and the increase in overall product value will lead to an increase in gross profit margin and net profit margin, giving the company 23 times PE in 23 years.
Risk hint: capacity release is not as expected and customer expansion is not as expected.