Summary of the report:
The company acquires Tongyu Airlines to realize the close combination of 3D printing technology and aerospace. The company acquired 51% and 49% of Tongyu Airlines in 2019 and 2020 respectively, laying out the aerospace parts business. The company gradually introduced 3D printing technology into Tongyu Aviation, realizing the expansion of the company's 3D printing business and market to aerospace parts business. Tongyu Airlines has passed the 3D printing parts installation review, and has the batch production qualification and ability of aviation parts manufacturing. At present, the core customer of Tongyu Airlines is Chengfei Group, whose order amount with Chengfei Group accounts for about 90% of the total order amount, and carries out in-depth cooperation with Chengfei Group.
The company expands from the bottom up along the laser industry chain, laying out the intelligent equipment business. The company's intelligent equipment business mainly includes laser equipment, testing equipment, automation equipment, fiber laser research and development, production and sales. At present, Jin Dongtang is a professional automation and intelligent comprehensive solution provider. In 2021, it cut into the field of new energy and independently developed and launched the automatic production line of laser equipment for the top cover of new energy vehicles, which can effectively meet the needs of customers. Has been verified by customers. Haifu Photon is the main body of the company's fiber laser business, with strong technical strength, is one of the earliest domestic units to develop 10,000 watt fiber lasers, and is one of the few domestic manufacturers that can mass produce single-fiber 5kW-10kW fiber lasers.
Greatly influenced by the electronic information industry, the company's laser application service business is mixed. The company's laser application service business includes the production of SMT laser templates and the provision of PCB services. The company ranks first in the domestic SMT precision laser template market share, with a leading position and absolute advantage. However, affected by the cycle of the electronic information industry and other factors, the development of the PCB industry is uncertain.
Investment advice and rating: it is estimated that the company's operating income from 2022 to 2024 will be 1.048 million yuan, 1.62 billion yuan and 0.320.4 yuan, respectively, and the net profit will be 1.15 million 1.62 million and 0.320.4 yuan respectively. Of this total, Tongyu Airlines' operating income was 2.5 million yuan, respectively, and its net profit was 6500, 000, 000 and 108 million yuan respectively. Considering the company's active layout to the upper reaches of the laser industry chain, Tongyu Aviation's strong profitability and the gradual application of 3D printing in the aerospace field, the company was given a "holding" rating.
Risk tips: the electronic information manufacturing industry is in the doldrums, the risk that the company's laser application service business will be affected; the risk that the intelligent equipment business market competition is fierce and the company's business development is blocked; the risk that the aviation parts business order is not as expected; the risk of performance forecast and valuation judgment falling short of expectations.