Leading testing and automation equipment, focusing on the downstream market of the big data industry chain
The company relied on leading advantages in the consumer electronics testing equipment industry in the early stages, accumulated rich and high-quality customer resources, actively expanded testing equipment for the AIoT industry chain, and launched market-competitive big data computing power server motherboard testing equipment and automotive electronic equipment.
Implementation of domestic substitution to create high-end standard equipment
The company launched MLCC-related testing equipment and laminators. Among them, the six-sided exterior inspection machine has maintained the highest incremental market share since its launch. It has obvious advantages against overseas competitors. Downstream customers include leading enterprises at home and abroad. At the same time, the company is also actively participating in the research and development of semiconductor equipment, mainly involving packaging processes and packaging equipment. The accuracy and stability of the company's scribing machine equipment are in a leading position in the industry.
The company actively transformed and increased technological investment to create a second-largest growth company. As a high-tech enterprise, the company focused on industrial automation test equipment. From traditional 3C electronic test manufacturers, they actively transformed the big data and semiconductor business and pioneered a second growth pole. In the future, in the context of increasing the penetration rate of artificial intelligence, the company's automated testing equipment will become the invisible champion in the field of artificial intelligence.
Investment advice
We expect the company to achieve revenue of 12.1/14.52/2,033 billion yuan respectively in 2022-2024, up -0.3%/20.0%/40.0% year on year; to achieve net profit of 2.03/2.57/376 million yuan, net profit growth rate of -16.5%/26.4%/46.4% respectively, gross margin of 49.9%/50.9%/51.8% respectively; the corresponding EPS for 2022-2024 is 1.45/1.84/2.69 yuan. The company's current stock price corresponds to the 2022-2024 forecast EPS PE of 29/23/16 times. Traditional leaders are actively transforming, and the company has great potential for growth. It covered it for the first time and gave it a “buy” rating.
Risk warning
1) The risk of product innovation falling short of expectations; 2) the risk of bad accounts receivable; 3) the risk of changes in related policies; 4) the risk of business growth falling short of expectations.