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【海通证券】金运激光:工业4.0制造业龙头

海通證券 ·  Jun 2, 2015 00:00  · Researches

Jinyun Laser entered the 3D printing industry in 2014. With its laser equipment technology, it quickly deployed in various fields and actively seized the advantages of pioneers. The implementation of employee stock ownership plans will inspire employees to speed up the layout. The financial transportation model created using high-tech technologies such as the Internet and intelligent robots is the most complete 3D printing business model in China, and can achieve circular development of the industry. The company's net profit compound growth rate is expected to reach 138.59% in the next three years. The company proposed the financial transportation model as the most complete 3D printing business model in China. The company proposed a strategic plan for the “Gold Transport Model: Platform+Ecosystem”. The platform includes the “Gold Yun+Laser Digital Technology Application Innovation Platform” and the “Gold Yun+3D Digital Technology Application Innovation Platform”. It is an application platform with digital technology applications as the core, serving innovative laser and 3D enterprises, and building a laser and 3D ecosystem. The platform vertically constructs an ecological chain of vertical integration of industries; horizontally, it adopts the model of hardware+software+content+service to expand industry applications. Actively expand the field of 3D printing applications. The company has made major breakthroughs in aviation carpets, embroidery machines, and shuttle aircraft, etc., laying a good foundation for large-scale manufacturing development in the post-modern era. Currently, the company is also actively investing in explosives research to provide technical support and industry cards for future military and civilian applications. Employee shareholding has been implemented to stimulate employee enthusiasm. From May 15, 2015 to May 19, 2015, Xing Securities Asset Management's Xinzhong No. 18 pooled asset management plan buys 663,600 shares of the company's total share capital from May 15, 2015 to May 19, 2015, at an average price of 53.46 yuan/share through secondary market purchases, accounting for 0.53% of the company's total share capital. The implementation of this plan will enhance the cohesion of employees, achieve the sharing of interests between employees and the company, enable employees to explore markets more actively, actively improve the company's technology, and accelerate the company's leadership advantages. Cooperate with major international manufacturers to achieve complementarity of technical resources. The company has achieved varying degrees of cooperation with three global high-quality 3D printing brands, EOS, 3Dsystems, and Stratasys. It has solved the shortage of domestic 3D printing equipment and materials, and also has the most comprehensive material portfolio in the industry that can directly create physical objects based on data, and can provide the most comprehensive solutions for the 3D printing industry. Profit forecasts and investment advice. It is predicted that the 2015-17 EPS will be 0.21, 0.39, and 0.73 yuan respectively (regardless of the impact of non-public shares on share capital), giving the company a target market value of 10 billion yuan, corresponding to a stock price of 79.37 yuan, corresponding to the 2015-17 dynamic PE, 378, 204, and 109 times price-earnings ratio and buying ratings, respectively. Uncertainty factor. The presence of potential competitors; poor expansion of downstream demand; the company's non-public offering of shares has not been approved.

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