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卓翼科技(002369)深度报告:公司业绩新起点 打造智能硬件创新平台

Zhuo Yi Technology (002369) In-depth Report: A New Starting Point for Company Performance to Build a Platform for Intelligent Hardware Innovation

浙商證券 ·  May 9, 2017 00:00  · Researches

  Report guide

The company is one of the leading electronics manufacturing service companies. The future surge in the number of smart hardware will drive ODM demand, and the core benefit target of the Internet of Things. Build an incubation platform for intelligent hardware innovation, target “hard eggs”, and open up space for future growth.

Key points of investment

The number of SMT equipment is leading in China, and intelligent manufacturing enhances company efficiency

In the electronics manufacturing service industry, large-scale mass production capacity is the core competitiveness of enterprises, and the expression of large-scale mass production capacity is SMT equipment with flexible manufacturing capabilities. The company has 277 SMT equipment, with a production capacity of 11.44 million points/hour at the end of the period, far exceeding that of listed companies of the same type. It is expected that as the number of smart hardware surges to drive ODM demand, the company's production capacity will be fully released. At the same time, the company is actively promoting intelligent manufacturing. The automation transformation project carried out earlier has significantly improved production efficiency, and the company's net interest rate level is expected to rise further and return to historical levels.

Benchmark “hard eggs”, create an innovative intelligent hardware platform, and open up space for future growth

Demand for mass production of products has been further strengthened in the era of mass innovation, and there are also many pain points. The company built an innovative intelligent hardware platform and used cluster resources to provide a full range of technology, equipment, supply chain, capital and market expansion services for early innovation teams. Benchmarking the “hard egg” for Ketong Xincheng can not only effectively support KeTong Xincheng's business development, but also because of its card advantages. We believe that the establishment of a similar company, Shenchuanggu SVV, can effectively make up for the company's current lack of creative design capabilities and reinvent Zhuo Yi.

The company completed the non-public offering plan and began a new journey

The company raised 756 million yuan in non-public shares and invested in “intelligent manufacturing projects” and “innovation support platform projects”, which are expected to enable the company to reduce costs, improve product quality, and enhance the company's market competitiveness and profitability. The company's actual controller and some management actively participated, and their interests were highly consistent, demonstrating the company's confidence in future growth.

Profit forecasting and valuation

We use the number of SMT equipment in our company to benchmark comparable companies of the same type, and believe that we are far from reaching the company's production capacity limit. With the future explosion of smart hardware industries such as AR/VR and wearable devices, the number of devices surges, and the company's revenue is expected to grow rapidly. At the same time, the company continues to promote intelligent transformation and optimize management, and the net interest rate level is expected to rise to historical levels. We expect the company's EPS to be 0.10, 0.17, and 0.29 yuan/share in 2017-2019, up 236.01%, 79.33%, and 68.03% year-on-year. Short-term valuations are high, but the company is in the first year of innovative business development, and the compound growth rate will reach 116.2% in the next three years, which is expected to gradually absorb the high valuation. At the same time, considering the valuation premium on the value of the Shenchuanggu platform and the cost price for the majority shareholders to participate in the fixed increase, we believe that the company has a transaction opportunity, covered it for the first time, and gave it an “increase in holdings” rating.

The translation is provided by third-party software.


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