Main viewpoints
1. The acquisition of Baer to improve the product structure will play a synergistic effect.
The company is mainly engaged in the research and development, design, production and sales of precision cleaning equipment. At present, it has formed a business pattern with precision cleaning equipment as the core, electroplating equipment and water treatment as the two wings. The main products of the company are precision cleaning, fitting, assembly and testing equipment in the assembly equipment of flat panel display module.
After the completion of this transaction, Julius Baer Automation will become a wholly owned subsidiary of Hekoda. Because the two companies overlap in precision cleaning business, it will improve the product structure of listed companies and enhance the company's market share, technical strength and brand influence in the field of precision cleaning equipment. On the other hand, because the customers of precision cleaning industry and Baer Automation's full-fit automatic line and automatic binding line are both touch product manufacturers, there are common customers, which can give full play to the synergy effect. Baosheng Automation promises that the net profit of 17-19 years will be no less than 45 million yuan, 58.5 million yuan and 76.05 million yuan respectively, which will greatly increase the performance of the company.
two。 The prosperity of the flat panel display industry is high, and the company's perfect layout is expected to continue to benefit from the flat panel display industry with the characteristics of high production precision, long industrial chain, frequent technological upgrading and so on.
With the transfer of flat panel display industry to China and the rise of OLED, panel manufacturers are encouraged to speed up the construction of new production lines. It is expected that the next few years will be the peak period of development, and equipment manufacturers will be the first to benefit. The company's acquisition has improved the layout of the equipment and is expected to benefit greatly.
3. Investment advice:
The company is expected to make a net profit of 97 million, 114 million and 135 million yuan in 17-19. Taking into account the issue of shares to purchase assets and raise supporting funds, the total equity is expected to reach 104.31 million shares, the corresponding diluted EPS is 0.93,1.09,1.29 yuan, and the corresponding PE is 43x, 37x, 31x. Give a recommended rating.
4. Risk Tips:
New business integration is lower than expected.
