Investment points Yaxiang Integration: a professional clean room engineering overall solution provider. Since its establishment, the company has been focusing on providing clean room engineering services for IC semiconductors, optoelectronics and other high-tech electronics industries, biomedicine, fine chemicals, aerospace, food manufacturing and other related fields. It has accumulated more than 2.123,600 square meters of cleanroom construction experience and is in a leading position in the industry. In 2015, the company achieved operating income of 1,107 billion yuan, an increase of 115.09% over the previous year, and realized net profit of 79 million yuan, an increase of 90.12% over the previous year. The actual controllers were **** businessmen Yao Zuxiang and Zhao Yuhua. The cleanroom industry market growth room is optimistic. Clean rooms are widely used in the fields of electronics, medicine, food, petrochemicals, daily chemicals, bioengineering, aerospace, military, etc., and are among the basic engineering services required in this field. Judging from market segmentation demand, the electronics industry has the largest market size, followed by the pharmaceutical manufacturing and food manufacturing industries, and once again the medical sector. Currently, the market size of the cleanroom industry is growing rapidly. In 2015, the market size of China's cleanroom industry grew to 70.755 billion yuan, with a compound growth rate of 15.9% in the past 8 years, and is expected to increase to 141,233 billion yuan in 2020. Among them, industry policies such as food and drug GMP certification have provided the driving force for the development of the cleanroom industry, and the electronics industry's high requirements for the production environment have promoted the rapid growth of the cleanroom market. Currently, the concentration of the cleanroom industry is low, and the integration trend is showing. The company's average market share from 2013 to 2015 was 1.96%. In the process of industry integration, there is still considerable room for the company's market share to rise in the future. Cleanrooms in the electronics industry contribute the main revenue, and “technology+experience+customer resources” build a competitive advantage. The company's main business is cleanroom system integration projects and services for high-tech industries. Cleanroom system integration projects account for more than 86%, and the electronics industry has contributed the most, and has remained above 78%. The number of orders handled by the company using its technological advantages increased significantly in 2014 and 2015, achieving rapid revenue growth. The company's competitive advantage comes from three aspects: first, the technical level is leading in the industry and has outstanding R&D advantages; second, it has rich experience in professional fields; and third, it has established stable cooperative relationships with important customers, laying a solid foundation for business development. The future development of the company. In the next two years, the company will focus on the three areas of R&D innovation, talent expansion, and market development. It plans to increase R&D investment, innovate engineering technology and products, cooperate with Siemens to promote talent training programs in automatic control, energy saving and emission reduction, promote horizontal expansion of business fields, and actively develop cleanroom engineering businesses in pharmaceuticals, health care, bioengineering, laboratories, and food. Profit forecast: The company's net profit for 2016-2018 is estimated to be 183 million yuan, 198 million yuan and 225 million yuan respectively, and the total share capital after issuance corresponding to EPS is 0.86 yuan, 0.93 yuan and 1.05 yuan respectively. Risk warning: downside macroeconomic risk, industry demand falls short of expectations, order amount falls short of expectations
亚翔集成(603929)新股研究报告:洁净室工程龙头 市场份额快速提升
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