Core ideas:
1. Business layout: focus on 3C + lithium industry, equipment + material provider
The company's main business is PCB precision machining testing equipment and PCB precision machining auxiliary materials, lithium electro-X-ray series testing equipment, liquid crystal modules, LED automatic assembly and testing equipment, welding automation equipment and other products. The downstream covers automatic welding, elevator, LED, lithium and other industries, and is committed to becoming China's leading supplier of smart equipment, high-end materials and solutions.
The gross profit margin of the company's segmented business remains above 30%, with gross profit margin and net profit margin of 38.7% and 15.76% respectively in the first three quarters of 2017.
two。 Main performance growth points in the next three years
(1) PCB industry: PCB testing equipment develops new products, auxiliary materials develop high-end membrane materials, and laser equipment develops in the direction of high precision, high speed, automation and intelligence.
(2) Lithium industry: lithium power business has covered lithium testing equipment, pack production line, polar ear laser cutting equipment and materials, the market share has been further expanded, production capacity and orders will be gradually released.
(3) LED industry: the development effect of the domestic market of Ji Yin Technology will be gradually released within 2-3 years, thus further expanding the market share. In addition, the company increases investment in the OLED market, and the module equipment of the OLED production line will become an important performance growth point.
(4) Intelligent creation: Yupengwei elevator orders are constantly released, and it has been developed and successfully applied in industrial robots, AGV, RGV cars, intelligent gateways, MES systems, and other fields such as intelligent warehousing and other intelligent factories. Jiukun Information CPS intelligent manufacturing system solutions and products will effectively coordinate with the company's PCB, lithium and LED business, expand the depth of the company's product line, achieve modular supply, and improve business scale and profitability.
3. Profit forecast
Stock symbol 2017E EPS 2018E EPS 2019E EPS
300410.SZ Zhengye Technology 1.11 1.68 2.51
4. Risk hint
The performance of M & A companies is lower than expected risk; the risk of impairment of goodwill; and the construction process of intelligent equipment industrial park and production expansion project is lower than expected risk.