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联得装备(300545):上半年业绩承压 加快推进战略布局 公布8亿元定增预案

Liande equipment (300545): the first half of the year is under pressure to speed up the strategic layout and announce an increase plan of 800 million yuan.

長城證券 ·  Aug 17, 2020 00:00  · Researches

The first half of the year performance is under pressure, R & D investment continues to increase: the company is mainly engaged in flat panel display automation module assembly equipment research and development, production and sales. The company's equipment products have high technical content and high degree of automation, which are mainly used in the module assembly process of the rear part of the flat panel display panel, that is, the module assembly process of related components such as TDT-LCD, OLED display modules and touch screens. The company realized operating income of 352 million yuan in the first half of 2020, an increase of 2.29% over the same period last year, and the net profit attributed to shareholders of listed companies was 37.6896 million yuan, down 12.28% from the same period last year. This is mainly due to the fact that the identification of the company's high-tech enterprises is still in progress. For the sake of prudence, income tax is temporarily calculated according to the normal tax rate of 25%, if the company passes the national high-tech enterprise qualification review. Income tax will be calculated at a tax rate of 15%. The net cash flow generated by the company's operating activities in the first half of the year was-15.5709 million yuan, down 125.01% from the same period last year, mainly due to a decrease in the return of sales goods compared with the same period last year. The company's equipment gross profit margin in the first half of 2020 was 29.92%, down 1.65 PCT from the same period last year.

At the same time, in terms of expenses during the first half of the company, the sales expenses, management expenses and R & D expenses were 18.2267 million yuan, 17.276 million yuan and 5.1457 million yuan respectively, with year-on-year increases of 38.18%, 6.92% and-11.81% respectively. The increase in sales expenses is mainly due to the increase in after-sales service expenses. During the reporting period, the company continued to increase investment in R & D. in the first half of the year, the company's R & D expenditure totaled 26.8189 million yuan, accounting for 7.63% of operating income, an increase of 17.35% over the same period last year.

The strength of OLED rear module equipment is leading, and the field of large-size module assembly has been ordered: the company is a leader in the field of OLED module equipment. At present, OLED related equipment has OLED Pollami laminating equipment, OLED 3D curved surface lami laminating equipment, OLED COF, FOF binding equipment and OLED bending equipment, etc., and have achieved mass production. The order signed between the company and BOE in 2019 totaled 335 million yuan. On March 23, 2020, the company announced that it had won the Chengdu BOE OLED order again, including 100 million yuan in tax, for 3D laminating equipment and polarizer placement machine. The winning bid fully demonstrated the competitive advantage of the company's OLED equipment. In the field of LCD, the company uses the independently developed FOG bonding machine based on TFT technology to enter the field of high-end products and successfully binds to Shenzhen Tianma, BOE and other high-quality customers. In the face of greater market opportunities in the large-size field, the company actively promotes the research and development of large-size module bonding equipment and the expansion of the whole line of TV modules to form a competitive advantage of products in order to cultivate new profit growth points. during the reporting period, the company has launched new products in the field of large-size module assembly and formed sales orders. With the acceleration of equipment import substitution, the company is expected to further open up the growth space.

Fully cut into the field of automotive electronics applications, the semiconductor equipment business has made a zero breakthrough: at the beginning of 2019, the company announced that it had obtained the supplier qualification of Continental Germany Group, one of the world's top 500 suppliers of automotive accessory products, and officially entered the supply chain system of Continental German Group, indicating that the company has made a breakthrough in the production of automotive screen module equipment. In 2019, the company signed sales orders with Continental Group totaling 74.6958 million yuan, all of which are high-end model production lines. During the reporting period, the company comprehensively cut into the field of automotive electronics, continued to expand R & D projects, and entered a new and broad market field of automotive electronics applications, which will help the company to further expand the application scope and fields of the company's product line. to create new performance growth points for the future. As the demand for semiconductor products is driven by 5G and intelligent applications, the sales scale of semiconductor equipment is expected to continue to grow. The company is actively laying out the field of semiconductor packaging equipment. During the reporting period, the company made new progress in the semiconductor field. The research and development achievements of Liande ·J ·R & D Co., Ltd., a wholly owned subsidiary of the company in Japan, include semiconductor flip equipment and SFO optical system testing machine equipment. After the company's products have been verified by downstream customers, the company has signed orders for related equipment, achieving a breakthrough in zero sales of this kind of equipment. It has laid the foundation for the long-term development of the company.

The company announced a fixed increase plan of 800 million yuan. Major shareholders and actual controllers participate in demonstrating confidence: the company intends to issue no more than 43226241 RMB common shares (A shares) non-publicly to no more than 35 specific objects, including Mr. Nie Quan, the company's controlling shareholder and actual controller. no more than 30% of the total share capital of the issuer before this non-public offering, and the funds raised shall not exceed 800 million yuan. Of these, 240 million yuan is used for "Automotive Electronic display Intelligent equipment Construction Project", 160 million yuan for "large-size TV Module Intelligent equipment Construction Project", and 160 million yuan for "Semiconductor closed Test Intelligent equipment Construction Project".

The company plans to raise no more than 800 million yuan to invest in the previous strategic layout of automotive electronic intelligent display equipment, large-size TV module intelligent equipment and semiconductor closed testing intelligent equipment, which will help to further enrich the product structure, enhance the company's comprehensive competitiveness, and open up the company's growth space. Mr. Nie Quan, the company's major shareholder and actual controller, intends to participate in Dingzeng, which also demonstrates his confidence in the company's business layout and future development. If it is certain to increase, it will inject strong impetus into the sustainable development of the company.

Investment advice: the company's performance in the first half of the year is under pressure, and the new layout business is growing rapidly. The company announced an 800 million yuan increase plan, with major shareholders and actual controllers participating in the increase, demonstrating confidence in the future development of the company.

Taking into account the continuing impact of the epidemic on the industry and the company, we revise the company's performance forecast, and it is estimated that the company's corresponding EPS from 2020 to 2022 is 0.87,1.12,1.42 yuan, respectively, and the corresponding PE is 32.67X, 25.21X and 19.95X respectively, maintaining a "highly recommended" rating.

Risk hint: the competition in the industry intensifies, the progress of product research and development is not as expected, and the order situation is not as expected.

The translation is provided by third-party software.


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