Event
The company recently released a restricted stock incentive plan for 2023.
Comment
1. Issue the equity incentive plan and bind the core personnel to boost confidence. The company intends to grant 1.3 million restricted shares (1.27% of the share capital) to the incentive target. 1.2 million shares were awarded for the first time, with a total of 54 people, accounting for 16.93% of the total staff, including 1 vice president, 53 middle-level and core technical backbones. The grant price is 14.6 yuan per share, accounting for about 50.05% of the average trading price of one trading day before the draft plan is announced. The performance appraisal target (unlocking target) is that the year-on-year growth rates of revenue from 2023 to 2025 were 20.0%, 30.0% and 29.5% respectively, or profit growth rates were 15.0%, 20.0% and 19.6% respectively. We believe that the implementation of the equity incentive plan will achieve the binding of the company's development and the interests of the core staff, stabilize the core team and boost market confidence.
2, the galvanometer control system business develops the high-end market, the market share is expected to increase steadily. The laser galvanometer control system is mainly suitable for the field of small format and precision machining, has irreplaceable advantages in the field of laser control, and has a broader growth space compared with other technical routes. it is mainly due to the great demand for the galvanometer system in the potential application scene of ultrafast laser. In the field of high-end applications, it is mainly dominated by international manufacturers such as German Scaps and German Scanlab. We estimate that the market size of the laser galvanometer control system from 2022 to 2025 will be 1.94 billion, 2.231 billion, 2.565 billion and 2.95 billion respectively, of which the high-end market accounts for about 80%, and the high-end market space is expected to be close to 2.5 billion by 2025. The company is driven by high investment in R & D, the high-end market share is expected to increase steadily, and there is more room for domestic substitution.
2. Actively expand the integrated hardware and servo control system, which is expected to open the growth ceiling.
The company's laser system integration hardware products include high-precision galvanometer, laser, field mirror and other hardware. the company focuses on the research and development of galvanometer hardware, constantly increasing the proportion of independent research and development of galvanometer hardware, tamping the advantage of differentiation and reducing production costs. the company's software and hardware matching ratio is expected to maintain a rapid increase, and the galvanometer business is expected to become a major growth point. In addition, the company gives full play to the advantages of technology and channel coordination to horizontally expand the laser servo control business. We expect the market size of domestic laser servo control system to exceed 2 billion in 2022, with a high proportion of high-end market and a high share of foreign investment. We expect the company to continue to work in the field of servo control and is expected to create a second growth curve in the medium to long term.
Profit forecast and investment rating:
We estimate that the company's operating income in 2022-2024 will be 2.11 Universe 397m, compared with the same period last year + 4.21% Universe 37.63% Placement 36.38%, and the net profit realized by homing will be RMB 0.53 Universe 0.76 Universe respectively, corresponding to the PE of 57 times, 39 times and 29 times respectively in 2022-2024. Considering that the company's business has great room for development in the upstream control system of the laser industry chain, at the same time, it makes efforts to expand the high-end market of galvanometer system, integrate hardware business and servo control system, and maintain the "buy" rating.
Risk Tips:
Galvanometer system high-end market expansion does not meet the expected risk, galvanometer hardware business expansion does not reach the expected risk, servo control system market expansion does not meet the expected risk and so on.