Incident: On April 9, Daju Laser released its annual report: in 2022, the company achieved operating income of 14.961 billion yuan, -8.40% year on year; net profit of the mother was 1,210 million yuan, or -39.35% year on year; net profit after deduction was 975 million yuan, -43.25% year on year.
Comment:
The pressure on the consumer electronics and PCB business is manageable, and the adjustment of strategies and layout is awaiting recovery. In 2022, the company's revenue from special equipment and PCB special equipment for the consumer electronics industry was 2,050 million yuan and 2,786 billion yuan respectively, -30.13% and -31.72%, respectively. The global macroeconomic downturn in 2022, the uncertainty of the epidemic, geopolitics, and overseas inflation dampened demand, compounded by cyclical factors. Higher pressure to remove inventory led to a sharp decline in order volume. The company actively adjusted its strategy, and the strategic pace of mobile phone customers continued to advance; the PCB side product layout improved marginal, and the layout of HDI and IC carrier boards was smooth, which is expected to benefit first from subsequent market recovery.
If you enter the high growth circuit, you can expect strong growth in strength. The company's semiconductor equipment (including pan-semiconductor) business achieved revenue of 2,094 billion yuan in 2022, +7.70% year on year. Some of the company's advanced equipment has entered the leading sealing and testing supply chain, and wire welding machine equipment has gradually reached the international advanced level. At the same time, the company successfully developed silicon carbide laser slicing equipment and obtained customer cooperation, the silicon carbide laser annealing project was launched, and the third-generation semiconductor layout process was smooth. In terms of new energy equipment, the company achieved revenue of 2,764 billion yuan in 2022, +30.60% year on year. Among them, lithium battery equipment and special equipment for the photovoltaic industry achieved revenue of 2,536 million yuan (+27.94%) and 228 million yuan (+69.81%) respectively. The production capacity layout has been gradually improved, and customer cooperation is continuously introduced, and it is expected to continue to grow rapidly.
Basic devices are sold independently, and the performance side is expected to be marginally strengthened. The company launched high-power picosecond lasers, nanosecond lasers, numerical control systems, and focused on first-class basic device products, and received good feedback from customers, which is expected to marginally strengthen the company's growth. At the same time, the performance of the pump source and semiconductor laser module independently developed by the company is good; the performance of high-end galvanometer products such as photoelectric galvanometer, grating galvanometer, and triaxial galvanometer is gradually on par with foreign countries, and customer partnerships are expected to gradually stabilize.
Investment advice: We forecast the company's 2023E/2024E/2025E revenue to be 171.88, 207.85 and 25.145 billion yuan respectively, +14.9%, +20.9% and +21.0%, respectively; Guimu's net profit is 17.29, 21.77 and 2,720 billion yuan respectively, with great potential for growth.
Risk factors: macroeconomic downturn risk; risk of downstream market fluctuations; risk of new product expansion falling short of expectations.