针对行业痛点，前瞻布局ADA 智能平台，打开成长空间。针对制造业自动化面临的自动化设备通用性低、故障排除时间长、操作门槛高、柔性化不足四大痛点，公司于2015 年开始布局ADA 智能平台，即在同一设备仅更换运动轴功能模块即可完成不同加工工序的智能化平台型设备，ADA 智能设备已在2021 年完成研发并获得正式销售订单，新一代产品ADA-H 也已开始工艺验证。截至2023 年3 月，公司已经针对性开发了9 大系列功能头模块，随着ADA 智能平台不断迭代，未来有望获得更多客户的认可，推动公司完成FATP 环节覆盖以及未来更多专机设备的替代，打开公司成长空间。Main points of investment:
The company is the leader of domestic precision fluid control equipment, with leading technology and steady growth in performance. Anda Intelligence is an early domestic enterprise engaged in the development and production of fluid control equipment. In 2010, it launched "the first fully automatic multi-function high-speed dispensing machine in China" to break the monopoly of foreign manufacturers. At present, it has formed a diversified product layout with high-end fluid control equipment as the core and covering multiple processes, and the products are widely used in consumer electronics, new energy and semiconductors and other fields. The company pays attention to technology research and development, and has formed three core technology layouts of core components research and development, motion algorithm and whole machine structure design. Leading technology and high-end products promote the steady growth of the company's performance, with revenue of 650 million yuan in 2022 and CAGR of 22% from 2019 to 2022.
The main business has broad room for improvement, and technological advantages keep the company's gross profit margin stable at 60%. Precision fluid control equipment market space is broad, SEMI data show that the global dispensing machine market size of US $9.03 billion in 2022; CICC International Consulting data show that the domestic market size of 35.8 billion yuan in 2022, 2025 will reach 49.06 billion yuan, the global leader in the standard industry Nuoxin, 2019 revenue of rubber dispensing machine is 6.7 billion yuan, the company has broad space for development. Benefiting from the company's mastery of the underlying technology, the company's products are highly competitive around the world, overlaying the company's position as a core supplier to major customers. The company's gross profit margins from 2019 to 2021 were 68%, 68% and 62% respectively. 59.48% in 2022.
In view of the pain points of the industry, the forward-looking layout of the ADA intelligent platform to open up the growth space. In view of the four major pain points faced by manufacturing automation: low versatility of automation equipment, long troubleshooting time, high operation threshold and lack of flexibility, the company began to layout ADA intelligent platform in 2015, that is, intelligent platform equipment that can complete different processing processes only by changing motion shaft function modules in the same equipment. ADA intelligent equipment has completed research and development and obtained formal sales orders in 2021. The new generation of product ADA-H has also begun process verification. As of March 2023, the company has developed nine series of functional header modules. With the continuous iteration of the ADA intelligent platform, it is expected to be recognized by more customers in the future, promoting the company to complete FATP coverage and the replacement of more special aircraft equipment in the future, opening up the company's growth space.
Profit forecast and investment rating: as the leader of domestic fluid control equipment, the company is deeply bound to major consumer electronics customers, and actively develops downstream fields such as semiconductors and new energy. At the same time, the company launches ADA intelligent platform for the pain points of the industry, actively promotes the comprehensive coverage of the FATP section, and is expected to open the second growth curve. We estimate that the company's revenue from 2023 to 2025 will be 854 million yuan, 1.102 billion yuan and 1.452 billion yuan respectively, and its net profit will be 217 million yuan, 286 million yuan and 393 million yuan respectively, corresponding to 19x, 15x and 11x respectively, with a "buy" rating for the first time.
Risk hints: new product and new technology development risk; downstream demand lower than expected risk; technology update iteration risk; limitations of comparative study, differences between domestic and international markets; exchange rate fluctuation risk; secondary market liquidity risk.
