This report is read as follows:
The company is the leader of PCB electroplating equipment, actively expanding new energy business such as composite copper foil manufacturing and photovoltaic copper plating, realizing the integrated layout of vacuum magnetic control and hydroelectroplating equipment, and the products are recognized by customers.
Main points of investment:
Investment suggestion: considering that the industrial chain of composite fluid collector is not clear at present, the EPS for 23-25 years will be reduced to 1.70max 2.41max 3.29 (compared with the previous forecast-1.27max 1.85pm), and the target price for 2023 will be reduced to 85 (- 4.88) yuan, corresponding to PE of 50x, to increase holdings.
The performance fell short of expectations. 23H1 revenue 499 million / + 21.16%, mother 102 million / + 9.77%; single 23Q2 revenue 265 million / year-on-year + 21.99% / month-on-month + 13.2%, return-mother 52 million / year-on-year-3.7% / month-on-month + 1.96%.
New energy equipment promotes revenue growth, and the level of cost control needs to be improved. The sales / management / R & D expense rates are 7.33%, 5.15% and 7.90%, respectively, compared with the same period last year plus 0.27/+0.48/+0.03pct. 2023H1 realizes gross profit margin 43.33%/-0.35pct and net profit margin 20.49%/-2.13pct. We believe that thanks to the popularity of the lithium-electric composite current collector concept, the company's new energy equipment production and sales are booming, helping revenue and profits reach record highs.
Actively deploy production capacity to meet market demand. The company currently has an annual production capacity of 300 sets of vertical continuous electroplating equipment; annual production capacity of 100 sets of general hardware continuous electroplating equipment, horizontal de-gumming copper equipment and new energy coating equipment; annual production capacity of about 20 gantry electroplating equipment. Dongguan Dongwei was established in 2022, mainly manufacturing high-end IC plating equipment; Changshu Dongwei invested in the construction of high-end surface treatment equipment production base project; invested in the construction of Kunshan Dongwei new energy equipment expansion project.
With the development of compound collector 0-1, Dongwei is expected to be the first to benefit. The concept of lithium-electric composite current collector is getting hot in the second half of 2022, and the composite copper foil, as the anode material of battery, has gradually attracted market attention. The new product magnetron sputtering coating equipment was successfully delivered in December 22; at present, the composite current collector industry chain is not clear. Dongwei, as the only manufacturer to mass-produce composite copper foil hydroelectric plating equipment, will continue to maintain the first-mover advantage of the industry.
At the same time, the layout of photovoltaic copper plating industry, research and development of the level of three-in-one electroplating equipment to break foreign monopoly.
Risk tips: new customer development risk, market competition risk