Main points of investment
Next Tuesday (August 22), there will be an inquiry by Vegor, a listed company on gem.
Wilgo (301251): the company's products include double panels and multilayer plates, covering thick copper plates, Mini LED photovoltaic plates, planar transformer boards, etc., which are used in industrial control, display, consumer electronics, communication equipment and other fields. From 2020 to 2022, the company achieved operating income of 524 million yuan / 861 million yuan / 837 million yuan, YOY of 58.32%, 64.32% and 2.84%, respectively, with a compound annual growth rate of 36.22%. The net profit of homing was 49 million yuan / 62 million yuan / 87 million yuan, the YOY was 214.33%, 25.64% and 41.69%, respectively, and the annual compound growth rate of three years' net profit was 77.53%. During the latest reporting period, the company's operating income from January to June 2023 was 402 million yuan, down 9.02% from the same period last year, and the net profit was 52 million yuan, up 12.30% from the same period last year. According to the preliminary forecast, the company is expected to achieve a net profit of 73.5 million yuan to 80 million yuan from January to September 2023, an increase of 16.70% to 27.02% over the same period last year.
Investment highlights: 1, the company's downstream applications are differentiated in the field of industrial control and display. The company's R & D leader comes from the global PCB leader, and the team has rich experience. The competition in the PCB industry is fierce, and the company's downstream applications are relatively differentiated in the field of industrial control and display, accounting for an average of about 67.90% of the total revenue from 2020 to 2022. Among them, the thick copper plate products in the industrial control field have put forward higher requirements for power, running time, reliability and other indicators; the company has ploughed the industrial control field for nearly 20 years, with mature thick copper, high plate thickness, ultra-fine line thick copper plate key technology, this technology has stronger performance advantages than the same industry in the process level of maximum layer number, minimum aperture, maximum copper thickness, minimum linewidth / line spacing, etc. The product has strong reliability and stability, and its service life can reach more than 10 years. The company's core products, industrial power supply and thick copper plate in the field of electric control, have been recognized by Schneider, Delta Electronics and other world-famous power supply and electric control enterprises, and have cooperated for more than ten years. 2. The company has strong technical strength in the production of Mini LED photovoltaic panels. Compared with the traditional display technology, Mini LED technology puts forward higher requirements for heat resistance and heat dissipation of PCB because of its smaller bead size. The company developed a stable control of white oil printing thickness of large-size production printing technology, to achieve the Mini LED lamp bead size in the 0.1mm-0.2mm display; the production of Mini LED photovoltaic board than the same industry in the finished product size, lamp bead size, yellowing value, reflectivity, shrinkage and other aspects of outstanding performance, effectively improve the display screen dynamic contrast, brightness and other display effect, can be used for large screen. The company has made every effort to create a full-process automatic intelligent intelligent professional-level Mini LED optoelectronic board production line, which has passed the supplier system certification and mass production of Samsung Electronics and other leading global high-end LCD panel manufacturers.
Comparison of listed companies in the same industry: comprehensively considering business and product types, Shenghong Technology, Oshikang, Junya Technology, Kexiang shares, Zhongfu Circuit, Mankun Technology, Jinlu Electronics, and Chuangchuang Technology are Weigao's comparable listed companies; from the above comparable companies, the average income in 2022 is 2.861 billion yuan and the sales gross profit margin is 19.21%. The comparable PE-TTM excluding extreme value is 33.40X; comparatively speaking, the revenue scale of the company is lower than the industry average, and the gross profit margin is higher than the industry average.
Risk hint: companies that have started the inquiry process still have the possibility of not being listed due to special reasons, the company content is mainly based on prospectuses and other public materials, and the selection of listed companies in the same industry is not accurate. Risk, content data interception may have interpretation deviation and so on. The specific risks of listed companies are shown in the text.