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深度*公司*朗科科技(300042):需求疲软致业绩承压 产业链布局助力核心竞争力

Deep* Company* Lanco Technology (300042): Weak demand puts pressure on performance, industrial chain layout helps core competitiveness

中銀證券 ·  Aug 18, 2023 18:37

According to the company's semi-annual report for 2023, the recovery of the storage industry is not a clear drag on the company's performance, but the company's forward-looking layout of the industrial chain is expected to benefit from the landing of data center nodes and maintain the buy rating.

Support the main points of rating

It will take time for the storage cycle to reverse due to weak demand, and semi-annual revenue earnings will be under short-term pressure. The company's 23H1 operating income is 705 million yuan, year-on-year-11.17%, homing net profit-20 million yuan, year-on-year-189.63%, deducting non-parent net profit-26 million yuan, year-on-year-293.15%. In a single quarter, the company's Q2 operating income is 362 million yuan, year-on-year-3.47% / month-on-quarter 5.70%, homing net profit-27 million yuan, deducting non-homing net profit-30 million yuan, turning to a loss compared with the same quarter. In terms of profitability, the company's 23H1 gross profit margin is 6.90%, year-on-year-1.82pcts, parent net profit rate-2.85%, year-on-year-5.68pcts, deducting non-net interest rate-3.65%, year-on-year-5.33pcts. The above changes are mainly due to: 1) weak downstream demand and insufficient purchasing power, with varying degrees of decline in both domestic and overseas markets. 2) the downward trend of prices in the storage market has not improved significantly, driving down the company's revenue scale and profitability.

Focus on advantages to create high-end categories and strengthen overseas market expansion. The company actively promotes the development and expansion of solid-state hard drive product line and memory product line, and creates a high-end category of solid-state hard drive and memory strip products. The company has listed its flagship Z-series DDR5 memory bars, and continues to promote DDR5 memory product research and development. In addition, the company is committed to strengthening domestic and overseas sales, trying new live sales models and new media direct sales channels, and strengthening brand awareness and influence in overseas markets.

Iterative upgrading promotes business expansion, and the layout of the industrial chain helps the core competitiveness. The company grasps the promotion of AI to the demand of storage products, and gradually expands the market of enterprise application products. As a holding enterprise of Shaoguan State-owned assets Supervision and Administration Commission, it is expected to benefit from bidding and landing of data center nodes. In addition, the company layout upstream storage packaging and testing plant and downstream AI smart computing field, improve the storage product industry chain, expand new development space.

Valuation

Despite the pressure on the company's short-term performance, considering that the construction of the data center node will still contribute greater flexibility to the revenue side, we expect the company to achieve revenue of 19.49 yuan 28.23 / 4.835 billion in 2025 and a net profit of 0.38 shock 0.65 million in 2025. The current stock price corresponds to 158.9 PE 93.8max 72.6 times from 2023 to 2025. Maintain the buy rating.

Main risks faced by rating

The risk of technological backwardness caused by weak market demand, fluctuating prices of storage products and insufficient investment in research and development.

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