扩展智能工厂解决方案，助力智能制造发展。凌云光与宜药印务自2023 年开始合作打造中国药包行业首个智能工厂。该工厂以质量管理为核心，将GMQM质量管理系统和数采系统与ERP、MES、WMS 等系统深度融合，实现了生产过程的数字化和智能化，大幅提升了产品质量和生产效率，成功减少了50%的人力并提高了200%的生产效率。随着智能化技术的持续发展，公司将继续深化印刷行业智能工厂解决方案，助力行业迈向高质量发展新阶段。Incident: On the evening of November 13, the company issued the “Notice on the Acquisition of JAI's Shares”. The company plans to acquire 99.95% of JAI A/S's shares in cash. The scope of the acquisition is all JAI's industrial camera business, and the transaction consideration is expected to be 0.103 billion euros. At the same time, before or after delivery, the company plans to buy or forcibly redeem the remaining 0.05% of the shares of the target company held by minority shareholders in cash. Ultimately, the company will hold 100% of the shares in the target company.
The proposed acquisition of JAI will enrich the company's product matrix. JAI is a world-leading machine vision company with a history of more than 50 years. The company is headquartered in Denmark, R&D, production and sales of industrial cameras. Its product line covers high-performance area scan cameras, line scan cameras and unique spectral prism cameras, and has high-quality product components, low-noise camera design, innovative prism technology, and strict quality assurance procedures. The acquisition is conducive to expanding the company's optical imaging technology capabilities, improving the standard product matrix for vision devices, and improving autonomous camera technology and quality; the two parties can share resources in the supply chain field and collaborate with high-quality suppliers to improve efficiency and reduce costs; in addition, superimposing the company's AI software algorithm advantages, greatly enhances the company's core capabilities in the “vision+AI” field, and provides customers with richer and better machine vision products and solutions.
The acquisition is expected to boost the company's business expansion. JAI products serve a wide range of fields such as Industry 4.0, semiconductor testing, food sorting, life science, etc., and serve global market needs. In particular, they have a good market share and customer reputation in high-end markets such as Europe, America, and Japan. With JAI's global marketing network layout and good customer base and market reputation, the company can greatly enhance its expansion capabilities and regional service advantages in overseas markets and accelerate the internationalization of existing business; at the same time, the company will also drive the better expansion of JAI products in the domestic market, empowering and accelerating development in both directions.
Expand smart factory solutions to help the development of smart manufacturing. Ling Yunguang and Yiyao Printing began cooperating in 2023 to build the first smart factory in the Chinese medicine package industry. With quality management as the core, the factory deeply integrates the GMQM quality management system and digital acquisition system with ERP, MES, WMS and other systems to achieve digitalization and intelligence in the production process, greatly improving product quality and production efficiency, successfully reducing manpower by 50% and increasing production efficiency by 200%. With the continuous development of intelligent technology, the company will continue to deepen smart factory solutions for the printing industry to help the industry move to a new stage of high-quality development.
Deepen cooperation with Zhipu Huazhang to promote AIGC application innovation. In the AIGC field, the company participated in Zhipu Huazhang in 2021 and cooperated based on the “big model+industry” to cultivate innovative applications for multiple scenarios:
① The AIGC Sign Language Digital People collaborated with the two parties were successfully commercialized in broadcasts of the Winter Olympics and the Soccer World Cup. Currently, the digital e-commerce live streaming platform created by the two sides in cooperation has served thousands of live broadcast platforms such as JD, Taobao, and Vipshop. ② The two sides are also developing business cooperation in the field of industrial big data based on visual images to serve the intelligent management of factories.
Investment advice: Ling Yunguang is a leading manufacturer in the field of machine vision in China, leading in technology products and market share.
The company deeply grasps customer needs in the industry, and its products are widely used in various application fields such as consumer electronics, new displays, printing and packaging, and new energy sources. With the acceleration of China's machine vision industry, the company's revenue is expected to grow rapidly, driven by demand for intelligent manufacturing and new energy sources. The company's net profit for 2024-2026 is expected to be 0.17 billion yuan/0.257 billion/ 0.348 billion yuan, respectively, with corresponding growth rates of 4%/51%/35%, and the corresponding PE is 66.3X/43.8X/32.4X, respectively, maintaining an “incremental” investment rating.
Risk warning: the risk of macro-cycle fluctuations, the risk of increased market competition, the risk of increasing costs and expenses, and the risk of integration of transaction approval.
