The track is good, and linear drivers are widely used in many intelligent terminals with a global scale of more than 2 billion US dollars. The size of the global linear driver is expected to grow to US $2.13 billion by the end of 2019, US $2.32 billion by the end of 2020, and a compound growth rate of 6.9% from 2015 to 2020. The recognition of ergonomic design concepts has increased, and industry trends are driving the growth of demand for linear drivers.
Domestic linear driver industry leader, business covers home, office, medical, auto parts and many fields. The growth rate of the company's operating income in 2016-2019 is remarkable, rising from 565 million yuan to 1.222 billion yuan, CAGR reaching 29.33%, profit-end net profit rising from 163 million yuan to 216 million yuan in 2016-2019, and CAGR of 9.84%. In October 2020, the company issued an equity incentive plan, which binds the interests of core employees and demonstrates the confidence of the company's future development. On 20-21-22, the annual revenue assessment target is 1.220 million yuan / 2.04 billion yuan, and the net profit performance evaluation target of 21amp 22 is 169pm million yuan.
The total investment of the fund-raising project is 1.516 billion yuan, which will be used to expand the production line of household, office and automobile rear door drivers. the company expects the annual operating income of the investment project to reach 1.326 billion yuan and the net profit of 259 million yuan.
Home accounts for 70% of the company's total revenue, domestic and export two-wheel drive. From 2016 to 2019, the household sector realized income of 460, 606, 815, 000, 100, 000, 100, 000, 6, 000, 6, 000, 000, 6, 000, 6, 000 and 2019 years respectively, accounting for 81.43%, 72.72%, 71.57%, 69.52%, 31.79%, 34.48%, 4.20%, respectively, of which the export income from 2017 to 201 In terms of domestic sales, through cooperation with customers such as home furnishings and Shanghai-style home furnishings, the sales income from 2017 to 2019 was 3.36 million yuan respectively, representing a year-on-year growth rate of 1.903 percent and 3.98 percent. Over the past 17 years, there has been a rapid increase in the number of office drives, with more than nine percent of them being exported. From 2016 to 2019, the office plate achieved 0.70 percent 1.83 percent 2.93 million yuan, accounting for 12.45 percent, 22.01 percent, 25.74 percent, 26.09 percent, and a year-on-year growth rate of 160.91 percent, 59.81 percent, 8.74 percent. The office sector is mainly for export. From 2017 to 2019, the export revenue of the office system was 277 million yuan, an increase of 38.14% and 20.18% over the same period last year. The business of electric rear door system has expanded rapidly. In 2019, the company received a new order from XPeng Inc., and in 2020, the company began to provide Toyota with rear door putter products. With the successful development of new customers, the electric tail door business has great potential.
From the technical point of view, the company attaches importance to R & D investment, with technical barriers to escort customized business model. The company attaches importance to the ability of product R & D innovation, high R & D investment and sufficient employee motivation. From the client point of view, the company binds major customers at home and abroad with long-term strategic cooperation agreements to enhance customer stickiness. At present, the company has formed a long-term strategic cooperation relationship with domestic software household leaders such as Gu Home, Huadali Furniture, as well as foreign leading manufacturers such as Southern Motion, Ashley, Teknion Limited, etc., to ensure the stability of orders in the smart home drive system and smart office drive system.
Profit forecast and rating: the company has leading manufacturing capacity in the industry, the long-term growth of home business is steady, and office and automobile business has become a new starting point. We expect the net profit of 21Universe 22 to be 233,000,000 yuan, an increase of 36.27% and 34.41% respectively over the same period last year. Considering that the company's performance may maintain high growth in the next two years, the company will be given a PE range of 28-30 times in 2022, corresponding to a target price range of 175.84-188.40 yuan and a target market capitalization range of 87.86-9.413 billion yuan, covering the "overweight" rating for the first time.
Risk hints: the risk of technological innovation, the lack of market demand in downstream industries, the intensification of market competition, the intensification of trade frictions, the risk of patent litigation and so on.
