Summary of the report:
41the business structure is basically formed, and each plate is ready to start. Under the strategic guidance of "forward and promising, retreating and orderly", the company combs its business system and forms a business pattern of four profit-making sectors (electronics, military industry, laser, high-temperature superconductor) + shareholding companies (Hongfa). Electronic plate as the company's traditional business, the basic market is solid, the main product intelligent controller has been widely used in household appliances, industrial equipment and other fields, and is expected to make a breakthrough in automotive electronics and other industries in the near future. Mobile phone backlight products are highly competitive, serving a number of downstream first-line mobile phone brands, the market share is stable. The military industry plate is represented by military silicon junction field effect transistors and communication control products, benefiting from the high magnanimity of the military industry and sufficient orders, which is expected to become a stabilizer for the company's performance growth. Laser Plate Co., Ltd. combined with 10 strong companies of the Chinese Academy of Sciences, broke the foreign technical blockade, and successfully developed high-power and high-brightness tail fiber LD pump source products, laying the foundation for the company to extend in the direction of laser chips and laser weapons and equipment assembly. The company participates in 22.04% of Xiamen Hongfa Electric Acoustics Co., Ltd., corresponding to Hongfa shares (600885) with a market capitalization of 11.26 billion yuan, while the company's current market capitalization is only 10.25 billion yuan, highlighting the margin of safety.
High temperature superconductivity helps to neutralize carbon and inject new kinetic energy into the development of the company. It took six years for the company to successfully develop a megawatt superconducting magnet induction heating device and a large mouth very high temperature superconducting magnet used in the device.
According to the company announcement, the equipment is currently the superconducting induction heating device with the largest power and the largest size of the heated workpiece in the world, and the overall technology has reached the international leading level. At present, it has been successfully tried out in Nanshan Aluminum and other enterprises, and it has shown good economic benefits, energy saving and environmental protection benefits in the aluminum extrusion industry. it is estimated that compared with the traditional power frequency induction furnace, the MW superconducting induction heating device can reduce the heating cost of aluminum ingots from about 260yuan / ton to about 130yuan / ton and reduce energy consumption by 50%. We believe that carbon neutralization will become an important part of the two sessions and even the 14th five-year Plan, where the tuyere will be in the next 5-10 years, and the company will also seize the opportunity of industry development to contribute to the energy consumption and emission reduction of metal processing and achieve the company's leading position in the field of carbon neutralization equipment.
Investment suggestion: based on the performance measurement of the company's four major business sectors and important shareholding companies, we predict that the company will achieve operating income of 42.4 million yuan in 2020-2022 and net profit of 2.89453,652 million yuan in return to the parent, with a corresponding EPS of 0.63 cusp of 0.990.43 yuan and a corresponding PE of 35.51TP22.6315.72 times, with the first coverage and a "buy" rating.
Risk hints: the industrialization of superconducting equipment is not as expected, the competition in the LED market is intensified, and the epidemic situation is repeated.
