Event: according to the company's recent announcement of 2020 and 2021Q1 performance forecast, the company's 2020 net profit reached 341 million yuan, a year-on-year increase of 126.86% in the first quarter of 2021: 78.39 million yuan-85.2 million yuan, an increase of 101.97%-119.51%.
Comments:
The company grew faster than expected in the first quarter, and its management efficiency continued to improve. The company is a high-tech enterprise focusing on the R & D, production, sales and related technical services of industrial automation equipment and accessories, and is committed to providing customers with one-stop solutions for automated testing and automatic assembly.
The company's products are mainly used in consumer electronics, automotive electronics, medical electronics and industrial electronics and other industries of electronic product performance testing and product assembly. The company's main customers are the world's top 500 enterprises, including Apple Inc, Microsoft Corp, Cisco Systems, Fitbit Inc. And Juniper Networks Inc. And other world-famous high-tech companies, as well as world-famous smart manufacturers of electronic products such as Hon Hai Group, Quanta Group, Compal Group, Pegatron Group and Weitong Capital. Automated testing is the company's traditional advantage field, the product range is comprehensive and rich, covering radio frequency, acoustics, electricity, optics and many other fields, among which ICT testing equipment is in the leading level in the world. From the perspective of H1 in 2020, the company's industrial automation equipment, equipment accessories and technical services accounted for 80.44%, 13.63% and 5.93%.
Benefiting from the 5G upgrade cycle, the company's related RF testing business is expected to perform well, and thanks to fine management, the company's 20-year net profit margin reached 24.78%, an increase in 6.15pct compared with the same period last year.
Purchase 12.885% equity of Zhuhai Dingtai Core Source Crystal and improve the layout of the semiconductor sector: the first board of directors of the company was examined and approved at the 20th meeting, and the company decided to use 32.2125 million yuan of its own capital to purchase a total of 10.31% equity held by three unrelated natural persons in Zhuhai Dingtai Core Source Crystal Co., Ltd., and 2.575% equity held by unrelated legal persons. After the completion of the transaction, the company holds a total of 12.885% of Dingtai Core Source.
Ding Taixin recently received a "business license" issued by Zhuhai Market Supervision Administration, and this transaction completed the registration procedures for industrial and commercial change.
Dingtai Core Source is mainly engaged in the design, R & D, production, sales, consulting and technical services of semiconductor wafers, devices, modules, systems and related products. The purpose of the company's proposed purchase of Dingtai Core Source equity is to actively layout the integrated circuit industry in response to the national policy and development strategy, seize the development opportunities of the industry, enhance the company's business competitiveness, and improve the company's industrial distribution bureau. Broaden the intelligent manufacturing product chain, and further extend the company's product line to the field of high-end semiconductor testing equipment, improve the company's technical content and customer reserve. Inject new impetus into the company's economic development and promote long-term business development.
The company is an automation platform enterprise, around three major technology platforms, continuous breakthroughs: 1. First, the radio frequency testing technology for the fifth generation communications is mainly oriented to the 5G market, and is fully prepared for the future according to the technology trend. at present, based on this technology, we have effectively communicated with some downstream customers, and have realized the sales of related products. 2. The machine vision technology mainly adds the machine vision image system to the industrial automation equipment, so that the manual flow in the production process is less and the production speed is faster. such as high-speed glue machine, microneedle testing machine, mounting machine and other automatic testing and automatic assembly equipment have added machine vision modules, and have achieved the sale of related products. 3. The testing technology of zero components is mainly to independently develop and design a series of "high precision", "high efficiency" and "high quality" in software, optics and microelectronics industries.
Optical screening equipment, and obtained a series of patented technology and software copyright, products such as high-precision micro-component sorting system equipment, glass surface defect detection equipment, magnetic ring detection equipment, etc., the detection speed has reached the millisecond level, and has achieved the sales of related products, Odewei has maintained good growth, the company in the field of MLCC testing The performance of the equipment has been competitive and recognized by the market.
Profitability forecasting and valuation. We estimate that the 21-22 year net profit of shareholders belonging to the parent company is 464,600 million respectively, EPS is 334,4.33 respectively, corresponding valuation is 26,20 times, covering for the first time and giving buy rating.
Risk hint: the progress of downstream 5G mobile phones is not as expected; industry competition intensifies.