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).
As the traditional business of the company, the electronic plate has a solid foundation, and the intelligent controller, the main product, has been widely used in household appliances, industrial equipment and other fields. As a key bridge of the Internet of things, it will continue to benefit from the industry magnificence brought about by the development of the Internet of things. Mobile phone backlight products are highly competitive, serve a number of downstream first-line mobile phone brand manufacturers, stable market share
The military industry plate is represented by military silicon junction field effect transistors and communication control products, combined with domestic military mainframe factories, 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 Company cooperated deeply with 10 Institute of Chinese Academy of Sciences to break the foreign technical blockade, successfully developed high-power and high-brightness tail fiber LD pump source products and realized the stereotyping and mass production of the products, laying the foundation for the company to extend in the direction of laser chips and special laser equipment assembly.
It took six years for HTS Plate Company to successfully develop a megawatt class superconducting magnet induction heating device and a large mouth very high temperature superconducting magnet used in this device, and the overall technology reached the international leading level. At present, the trial condition of the product is good, and the energy-saving effect is remarkable. Under the background of carbon neutralization, the industrialization process of HTS is worth looking forward to.
Shares in Xiamen Hongfa Electro Acoustics Co., Ltd. 20.0001%, corresponding to Hongfa shares (600885) market value of 10.15 billion yuan, and the company's current market value around 10 billion yuan, the investment safety margin is highlighted.
Investment advice: the company's electronic plate business has formed a stable ecology, and with the landing of the new production capacity, it is expected to achieve an average annual growth rate of 10% and 15%; the military industry and special laser plate will soon usher in a period of accelerated growth with the high prosperity of the industry; at the same time, it is optimistic that the company's high-temperature superconducting business will leap from 0-1, and industrialization will inject new impetus into the company's high performance. 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 47.56 million yuan and net profit of 4.43 million yuan from 2021 to 2023. The net profit of 5.79pm will be 856 million yuan, corresponding to EPS 1.27x1.88 yuan, and PE will be 27.13x20.7914.05 times, maintaining the "buy" rating.
Risk hints: the industrialization of superconductor is not as expected, the competition in LED market is intensified, and the cycle of military products fluctuates.
