Report summary:
Focus on electronic vacuum devices, and blossom at multiple points to help growth. Guoli Co., Ltd. focuses on the R&D, production and sales of electronic vacuum devices. Depending on whether an external power source is required, the company's products are mainly divided into vacuum passive devices and vacuum active devices. The downstream application areas of the company's products include new energy vehicles and charging facilities, aerospace and military, photovoltaic wind energy and energy storage, semiconductor equipment manufacturing, security inspection, irradiation, flexible transmission and distribution, etc. With the continuous enrichment of the product range, the application fields continue to expand. In the aerospace and defense science and technology fields, the main products are ceramic high voltage vacuum relays, ceramic high voltage DC contactors, etc. Currently, product models and application scenarios are continuously expanding, and revenue is steadily increasing. In the field of semiconductor equipment, the company's main products are ceramic vacuum capacitors and ceramic high voltage vacuum relays. They are used in ETCH, PECVD, dry cleaning and other equipment, and are expected to fully benefit from the domestic substitution process.
Complete manufacturing testing process, the whole process is autonomous and controllable. The company has a complete core technology platform for electronic vacuum devices. From core parts manufacturing and processing, mold fixture design to product manufacturing, the whole process is autonomous and controllable. With core manufacturing techniques such as ceramic vacuum sealing, cathode manufacturing, and electromagnetic control, and a complete test system platform, the company's electronic vacuum device products are reliable and stable, and can meet the needs of high-end equipment such as national defense technology and semiconductors for localization of electronic devices. As downstream product verification continues to advance, the company's performance is expected to grow rapidly.
Convertible bonds plan to raise 480 million yuan to boost new energy vehicles, wind and solar storage, and flexible power transmission and distribution. In June 2023, the company issued convertible bonds to unspecified targets, raising a total of 480 million yuan in capital. The fund-raising plan will be used for DC contactor expansion projects for new energy and AC contactor production projects for solar storage and flexible transmission and distribution. The construction period is 2 years. The additional production capacity is 6.48 million DC contactors per year and 1.65 million AC contactors per year, respectively. Through the implementation of this fund-raising project, the company developed into high-tech, high-value-added products, and helped the localization process of key components in the fields of new energy vehicles, solar storage, and flexible power transmission and distribution in China.
Domestic substitution of semiconductor equipment has entered the “deep water zone”, and reliable performance helps semiconductor equipment to become autonomous.
Currently, the localization of semiconductor equipment in China is moving towards a “deep water zone”, and the autonomous and controllable process of equipment components is becoming more and more urgent. The company's vacuum capacitors have characteristics such as high voltage resistance, high carrying current, low loss, and long life. Performance parameters are basically comparable to those of foreign competitors, and production costs are low.
The company can respond quickly to customer development needs, and the product quality and production cycle are autonomous and controllable. With the active promotion of customer verification, the profitability of the company's semiconductor business is expected to continue to improve.
Profit forecast and rating: The company is deeply involved in electronic vacuum devices, new energy vehicles, semiconductor equipment, photovoltaic wind energy and energy storage. It is estimated that the company's revenue for 2023-2025 will be 9.14/14.42/2.172 billion yuan respectively, and net profit of 1.32 billion yuan, 2.23/359 million yuan respectively. The corresponding PE is 42/25/15 times, and the corresponding PE is 42/25/15 times, respectively, giving it a “increase in holdings” rating.
Risk warning: Risk of raw material price fluctuations, downstream demand, and product competitiveness falling short of expectations