Report guide
With the increase of market share of domestic mobile phones, domestic enterprises with high thermal conductivity graphite film are rising rapidly; and the demand for driving heat dissipation materials such as ultra-thin notebook computers, tablet computers, LED lighting and wearable devices is further increased.
Main points of investment
Point 1 income and sales have increased rapidly in recent years
The company's total revenue increased from 116 million yuan in 2012 to 466 million yuan in 16 years, with an average annual compound growth rate of 42%. Thanks to the substantial increase in the company's product sales, product sales increased from 120,000 square meters in 12 years to 2.54 million square meters in 16 years. The compound growth rate of product sales reached 85%, and the sales volume increased 20 times. Among them, the company achieved operating income of 466 million yuan in 16 years, an increase of 41% over the same period last year, a net profit of 82.34 million yuan, an increase of 51% over the same period last year, and sales of 2.45 million square meters, an increase of 96% over the same period last year.
Point 2 2 million tons of new production capacity, effectively alleviate the shortage of production capacity, and gradually increase the company's market share.
High thermal conductivity graphite film is mainly used in consumer electronic products. Carbon technology has a good brand image in this market and is in the forefront of the market. At present, the company's main customers are Samsung, VIVO, Huawei major smartphone manufacturers. With the increasing shipments of smartphones and the increasing screen area of smartphones year by year, the company's sales growth rate is remarkable, high thermal conductivity graphite film capacity utilization and production and sales are in a state of saturation, 2 million square meters of new production capacity will effectively solve the problem of capacity bottleneck, the company's market share will further increase.
Point 3 Global smartphone shipments are growing, domestic brands are rising, and the downstream market demand for high thermal conductivity graphite films is expanding.
In 2016, 1.47 billion smartphones were shipped worldwide, and Huawei, OPPO and VIVO smartphones had a global market share of 9.5%, 6.85% and 5.3%, respectively, ranking third to fifth in the world. With the rapid increase of Chinese mobile phone brands in the global market share, the future development prospects of domestic high thermal conductivity graphite film enterprises are also promising.
Profit forecast and valuation
Revenue in 17,18 and 19 is expected to be 525 million yuan, 632 million yuan and 858 million yuan respectively, up 13%, 20% and 36% from the same period last year. It is estimated that the net profit attributed to the parent company in 17,18 and 19 is 93 million, 107 million and 138 million yuan respectively, with corresponding growth rates of 13%, 15% and 30% respectively. EPS in 17, 18 and 19 is 0.45,0.51 and 0.66 yuan respectively. Combined with the company's growth rate and reference to comparable companies, it can be given 40-50 times PE in 17 years.