\u3000\u3000 Robotechnik Intelligent Technology Co.Ltd(300757) (300757)
Event: on the evening of January 28, the company released the performance forecast for 2021.
In 2021, the performance will turn losses into profits, and the net profit attributable to the parent company is expected to be 20-30 million yuan
The company expects to realize a net profit attributable to the parent company of about 20-30 million yuan in 2021, and a net profit attributable to the parent company of 15-22 million yuan after deducting non profits. The performance will turn losses into profits. The main business will recover and grow rapidly with covid-19 epidemic control, which is a significant increase compared with the same period in 2020. According to the median value of 25 million, the net profit loss attributable to the parent company in the fourth quarter is expected to be about 23 million yuan.
The acquisition of the remaining equity of Fitch holding tech is expected to write a new chapter for the company in 2022
On the evening of January 19, the company plans to acquire the remaining 78.65% equity of fiktec. After the acquisition, fikontec will become a wholly-owned subsidiary of the company, and the company will indirectly hold 80% equity of ficontec Service GmbH and ficontec automation GmbH in Germany. Ficontec is a global leader in optoelectronic and semiconductor automation packaging and testing. Its products and services are mainly used in optical chips, optical communication, high-power semiconductor lasers, lidar, etc. its main customers are Intel, IBM, Cisco, dILAS, Huawei, etc. We believe that this acquisition is expected to cooperate with Germany’s advanced technology and continue to open up new growth space for the company in the field of semiconductors and optoelectronics.
From 2022 to 2024, the revenue (target value) is expected to maintain a compound growth rate of 41%, with another Robotechnik Intelligent Technology Co.Ltd(300757) in two years
The exercise of equity incentive is assessed by operating income. The target value of revenue from 2022 to 2024 is 1.6 billion yuan, 2.1 billion yuan and 2.9 billion yuan respectively. According to the calculation of the revenue of 1 billion yuan in 2021, the year-on-year growth rate of the company’s revenue (target value) from 2022 to 2024 is 54% / 31% / 38% (2021-2024cagr41%). The company is determined to forge ahead and is expected to build another Robotechnik Intelligent Technology Co.Ltd(300757) in two years.
Photovoltaic, semiconductor, optical communication and other fields blossom at many points, and the medium and long-term performance and valuation are expected to improve
The company’s future business is expected to blossom in many fields, which is expected to make the company’s performance and valuation more attractive: 1) photovoltaic: the leader of automation equipment, and the main business is reversed. Extending from photovoltaic cell automation equipment to silicon end automation equipment; Hjt battery chip has great technical reserves and potential; 2) Optical communication and lidar: ficontec, a joint-stock company, is a global leader in the field of optoelectronic and semiconductor automatic sealing and testing equipment. The company’s technology is expected to cooperate and continue to benefit from the development of silicon optics, lidar, semiconductor and other industries; 3) Semiconductor: the German subsidiary Robotechnik Intelligent Technology Co.Ltd(300757) (Europe) sells products such as gluing system, wafer cleaning and wafer detection software, which is expected to be further coordinated in the future.
Profit forecast
From 2022 to 2024, the company’s equity incentive expenses were 55.87 million yuan / 27.58 million yuan / 13.16 million yuan respectively, with a total cost of about 96.6 million yuan. It is estimated that the net profit attributable to the parent company from 2021 to 2023 will be RMB 0.26/0.71/143 million respectively, with a year-on-year increase of – / 174% / 102%, corresponding to pe265 / 97 / 48x. As the leader of high-end automation equipment, photovoltaic and semiconductor equipment will blossom at many points in the future and maintain the “buy” rating.
Risk tips
1) photovoltaic demand is less than expected; 2) Progress of semiconductor equipment is lower than expected
