Han CNC (301200)
From 2015 to 2020, the company’s revenue CAGR reached 25.28% and the gross profit margin was about 35%. The revenue increased rapidly and the profitability was strong: the company was founded in 2002 and is one of the enterprises with the most extensive layout of process solutions in the field of PCB special production equipment in the world. It is controlled by Han’S Laser Technology Industry Group Co.Ltd(002008) . Before spin off and listing, as an independent PCB business segment under Han’S Laser Technology Industry Group Co.Ltd(002008) , it is deeply engaged in the R & D, production and sales of PCB special equipment. Its main customers are well-known PCB manufacturers outside China, which can provide three-dimensional product matrix of different PCB processes. The company’s performance grew rapidly. From 2015 to 2020, the compound growth rate of the company’s revenue reached 25.28%. In 2020, the company achieved a revenue of 2.18 billion yuan, a year-on-year increase of 71%. In the first half of 2021, the revenue reached 1.9 billion yuan, a year-on-year increase of 118%. The overall gross profit of the company is about 35%, which remains stable.
PCB manufacturers continue to put forward production expansion plans, the terminal demand continues to grow, and the product structure is upgraded: as the mother of electronic components, PCB is the pillar of electronic components and the bridge connecting circuits. The global PCB industry is growing rapidly, and China accounts for more than half. It is an important PCB production base. According to prismark data, the total output value of the global PCB industry will reach US $65.2 billion in 2020 and will increase to US $86.3 billion and CAGR 5.5 billion by 2025 77%。 In 2020, the output value of China’s PCB industry accounted for 53.8%. In 2020, the total output value of China’s PCB industry is expected to reach 32.9 billion US dollars, with a year-on-year increase of 7.4%, higher than the growth rate of the total output value of the global PCB industry. Looking forward to the future, 5g communication, consumer electronics and automotive electronics are developing rapidly, and PCB products are continuously upgraded from medium and low-layer board to high-layer board, HDI board and IC packaging board, driving the rapid development of PBC. Leading PCB manufacturers have successively expanded their production in China to undertake the increasing PCB production capacity in the future and bring rare development opportunities for Chinese PCB equipment enterprises.
Investment suggestion: the company has focused on the PCB special equipment industry for nearly 20 years. Its products cover four key processes of PCB, covering multiple PCB sub fields such as multilayer board, HDI board, IC packaging substrate, flexible board and rigid flex combination board. It can provide downstream customers with a one-stop PCB production solution optimized by the system. Customers have covered 89 in the list of NTI global top 100 PCB enterprises in 2019 and 95 in the list of cpca2019 China’s top 100 comprehensive PCB enterprises. Moreover, the performance parameters of the company’s main products have reached the advanced level of the industry and have the comprehensive strength to participate in international competition. With the increasing demand for 5g communication, consumer electronics, automotive electronics and other terminals, China’s PCB industry is developing rapidly, and the company’s performance is expected to grow further. It is recommended to pay active attention.
Risk warning: market competition risk; Overseas dependence of some raw materials and procurement risk of a single supplier; Risk that the price fluctuation of purchased raw materials has a great impact on the production and operation of the issuer
