\u3000\u3000 Robotechnik Intelligent Technology Co.Ltd(300757) (300757)
Event: on the evening of February 9, the company issued a plan to issue shares and pay cash to buy assets and raise supporting funds.
Issue shares and pay cash to purchase assets. After the transaction, fiktec will become a wholly-owned subsidiary of the listed company. The company will purchase 78.65% of the equity of fiktec held by the counterparty in total by issuing shares and paying cash. 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 (FSG) and ficontec automation GmbH (fag) in Germany. From January to September 2021, ficontec's revenue was about 249 million yuan (230 million yuan in 2020). At present, the company has delivered more than 900 sets of equipment in the world. It is expected that after the operation is normalized, the company's net profit margin is expected to increase to 15-20%.
The transaction plan is divided into two parts: issuing shares and paying cash to buy assets and raising supporting funds
1) issuing shares and paying cash to purchase assets: 1) the issue price of issuing shares to purchase assets in this restructuring is 52 yuan / share, and the issue quantity will be further disclosed in the report on issuing shares and paying cash to purchase assets after the completion of audit and evaluation. 2) Raising supporting funds: the company plans to raise supporting funds by non-public offering of shares to no more than 35 specific objects, which is mainly used to pay the cash consideration of this transaction, supplement the company's working capital and repay bank loans.
Ficont EC is a global leader in optoelectronic automatic micro assembly and a global leader in the field of 1.6T optical modules. Ficontec is one of the leading equipment manufacturers in the field of optoelectronic and semiconductor automatic packaging and testing. Its equipment is mainly used for the micro assembly of high-precision optoelectronic components, including silicon optical chips, high-speed communication optical modules, high-power lasers Lidar, optical sensor, AR / VR, quantum computing, etc. Especially in the field of high-speed communication optical modules, the technology mastered by the company is at the leading level in the world. The full-automatic equipment produced in mass is suitable for the packaging and testing of 400g / 800g high-speed optical modules, and the development and testing are completed in the cutting-edge 1.6T optical module automatic coupling equipment. At present, the company's customers include Intel, Cisco, lumentum, fabrinet, Finisar, veloydne, Facebook, relevant American companies, Huawei and other world-famous companies.
Divisional valuation can be adopted: it is expected that the reasonable valuation of the company will be about 10.8-12.6 billion yuan from June to December in the future
1) ficontec: it is estimated that the net profit from 2022 to 2023 will be 0.4/0.8 billion yuan respectively. Based on the comprehensive P / E and P / s valuation, the market value is about 4.8-5.6 billion yuan according to the 80% equity ratio; 2) Robotechnik Intelligent Technology Co.Ltd(300757) ontology business: comprehensive industry P / E valuation, with a market value of about 3-4 billion yuan; 3) In the future, there is room for rise in the valuation of semiconductor business in the Ontology: it is expected that it will not be less than 3 billion yuan in the future, and the comprehensive market value is about 10.8-12.6 billion yuan, which is still 54-80% higher than the current market value.
Profit forecast
Considering the high cost of equity incentive, without considering the impact of acquisition, the net profit attributable to the parent company is expected to be RMB 26 / 71 / 143 million from 2021 to 2023, with a year-on-year increase of - / 174% / 102%, corresponding to PE 227 / 83 / 41x. The company will maintain the "high-end and high-end" rating of photovoltaic equipment and take it as the "leading company" in the future.
Risk tips
1) photovoltaic demand is less than expected; 2) Overseas epidemics affect trade; 3) The development of semiconductor equipment is less than expected
