\u3000\u3000 Han'S Laser Technology Industry Group Co.Ltd(002008) (002008)
Event: the company's holding subsidiary Han's CNC issued a listing announcement, and the spin off of Han's CNC was carried out as scheduled. The number of shares in this public offering is 42 million, and the total share capital of the company after the issuance is 420 million. The issue price is 76.56 yuan / share.
The spin off and listing were carried out as scheduled, and the results of internal reform began to show
The company continued to promote system reform. Its subsidiary Han Zu CNC successfully held the meeting in September 2021 and is expected to be listed on the gem in February 2022. The spin off and listing of the subsidiary plans to raise 1.707 billion yuan, of which 1.524 billion yuan is used for the production, reconstruction and expansion project of PCB special equipment and 183 million yuan is used for the construction project of PCB special equipment technology R & D center. The number of shares in this public offering is 42 million. After the issuance, the total share capital of the company is 420 million shares, the issue price is 76.56 yuan / share, and the fund raised is expected to be 3.216 billion yuan. According to the calculation of the issuance price, after the successful listing of Han's CNC, the market value will exceed 32 billion yuan.
Internal system reform + prosperity improvement of multi track, optimistic about the future growth of laser equipment leader
(1) the advantages of system reform are gradually emerging, which is expected to further reduce costs and increase efficiency. In 2021, the company will carry out drastic system reform internally. In the future, it will take the business center as the unit to carry out work, and implement differentiated assessment and incentive methods in combination with the different development stages of each business center, which is conducive to the cultivation and incubation of emerging businesses.
(2) the successful spin off and listing of Han's CNC, or bring demonstration effect to other product centers. On January 28, 2022, the company released the equity incentive adjustment plan of Han's PV, which plans to transfer 5% equity of Han's PV to the employee stock holding platform of special equipment business in the PV industry for RMB 3 million. It is agreed that if Han's PV achieves the business objectives of the year from 2022 to 2025 and meets the assessment, the company will transfer the equity of Han's PV to Han's foreign exchange earning platform year by year, The double core goal of income and profit also fully demonstrates the company's confidence.
(3) the "laser + X" strategy has been steadily promoted, and the prosperity of multiple tracks has been improved, which has helped the company's performance growth. As the leader of China's laser equipment, focusing on the "laser + X" strategy, the company has continuously launched industry-specific equipment and new scene application equipment with technical advantages, and continued to layout pcb, new energy, consumer electronics, high-power processing equipment, mini led, photovoltaic and other product lines. In the future, driven by the flat organizational structure, the cost reduction and efficiency increase of multi business will also be accelerated. At the same time, the prosperity of each sub circuit is high, and we are optimistic about the high growth of the company in the future.
The overall value of laser equipment is obviously underestimated. As the leader of laser equipment, the company has basically completed the product layout of industrial laser application fields such as laser marking, laser welding and laser cutting. In recent years, all businesses of the company are in the stage of sustained and rapid development. As of February 15, 2022, the overall market value of the company is 49.4 billion yuan, and the market value of Han CNC is about 32 billion yuan (calculated according to the issuance price). After Han CNC is successfully listed, the company still holds 85% equity of Han CNC, and the corresponding market value is 27.2 billion, which means that after excluding Han CNC business, Han'S Laser Technology Industry Group Co.Ltd(002008) the corresponding market value of other businesses is only 22.2 billion yuan; According to the calculation of the corresponding net profit of RMB 1.283 billion in 2021 (excluding the expected net profit of 691 million in 2021 of Han's CNC), the corresponding PE of this part of business is only 17 times. Referring to the valuation of comparable companies in the same industry, the value may be significantly underestimated.
Maintain the "buy" rating. We maintain the previous performance forecast. It is estimated that the net profit attributable to the parent company from 2021 to 2023 will be 1.974 billion yuan, 2.586 billion yuan and 3.127 billion yuan respectively, with a year-on-year increase of + 101.63%, + 31.03% and + 20.92% respectively; According to the share price on February 15, 2022, the corresponding PE is 25, 19 and 16 times respectively. Maintain the "buy" rating.
Risk warning: the shares pledged by the controlling shareholder and the actual controller account for a relatively high risk; Risk that R & D progress is less than expected; New business expansion is less than expected risk; The downstream expansion progress of PCB industry is less than the expected risk; The prosperity of the new energy industry is less than the expected risk.
