\u3000\u3000 Han’S Laser Technology Industry Group Co.Ltd(002008) (002008)
Event: the company issued an announcement on the capital increase of its holding subsidiary and related party transactions. It is proposed that some Han’S Laser Technology Industry Group Co.Ltd(002008) directors, senior managers and core employees, Han’S Laser Technology Industry Group Co.Ltd(002008) employee stock holding platform Zu Dian Juxian and Han Zu optoelectronics employee stock holding platform Hexin consulting will increase the capital of Han Zu Optoelectronics, with a total investment of no more than 141 million yuan; Introduce five party strategic investors through capital and share increase, with a total investment of no more than 141 million yuan. The pricing of this capital increase is determined according to the pre investment valuation of 100% equity of Han’s optoelectronics of RMB 1 billion, the share price is about RMB 9.86/share, and the total amount of capital increase is no more than RMB 282 million.
Comments: expand the scope of holding employees internally + introduce strategic investors externally to increase capital to integrate resources and further enhance the competitiveness of holding subsidiaries. Han’s optoelectronics is a supplier of LED and semiconductor automation packaging equipment, The main products are “Hans” series high-speed flat crystal fixing machine, high-speed automatic in-line / flat wire welding machine, testing and sorting machine and high-speed semiconductor loading machine realized an operating revenue of 345 million yuan, yoy + 56.14%, a net profit of 50.58 million yuan, yoy + 94.32% and a net interest rate of 14.66% in 2021, with a year-on-year increase of 12.76 PCT. by the end of 2021, the total assets of the company were 343 million yuan and the net assets were 128 million yuan. After this capital increase, Han’S Laser Technology Industry Group Co.Ltd(002008) the shareholding ratio of employee stock ownership platform Zu Dian Juxian and Han Zu optoelectronics employee stock ownership platform Hexin consulting is 4.79% and 5.22% respectively, and the total shareholding of employee stock ownership platform is 10.01%. The long-term incentive and restraint mechanism of benefit sharing and risk sharing helps to attract and retain talents and fully mobilize employees’ enthusiasm, initiative and creativity; The introduction of strategic investors, including strategic investors, gaolingyurun, gaoxintou venture, high tech investment Zhiyuan, Xiaohe venture and China securities investment, has a shareholding ratio of 5%, 2.08%, 0.74%, 0.18% and 3% respectively, with a total shareholding of 11%. The introduction of strategic investors is helpful to optimize the ownership structure of Han optoelectronics, so as to effectively promote the integration of internal and external resources of Han optoelectronics and further enhance the competitiveness of Han optoelectronics; After this capital increase, the shareholding ratio of the company to its holding subsidiaries decreased from 76% to 59.28%, which does not affect the company’s control over them.
Continue to be optimistic about the growth of the company under the dual logic of internal reform + platform attribute strengthening:
\u3000\u30001. Initial results of internal reform: the company reorganized its organizational structure, shifted its core structure from three levels to two levels, flattened its organizational structure, enhanced the autonomy of the business team, and had full decision-making power at the bottom. The main body of PCB business Han’s CNC successfully passed the meeting + equity incentive scheme of subsidiaries represented by Han’s optoelectronics and Han’s photovoltaic + equity incentive plan of listed companies. The internal incentive mechanism is gradually improved, which is expected to fully mobilize the enthusiasm of all business departments of the company and ensure the long-term development of the company.
\u3000\u30002. The multi track layout has broad growth space, and the platform attribute is expected to continue to strengthen: the company is a platform laser processing equipment manufacturer with the most types and the largest performance in China. It has long adhered to the “laser + X” strategy, horizontal and vertical integration, covering upstream core components such as lasers, laser marking / cutting / welding equipment, in PCB, lithium battery, led, photovoltaic, panel Semiconductors have accumulated product lines, multi track layout and broad growth space. For a long time, the downstream growth space of the company’s photovoltaic, semiconductor, display panel and other businesses has been sufficient, but it has made little contribution to the company’s revenue. Internal reform + equity incentive is expected to promote the rapid growth of relevant businesses. At the same time, the company continues to accumulate core technical capabilities (lasers, etc.) + flat organizational structure to provide strong technical support and institutional guarantee for the company’s new business expansion. The platform attribute is expected to be further strengthened and accumulate growth momentum for long-term development.
Investment suggestion: it is estimated that the net profit attributable to the parent company from 2021 to 2023 will be RMB 2.010/24.04/2.956 billion, and the target share price will be RMB 79.84/share, maintaining the “buy” rating.
Risk warning: capacity release, customers’ progress is less than expected, downstream demand is less than expected, this capital increase has not been considered by the general meeting of shareholders and the industrial and commercial change registration has not been completed, and there is still uncertainty
