\u3000\u3000 Suzhou Tztek Technology Co.Ltd(688003) (688003)
Founded in 2005, the company continues to expand the application of machine vision in the industrial field. At present, on a unified industrial AI capability platform, the company has deeply cultivated six industries: consumer electronics, PCB, semiconductor, new energy, intelligent factory and intelligent networking.
The company's performance grew steadily. From 2013 to 2020, the company's operating income was from
RMB 78 million increased to RMB 964 million, and the CAGR was 43.2%; The net profit attributable to the parent company increased from 21 million yuan to 107 million yuan, with a CAGR of 26.3%. According to the performance express, the company achieved an operating revenue of 1.264 billion yuan in 2021, with a year-on-year increase of 31.14%; The net profit attributable to the parent company was 135 million yuan, with a year-on-year increase of 26.06%
New businesses have grown rapidly, and the construction of industrial AI capability platform has achieved remarkable results.
In 2021, the company's photovoltaic semiconductor industry achieved a revenue of 292 million yuan, a year-on-year increase of 467.93%; The automobile industry achieved a revenue of 220 million yuan, a year-on-year increase of 422.67%; In the PCB industry, the company launched LDI laser direct imaging equipment at the end of 2020, realizing an operating revenue of 67.3875 million yuan in 2021; In the field of intelligent networking, the company's AI edge computing equipment and vehicle road coordination scheme achieved a revenue of 49.6808 million yuan, a year-on-year increase of 330.87%. The construction of the company's industrial AI capability platform has been continuously promoted, and its strong business support ability has been initially shown.
Strong core competitiveness and long-term development. Core competitiveness of the company
Reflected in two aspects: 1) the company has mastered advanced machine vision algorithms, industrial software platforms, advanced vision sensors and precision drive control technology, and the technical indicators of various products have reached the international advanced level; 2) As the core supplier of Apple visual inspection for a long time, the company has accumulated strong project capability. In the field of consumer electronics, the company's business has developed from size detection to defect detection, opening up room for growth; In the new business field, the company has achieved sustained growth with advanced underlying core technology and strong project capability, and is expected to build an intelligent manufacturing platform.
Investment suggestion: thanks to the continuous promotion of the construction of industrial AI capability platform, the company's new business grows rapidly. At the same time, the company has strong core competitiveness and can expect long-term development. It is estimated that the company's revenue from 2021 to 2023 will be RMB 1.264/17.68/2.188 billion, the net profit attributable to the parent company will be RMB 135/1.99/264 million, the corresponding EPS will be RMB 0.70/1.03/1.36, the corresponding closing price of RMB 33.90/share on February 23, 2022, and the PE will be 49 / 33 / 25 times respectively. It will be covered for the first time and rated as "overweight".
Risk warning: the development of new business is not as expected; Intensified industry competition, etc.
