Jutze Intelligent Technology Co.Ltd(300802) (300802)
The company is mainly engaged in machine vision equipment, control cable components, etc
The company is mainly engaged in machine vision equipment, control cable components, control units and equipment, accounting for 43%, 33% and 22% of revenue respectively in 2020, and the gross profit margin is 58%, 26% and 20% respectively. From 2017 to 2020, the compound growth rate of the company’s revenue and net profit attributable to the parent company was 11% and 10% respectively, the comprehensive gross profit margin and net profit margin remained above 35% and 20% respectively, and the proportion of R & D expenses remained above 5%.
AOI testing equipment is leading in China and is accelerating the realization of import substitution
The company is the leader of AOI testing equipment in China. 3D technology is in an absolute leading position in the Chinese market. It is catching up with or even surpassing overseas companies. It will rely on “technology” and “high-quality service” to realize import substitution. The company has become a core supplier of machine vision equipment for apple, Xiaomi, Huawei, vivo and other enterprises or their OEM factories. The company is at the global leading level in the fields of FPC, laser engraving machine, selective wave soldering and dispensing machine.
The control cable component business is mainly for industrial and commercial intelligent equipment manufacturers
The control cable components of the company’s core business are direct and key raw materials for machine vision equipment. Customers include NCR, Diebold, ultra clean group, etc.
China’s machine vision market has reached 12 billion yuan, with a compound growth rate of nearly 20% in the next five years
From 2016 to 2020, the global machine vision market grew from US $6.2 billion to US $9.6 billion, with a compound growth rate of about 12%; China’s machine vision market grew from 4.9 billion yuan to 12 billion yuan, with a compound growth rate of 25%. It is estimated that the scale of China’s machine vision market will be about 27.5 billion yuan in 2025, and the compound growth rate will exceed 18%.
Category expansion, product upgrading and application scenario expansion, with a compound growth rate of more than 40% in the next four years
First: the technology is from 2D detection to 3D detection. The company has successively launched four new products: 3d-spi, 3d-aoi, mini led AOI and fpc-aoi. Second: expand application scenarios and actively layout semiconductor, pharmaceutical, new energy and textile industries. 3D AOI technology has strong universality and wide downstream applications. It is expected that the new business revenue will exceed 1 billion yuan by 2025, bringing new growth points. Lithium battery AOI has entered the testing stage, semiconductor AOI has been supplied, medicine AOI has entered the verification stage, textile AOI is about to be launched, and high-speed dispensing equipment has entered the final improvement stage. Third: at present, the company’s market share in the field of machine vision in China is about 5%. Under the trend of technological iteration and upgrading and industry concentration, if the company’s market share increases to 10% in 2025, the revenue scale of machine vision business is expected to exceed 2.5 billion yuan, and the compound growth rate in the next four years is expected to exceed 40%.
Profit forecast and valuation
It is estimated that the net profit attributable to the parent company from 2021 to 2023 will be RMB 126 / 184 / 272 million, with a year-on-year increase of 42% / 45% / 48% and a compound growth rate of 45%, corresponding to PE 50 / 35 / 23 times. Give a “buy” rating.
Risk tip: the product development process is not as expected; The development process of downstream customers is slower than expected; Exchange rate fluctuation
