Robotechnik Intelligent Technology Co.Ltd(300757) (300757)
Event: on the evening of December 5, the company issued the equity incentive draft. The total incentive rights granted this time shall not exceed 3.03 million shares, accounting for about 2.748% of the total shares. Among them, middle-level management and core technology / business personnel have 871500 shares, accounting for 0.79% of the total shares, and the grant price is 29.81 yuan / share. Requirements for this incentive assessment: the target value of revenue from 2022 to 2024 is RMB 1.6/21/2.9 billion, and the trigger value is RMB 1.3/18/2.4 billion.
The introduction of the incentive scheme, with revenue as the assessment objective, helps to improve the enthusiasm of the management
The company issued the equity incentive plan (Draft), and the exercise conditions take the operating revenue as the assessment index. According to the calculation of the revenue of RMB 1 billion in 2021, the company’s revenue (trigger value) from 2022 to 2024 increased by 25% / 38% / 33% (2021-2024cagr32%) respectively year-on-year. The target revenue increased by 54% / 31% / 38% (2021-2024cagr41%).
The photovoltaic industry is expected to increase CAGR by about 20% and 18% annually in the world and China in the next five years
In 2020, the scale of China’s intelligent manufacturing equipment market was about 2 trillion, and the CAGR from 2016 to 2020 was about 18%. With the continuous implementation and promotion of the “made in China 2025” strategy and the continuous promotion of emerging technologies such as overlay Internet of things, cloud technology and artificial intelligence, China’s intelligent equipment industry is expected to maintain rapid growth. The downstream photovoltaic industry is developing rapidly, and the company’s performance is expected to continue to grow. In 2020, China’s newly added photovoltaic installed capacity was about 48.2gw, and the CAGR from 2011 to 2020 was about 38%, higher than the global growth rate of 20PCT. According to the prediction of China Photovoltaic Industry Association, it is estimated that the annual installed capacity of the world and China will reach 330gw and 110gw in 2025, and the CAGR will be about 20% and 18% in the next five years.
Photovoltaic automation equipment and semiconductor equipment are expected to provide upward flexibility for the company
Photovoltaic automation equipment: the company deeply cultivates photovoltaic cell automation equipment, which has three core advantages: 1) core patents; 2) Main performance indicators such as operation efficiency, capacity and fragmentation rate are leading in China; 3) The main customers are well-known photovoltaic manufacturers at home and abroad. The photovoltaic industry is currently in the process of key technology iteration, and the company’s high-tech capability is expected to benefit the company first in the equipment renewal iteration.
Semiconductor equipment: the localization rate of sealing and testing equipment shall not exceed 5%, and there is a large space for import substitution. Company shares in Germany
Ficontec (indirect holding 17%) cuts into the field of semiconductor assembly and packaging testing. Ficontec has a strong competitive advantage in the field of global optoelectronic and semiconductor automatic packaging and testing. Its main customers are semiconductor and communication giants such as Cisco, Intel, IBM, dILAS and Huawei.
Profit forecast
It is estimated that the company’s revenue from 2021 to 2023 will be RMB 1 / 15 / 2 billion respectively, with a year-on-year increase of 97% / 46% / 31%; The net profit attributable to the parent company is RMB 0.7/1.2/160 billion respectively, with a year-on-year increase of 62% / 32% from 2022 to 2023, corresponding to pe86 / 53 / 40x. As the leader of high-end automation equipment, the company maintains the “buy” rating.
Risk statement
1) Photovoltaic demand is lower than expected; 2) Progress of semiconductor equipment is lower than expected
