Shenzhen Hymson Laser Intelligent Equipments Co.Ltd(688559) (688559)
Founded in 2008, the company is mainly engaged in the R & D, production and sales of laser and automation equipment, and provides laser processing equipment and automation solutions for consumer electronics, power battery, sheet metal processing and other industries. Among them, 3C and power battery business contribute the main revenue, accounting for 80%. The company's customers include Contemporary Amperex Technology Co.Limited(300750) , Tesla, honeycomb energy, apple, Huawei, Foxconn and other well-known manufacturers. From 2017 to 2020, the compound growth rates of the company's revenue and net profit attributable to the parent company reached 19.96% and 46.58% respectively.
Main points:
The market scale of laser processing equipment is expected to continue to grow, and the downstream 3C and lithium batteries are booming. 1) made in China 2025 will continue to develop in the direction of intelligence, high-end and automation, and the utilization rate of laser precision processing technology will be further improved; 2) The increase of localization rate of core component laser is expected to reduce the application cost of laser processing equipment; 3) In 2019, the difference between China's laser penetration rate and that of manufacturing developed areas is 17%, and there is still room for rise; 4) There is still incremental space in the upstream segments of traditional 3C, and emerging wearable devices have entered the fast lane of development; 5) Policy driven + booming production and marketing, and the market scale of new energy vehicles continues to expand. The high-quality production capacity of core component power battery is insufficient, and the capital increase and production expansion of leading enterprises drive the high demand for upstream lithium battery equipment.
The product performance has been recognized by the head of the industry, and the development direction is calibration integration and intelligence. 1) the company has insight into the technical problems of power battery production, and has launched lithium battery equipment such as high-speed laser producer and cell assembly line with the accumulation of laser + automation technology. In the first half of 2021, the revenue of power battery, laser and automation equipment of the company increased significantly to 41.47%, The amount of orders on hand increased by 51.60% year-on-year to 2.828 billion yuan (including tax). In May 2021, the company won Contemporary Amperex Technology Co.Limited(300750) Lithium battery equipment orders of RMB 673 million, and a purchase intention agreement of RMB 1.948 billion was signed with AVIC lithium battery in August. Lithium battery equipment will contribute to the flexibility of the company's main performance in the future; 2) The company has high R & D investment in the field of power battery, and the development direction is mainly high efficiency, low cost, integration, multi process compatibility, intelligence, etc. the R & D results will help the company reach the industry-leading standard in terms of performance and increase the competitive advantage of the company's products.
Investment suggestion: it is estimated that the revenue from 2021 to 2023 will be 2.009 billion yuan, 3.449 billion yuan and 5.313 billion yuan respectively, with a year-on-year growth rate of 52.1%, 71.7% and 54.0% respectively; The net profit attributable to the parent company was 119 million yuan, 353 million yuan and 659 million yuan respectively, with a year-on-year growth rate of 53.7%, 196.8% and 86.9% respectively, and the corresponding EPS were 0.59 yuan, 1.76 yuan and 3.30 yuan respectively. Corresponding to the closing price of 69.62 yuan / share on November 29, 2021, PE is 117 / 39 / 21 times respectively. For the first time, it will be rated as "overweight".
Risk tips: intensified industry competition, insufficient order fulfillment, and product R & D less than expected
