\u3000\u3 China Vanke Co.Ltd(000002) 008 Han’S Laser Technology Industry Group Co.Ltd(002008) )
Event: the company issued the announcement of 2021 annual performance express. In 2021, the operating revenue was 16.317 billion yuan, yoy + 36.63%; The net profit attributable to the shareholders of the listed company was 2.002 billion yuan, yoy + 104.47%; The deduction of non net profit attributable to shareholders of listed companies was 1.733 billion yuan, yoy + 156.79%.
Comments: in the past 21 years, the company’s performance has been brilliant, and the power battery business has grown rapidly. In 2021, the operating revenue was 16.317 billion yuan, yoy + 36.63%; The net profit attributable to the shareholders of the listed company is RMB 10.4 yoy billion, which is 4.702 billion yuan; The net profit attributable to the shareholders of the listed company was 1.733 billion yuan, yoy + 156.79%; In 2021q4, the revenue in a single quarter was 4.387 billion yuan, yoy + 42.29%, qoq-1.3%. 1) Traditional businesses (consumer electronics, high-power) grew steadily, and the business of high-power laser processing equipment realized an operating revenue of 2.785 billion yuan, yoy + 38.03%. 2) PCB, new energy power battery, miniled, LED packaging equipment and other industry-specific equipment business increased significantly. Lithium battery equipment has ushered in the harvest period, with a revenue of 1.982 billion yuan in 21 years, yoy + 631.51%. It continues to be optimistic about the strong demand in the downstream + holding high-quality customers ( Contemporary Amperex Technology Co.Limited(300750) , AVIC lithium battery, honeycomb energy, Sunwoda Electronic Co.Ltd(300207) etc.) + having the whole line supply capacity + paying more attention to the business, deepening the growth of the lithium battery equipment business of the company under the positive capacity distribution; The special equipment business of PCB industry has achieved an operating revenue of 4.062 billion yuan, yoy + 86.01%. At present, Han CNC, the main body of PCB business, has been split and listed; The special equipment business of display panel and semiconductor industry realized an operating revenue of 1.473 billion yuan, yoy + 43.38%.
Continue to be optimistic about the long-term growth of the company under Han’S Laser Technology Industry Group Co.Ltd(002008) management optimization + high-power / lithium battery equipment:
\u3000\u30001. The management optimized the reform, and the grass-roots incentive was sufficient. The company is the platform laser processing equipment manufacturer with the largest variety and performance in China. It has long adhered to the “laser + X” strategy, horizontal and vertical integration, covering upstream core components such as lasers and laser marking / cutting / welding equipment, and has accumulated product lines in PCB, lithium battery, LED, photovoltaic, panel and semiconductor. The core structure of the company has changed from three levels to two levels, and the bottom decision-making power + incentive are sufficient to ensure the long-term development of the company.
\u3000\u30002. High power + lithium battery contributes to performance increment and profitability continues to improve. Lithium battery: the company is the leading supplier in the first echelon of Ningde, and has introduced a large number of second-line power battery manufacturers (AVIC lithium battery, honeycomb energy, Sunwoda Electronic Co.Ltd(300207) etc.), which has the power battery supply capacity of the whole line + the expansion of production in Zhangjiagang and Yibin, and fully benefits from the market expansion opportunity of lithium battery processing equipment brought by this round of power battery expansion. High power: under the triple logic of high-end application expansion (replacing plasma cutting) + recovery of medium and low-end customer share + improvement of laser self-sufficiency rate, high-power performance is flexible and profitability is expected to be improved.
\u3000\u30003. The emerging track has broad growth space, and the growth of panel, semiconductor and photovoltaic can be expected. Multi brand layout has been accelerated, and mini / microled has entered the stage of accelerated penetration. The company’s Mini led cutting, splitting, stripping and repair technology has achieved mass sales, which is expected to benefit from the upgrading of display technology. China’s semiconductor packaging and testing equipment manufacturers have successfully entered the first echelon, and the packaging and testing equipment welcomes the opportunity of domestic substitution. As a few mass production enterprises in the packaging and testing track, the company has sufficient growth potential. The cost of photovoltaic has decreased, and affordable Internet access has become a scale. The company’s film opener and other equipment are expected to benefit from the upward prosperity of the photovoltaic industry and usher in rapid development.
Investment suggestion: it is estimated that the net profit of the company from 2022 to 2023 will be 2.403/2.954 billion yuan, and the target share price will be 79.84 yuan / share, maintaining the “buy” rating.
Risk warning: capacity release, customers’ progress is less than expected, downstream demand is less than expected, and the company’s performance forecast is the preliminary calculation, which shall be subject to the 21-year annual report issued by the company
