Ninestar Corporation(002180) (002180)
Event: on December 19, 2021, the company disclosed the announcement on the implementation of issuing shares and paying cash to purchase assets and raising supporting funds and related party transactions and listing of new shares. The announcement showed that the issuance price of new shares was 32.11 yuan / share, the number of new shares of the listed company was 156 million, the raised fund was 5 billion yuan, and the total share capital after issuance was 1.411 billion shares, The listing date of new shares is December 22, 2021.
Fixed increase landing, Ben Tu transfer, printer faucet start again. In 2010, Zhuhai Senna printing technology (i.e. Ninestar Corporation(002180) controlling shareholder) successfully developed and listed the first Bento laser printer with Chinese independent technology, which changed the monopoly of the United States, Japan and South Korea on printing technology. In 2014, through major asset restructuring, the printer business was transferred to Zhuhai Bento electronics as a whole. In 2017, Ninestar Corporation(002180) Bento was entrusted and the 100% equity acquisition process was started in 2020. The major asset restructuring project was successfully held in August 2021. On October 9, 2021, the 100% equity of Bento Electronics was changed and registered under the name of Ninestar Corporation(002180) .
The company has realized the whole industrial chain coverage of “consumables + chip + complete machine + service”. Ninestar Corporation(002180) was founded in 2000 and has focused on the printing and imaging industry for 21 years. At present, it has become the fourth laser printer manufacturer in the world. At the same time, it is also the leading enterprise with the highest market share in the global compatible consumables and consumable chip industry. Its business covers more than 150 countries and regions around the world, including “aiparker apexamic”, “gezhige”, “G & G”, “staticcontrol” “Lexmark”, “pantum” and other well-known brands in many industries. Starting from the production of general printer consumables, the company has realized the whole industry chain coverage from printing consumables, consumable chips, printer machines to services.
Continue to increase research and development and master core technology. Bento electronics has successfully mastered the core technology of printer source code and software and firmware at all levels, and has independently controllable SOC, LSU and other key parts, as well as printer engine with independent intellectual property rights. As of June 30, 2021, Bento electronics has 359 patents, including 257 domestic patents and 102 overseas patents, with core technology advantages. From 2019 to the first half of 2021, Bento’s R & D expenses accounted for 5.58%, 5.81% and 6.38% of its operating revenue in the same period respectively. The continuous R & D investment has established the company’s leading position in the industry.
MCU chip is expected to bring growth “core” power to the company. The company’s polar semiconductor has launched a number of apm32 industrial grade general MCU chips, with a monthly sales volume of more than 2 million in November 2020. Five new products have been launched in the first half of 2021, and nine new products are expected to be launched throughout the year. At present, the products have been widely used in the fields of industrial control, medical equipment, automotive electronics and smart home, and realize batch supply to well-known customers such as Changhong, Haier, Xiaomi, Huichuan, Shenzhen Invt Electric Co.Ltd(002334) , Nestle, Nippon precision, Great Wall Motor Company Limited(601633) , Buick automobile and Wuling Hongguang. In addition, the company’s industrial Internet SOC ese security master chip has supplied 6 products in batch, and its application fields include important security fields such as power grid, high-end industry, numerical control devices and industrial control core equipment. Dachuan GS300 (scs235) chip has passed the state secret level II certification. MCU business is expected to bring new growth power to the company in the future.
Investment rating: we continue to be optimistic about the company’s leading position in the industry. Considering the chart consolidation, it is expected that the company’s net profit attributable to the parent company will reach RMB 1.400/1.765/2.348 billion from 2021 to 2023, with a corresponding PE multiple of 46.44/36.85/27.70, maintaining the “overweight” rating.
Risk tips: increased trade friction, less than expected technological innovation, exchange loss risk, acquisition and integration risk
