Ninestar Corporation(002180) (002180)
Event: on December 20, the company announced that the fixed issuance price was 32.11 yuan / share, the number of shares issued was 156 million, and the total amount of funds raised was 5 billion yuan. The raised supporting funds are mainly used for the R & D and industrialization projects of bentu electronic high-performance and high security series laser printers, paying the cash consideration for the acquisition of the target assets, supplementing working capital of listed companies and subsidiaries, repaying loans, etc.
After ten years of sharpening a sword, the development of independent printers has entered the fast lane: after more than ten years of unremitting investment, bentu electronics turned losses into profits in 2018. From 2017 to 2020, the sales volume of Bento printers increased from 445000 to 1773000, maintaining a high-speed growth trend. On November 30, the company announced that it plans to invest 5 billion yuan to build a printer and consumables production base, regional headquarters and R & D center project in Hefei. The project is mainly for medium and high-performance laser printers, with Bento electronics as the main undertaking. The layout of the project will provide strong support for the R & D and production capacity of Bento printer. According to CCID Consulting data, the global printer market and consumables market scale in 2020 was US $42.12 billion and US $51.8 billion. The sales of Bento printer accounted for only 0.4% of the global laser printer market in 2020, with large growth space and high ceiling. Bentu’s performance is expected to continue to grow rapidly, benefiting from the high landscape of China’s information innovation market and overseas demand, the improvement of China’s household application penetration, the improvement of product energy level, the advantages of independent brands and other comprehensive factors.
“Lexmark” continues to grow steadily, and “Jihai” general MCU business has a large volume: influenced by multiple factors such as exchange loss, personnel integration fee and epidemic situation, Lexmark’s net profit to the parent company in 2020 is -548 million yuan. The epidemic has conducted a certain stress test on Lexmark, but the fundamentals of the company are healthy, and most of the losses come from financial factors. In the first half of 2021, the net profit attributable to the parent company was 148 million yuan; In the first three quarters of 2021, the sales volume increased by 17.46% year-on-year, the net profit increased by 800% year-on-year, and the development of Lexmark continued to be stable and good. Polar semiconductor continues to deepen the layout of 32-bit MCU, and has realized batch supply in Changhong, Haier, Xiaomi, Huichuan, Great Wall Motor Company Limited(601633) , Buick and other well-known customers. Benefiting from the high prospect of MCU market, the demand for localization substitution and the improvement of the competitiveness of the company’s products, the general MCU business is expected to become a new growth pole.
Investment suggestion: considering the full-scale consolidation of bentu electronics in the whole year, we expect the net profit attributable to the parent company from 2021 to 2023 to be RMB 1.491/2.25/2.86 billion respectively, EPS to be RMB 1.19/1.61/2.28 respectively, corresponding to PE to be 39 times, 29 times and 20 times respectively, maintaining the “Buy-A” investment rating. The six-month target price is 49 yuan.
Risk warning: the risk that the market development is not as expected; Risk that R & D progress is less than expected.
