Xiamen Guang Pu Electronics Co.Ltd(300632) (300632)
Key investment points:
Based on R & D
Xiamen Guang Pu Electronics Co.Ltd(300632) established in 1994, it is a national high-tech enterprise with technology leading. Its business covers the R & D, production and sales of semiconductor optical application products and new flexible circuit materials and medical beauty services. Based on R & D and focusing on semiconductor photoelectric technology, the company continues to expand the application scenarios of infrared light, visible light and ultraviolet light. Its main products include semiconductor photoelectric sensors, semiconductor professional lighting lamps and intelligent lighting, UV semiconductor killing and beauty personal care products, FPC +, etc Semiconductor light application health fields such as beauty personal care and beauty services actively build their own brands.
Core business – semiconductor optical application business
Since its establishment, the company has been deeply engaged in the semiconductor industry. Based on LED packaging technology, the company develops, produces and sells LED panel lamps and other lamp products; In 2013, the company carried out the research and development of intelligent lighting and intelligent control technology, and began the research on the layout of non visual LED technology; In 2015, the company laid out touch sensor and control module technology; In 2017, the company integrated resources, vigorously developed intelligent lighting and smart home, and actively expanded the application of intelligent IOT hardware in large health, large consumption and other related industries; In 2019, the company planned the product layout of UV sterilization products and developed UV sterilization modules for supporting household appliances, air purification, water purification and other fields. In 2020, combined with UV disinfection module technology and control system, the company has successively developed and mass produced UV disinfection and sterilization series products such as UV sterilization box, sterilization bag, on-board air sterilizer, air sterilizer and disinfection knife holder, so as to promote the rapid development of the company’s independent brand business. With the continuous enrichment of product types, the company adjusted the strategic positioning of its core business from “semiconductor lighting” to “semiconductor light application”. While continuing to cultivate the field of semiconductor lighting, the company expanded its core business to the whole field of semiconductor light application.
Subsidiary Epson: FPC professional manufacturer
Xiamen Epson, a subsidiary of the company, is an earlier FPC professional manufacturing enterprise in China. It has been committed to independent R & D, manufacturing and sales of flexible printed circuit boards. The products are mainly bare board (single-layer board, double-sided board, multi-layer board, soft and hard combination board), and extend and expand to upstream and downstream materials. The company has formed strong competitiveness and good reputation in the industry, and its customers include strategic partners such as Foxconn, Byd Company Limited(002594) , BOE, etc.
Layout of beauty services
Since its listing, the company has cultivated new profit growth points on the basis of consolidating its original main business, and formulated the long-term development field of “big health + big consumption”. The company invested and established a wholly-owned subsidiary Xiamen hayaode Enterprise Management Co., Ltd. in May 2018. In June 2018, hayaode acquired 51% of the equity of Chongqing Junmei medical beauty hospital Co., Ltd., taking the first step in the layout of the company’s medical beauty industry
Investment advice and profit forecast
The company actively responded to changes in the market environment, continued to carry out R & D and technological innovation in various business areas, optimized product structure, accelerated brand building and improved business layout. We expect that the company’s EPS from 2021 to 2023 will be 0.45, 0.57 and 0.62 yuan respectively, and the corresponding PE will be 30.98, 24.54 and 22.50 times respectively. The company will be rated as “overweight” for the first time.
Risk statement
The risk of macroeconomic fluctuations; Risk of serious decline in terminal demand; Risk of large fluctuation of upstream raw material price; Risk of large balance of accounts receivable, etc
