Zhuhai Bojay Electronics Co.Ltd(002975) (002975)
The company is a high-quality 3C automation enterprise. Its main products include RF, acoustic, electrical, optical, visual and other automatic detection equipment, as well as automatic assembly equipment. Its customers include global famous high-tech companies such as apple, Microsoft, Cisco, Qualcomm and Google, as well as Hon Hai group, Quanta group, Renbao group Heshuo group and Byd Company Limited(002594) and other world-famous electronic product manufacturers. From 2015 to 2020, the CAGR of the company's operating revenue and net profit attributable to the parent company were 28.4% and 69.8% respectively. In the first three quarters of 2021, affected by the high base, the company's performance decreased year-on-year. The operating revenue and net profit attributable to the parent company were RMB 911 million and RMB 230 million respectively, with a year-on-year increase of - 15.7% and - 25.2% respectively. With the recovery of the industry and the rapid growth of RF and visual business, the company is expected to meet rapid development.
Main points:
The prosperity of 3C equipment will be better in 2022. In the past few years, 3C equipment industry has shown an obvious industry cycle attribute of 2-3 years. With Apple's innovation cycle, the continuous growth of sales of wearable devices and the possible introduction of Apple AR / VR glasses to boost the industry prosperity, it is expected that the prosperity of 3C automation industry will improve in 2022. The company's business covers RF, acoustics, electricity, optics Visual inspection equipment and assembly equipment, and have strong competitive advantages in subdivided fields. With the improvement of industry prosperity, the company is expected to meet rapid development.
5g continues to penetrate and promote the rapid development of the company's RF testing equipment. RF detection equipment includes shielding box, network analyzer, comprehensive tester, spectrum analyzer, etc. the detection contents generally include MLB detection, OTA detection, detection and certification of communication protocol, etc. 5g RF adopts large-scale antenna array technology. The number of circuits and antennas of its RF module has increased, and there are more and more difficult test items. Therefore, the demand quantity and price of 5g RF detection equipment will increase. The company's 5g RF testing equipment is at the leading level. With the continuous penetration of 5g, the company's RF testing equipment has developed rapidly.
The company's visual inspection business has ushered in rapid development. The machine vision track is high-quality and in an explosive period. According to the data of China machine vision industry alliance, it is expected that the sales of China's machine vision industry will increase at a compound growth rate of 27.15% from 2020 to 2023, and the sales are expected to reach 29.6 billion yuan in 2023. The company develops visual inspection equipment with visual technology as the core. Odway has entered the fifth to sixth year of product incubation, and the performance of its six-sided inspection equipment has reached the leading level. In addition, the company has successfully developed AOI glass appearance inspection equipment for defect detection of cover glass of consumer electronics products. It is expected that the company's visual inspection business will usher in rapid development.
The company has strong core competitiveness and layout in the semiconductor field to help long-term development. The company attaches importance to R & D, keeps the R & D expense rate at about 10%, and has high-quality customer resources. It has accumulated profound process understanding and experience in long-term cooperation, and has strong core competitiveness. In 2020, the company participated in Dingtai Xinyuan and cooperated with the company's business layout in the semiconductor field. In 2021, the company issued convertible bonds to expand production and overweight the semiconductor field, helping the company's long-term development.
Investment suggestion: we estimate that the company's revenue from 2021 to 2023 will be RMB 1.291/16.40/1.956 billion, the net profit attributable to the parent company will be RMB 306/3.93/463 million, the corresponding EPS will be RMB 2.19/2.81/3.32, the corresponding closing price of RMB 57.26/share on December 17, 2021, and PE will be 26 / 20 / 17 times respectively. Considering that 3C automation industry will be better in 2022, and the company's RF detection and vision business is expected to meet rapid development, For the first time, give a "buy" rating.
Risk tip: the prosperity of the industry is less than expected, and the technology R & D is less than expected.
