Bomin Electronics Co.Ltd(603936) (603936)
China's leading provider of integrated electronic solutions
The company has been deeply engaged in the PCB industry for 27 years and has become one of the most powerful private circuit board manufacturers in China. The company's products are widely used in high-tech fields such as communication equipment, medical devices, military high-tech products, testing systems, aerospace, household electronic products and so on.
The downstream application of multi-point flowering makes the solution business group become the second pole of growth
① The company has become one of the most powerful private PCB manufacturers in China, and its HDI business has become the leader in this industry in China. The company's PCB products are the cornerstone of other business development, and the downstream automobile business accounts for a high proportion. It is expected to enjoy the dividend of automobile electrification development and maintain high profitability for a long time.
② The solution business group cooperates with the company's PCB business development, optimizes the product structure and improves the company's profit quality. At present, the company has changed from the single development mode of PCB manufacturers to the two wheel drive mode of PCB + solution business group. The solution business group has a higher growth rate than the traditional PCB business and has become the second pole of the company's development.
Investment advice
We estimate that the net profit attributable to the parent company from 2021 to 2023 will be RMB 314 million, RMB 489 million and RMB 615 million, with corresponding P / E ratios of 26, 17 and 13 times. The company is given a "buy" rating for the first time.
Risk statement
Production capacity launch and digestion were less than expected, and new customer expansion was less than expected.
