Tonghui Electronics (833509)
Focus on precision impedance for more than 20 years, continuously enrich product lines + make breakthroughs in product performance, and promote heavy new products in 2021: the company’s main products are various electronic measuring instruments, mainly including component parameter testing instruments, winding component testing instruments, harness and cable testing instruments, electrical safety specification testing instruments, weak signal testing instruments, power electronic testing instruments More than 300 types of test instrument products, such as desktop digital multimeter and power supply comprehensive performance test system, are mainly used for performance test, measurement, test verification and quality assurance of various electronic components, materials, electronic parts and electronic machines. It is widely used in scientific research and production testing in 3C consumer electronics, 5g communication, semiconductor testing, new energy, power electronics and other fields. At present, the company’s downstream industry is in a high growth trend. According to technavio data, it is expected that the global general electronic testing and measurement market will reach US $7.768 billion in 2024. In addition, in May 2021, the company successfully launched th2851 series 130MHz wide impedance range and high-precision automatic balance impedance analyzer, further enriching the product variety.
With years of technical advantages and continuous R & D investment, the company has successively developed China’s first and even international leading products: the company has accumulated a number of core technical achievements in hardware testing, embedded software and algorithms, bus, system integration and industrial interconnection, breaking through the low efficiency, poor accuracy and A series of industrial technical problems and bottlenecks, such as weak comprehensive test ability, have successfully developed 2MHz precision wide impedance automatic balance LCR digital bridge, 10MHz precision impedance analyzer, broadband high-precision electronic transformer comprehensive test system, 120a high current inductance bias characteristic test system, parallel multi-channel safety gauge tester 1MHz high-speed precision capacitor meter and other core products with independent intellectual property rights. The newly launched product th2851 series impedance analyzer this year has an ultra-high frequency of 130MHz, which is an international leader in the field of impedance analyzer. The company has increased investment in R & D and technological innovation, steadily implemented various technological R & D and market development, and achieved good business results. At present, 19 invention patents are authorized and 23 invention patents are under review.
The bottleneck problem of moving into the new plant area has been solved + the product price increase highlights the quality of the company’s products, the volume and price have increased, and the brand potential has been established upward: the company’s “intelligent electronic measuring instrument production and manufacturing project” has been constructed and accepted, and the project has upgraded traditional products such as electronic component testing instruments, And the newly developed power electronic test instrument products (battery power testing instrument) to carry out industrialized production and realize product intelligent testing, efficient testing, accurate testing and intelligent interconnection. According to the plan of the raised investment project, the company’s production capacity is increased from the original 25000 units / year to the maximum 65000 units / year. After moving into the new plant, the company’s production capacity is further released, which can effectively solve the bottleneck of the company’s current capacity saturation and high utilization rate Question. In addition, according to the “Tonghui electronics 2022 product price adjustment notice” released on the company’s official website at the end of November 2021, in order to alleviate the pressure of rising costs, the company decided to increase the price of all products by different ranges, ranging from 5% to 20%. The price adjustment will be officially implemented from January 1, 2022. After the implementation of the price adjustment, the prices of various products of the company have increased, which is conducive to maintaining or even improving the original gross profit margin in the case of rising costs.
Investment suggestion: as a leader in subdivided fields, the company has significant first mover advantages in product types, technical reserves and customer base, and is committed to becoming a world-class comprehensive solution provider for electronic measurement and testing. We estimate that the company’s operating revenue from 2021 to 2023 will be 141 million yuan, 195 million yuan and 279 million yuan respectively; The estimated net profit is 43 million yuan, 59 million yuan and 88 million yuan respectively. Considering the company’s history and comparable company valuation, we give the company 40 times PE in 2022, corresponding to the target price of 22.80 yuan in 2022, and give the “Buy-A” investment rating.
