Han'S Laser Technology Industry Group Co.Ltd(002008) (002008)
The laser equipment industry is an absolute leader, and the "laser + X" strategy is steadily promoted. The business scope of the company has expanded from the equipment integrators at the downstream of the industrial chain to the core devices at the upstream. In the Chinese market, Han'S Laser Technology Industry Group Co.Ltd(002008) has become synonymous with the laser industry and a benchmark for the development of Companies in the field of laser equipment; In the international market, the scale of the company is firmly in the forefront, and it is also a leader in the whole field. Focusing on the "laser + X" strategy, the company has completed the product layout of industrial laser application fields such as laser marking, laser welding and laser cutting, and continuously launched industry-specific equipment and new scene application equipment with technical advantages, so that all businesses are in an all-round way.
The system reform promotes the flattening of organizational structure and the improvement of equity incentive. In 2021, the company will carry out drastic system reform internally, abolish the division system, take the business center as the unit to carry out work, and implement differentiated assessment and incentive methods in combination with the different development stages of each business center, which is conducive to reducing costs and increasing efficiency within the company. Meanwhile, in order to improve the company's internal long-term incentive mechanism, the company granted no more than 49.9661 million stock options to the company's senior executives and core personnel in 2019, which were exercised in three phases. The total number of incentive objects was 1333, and the exercise price was 30.57 yuan / share. Since this year, the company's performance has been continuously fulfilled, and the annual performance is expected to reach the assessment target.
Benefiting from the rising prosperity of 3C, PCB, new energy and other industries, the company's businesses continued to improve
(1) The recovery of 3C equipment industry's prosperity is expected to drive a new round of recovery of 3C equipment capital expenditure. In 2021, affected by factors such as repeated epidemic, lack of core and reduced iteration speed of mobile phone functions, the sales data of smart phones declined. According to IDC data, the global shipments of smart phones fell 9.35% month on month in the first half of 2021. However, the sales of smart phones have recovered since the third quarter According to MIC data, the penetration rate of 5g mobile phones is expected to increase from 1.3% in 2019 to nearly 40% in 2021. We believe that 5g mobile phones will return to the normal demand trend in 2022. At the same time, with the continuous launch of AR / VR equipment, it is expected to drive a new round of recovery of 3C equipment capital expenditure.
(2) Benefiting from the upgrading of PCB product structure, the demand for PCB equipment surges. 5g technology puts forward higher requirements for the speed, density, frequency and conductivity of PCB boards for communication. At the same time, with the continuous development of smart phones, the demand for high-end products such as high-level multi-layer boards, HDI boards and soft boards will continue to increase rapidly. In addition, the demand for high-end PCB boards in the trend of automobile electrification and intelligence The demand also maintained a continuous upward trend, which led to the growth of the company's PCB equipment demand. The company's PCB business maintains a rapid growth trend, and the IPO of its subsidiary Han Zu CNC has been successfully held in September 2021. While promoting the growth of the company's performance, it is also expected to become the first fruit of the company's current round of system reform.
(3) The penetration rate of new energy vehicles has increased and the new energy business has continued to grow. In recent years, the penetration rate of new energy vehicles has gradually increased. According to evsales data, the global penetration rate of new energy vehicles has increased from 0.1% in 2012 to 4.2% in 2020, and by September 2021, China Shanxi Guoxin Energy Corporation Limited(600617) Automobile penetration rate rose to 17%. Under the background of carbon neutrality, the penetration rate of new energy vehicles is expected to usher in a faster growth window period, which will drive the wave of production expansion of battery manufacturers. At the same time, in response to this round of production expansion, the company also actively expanded its production capacity and expanded its existing product line, and the new energy business continued to grow rapidly.
Maintain the "buy" rating. As the absolute leader in the laser equipment industry, the company continues to promote its business around the "laser + X" strategy. With the rising prosperity of 3C, PCB, new energy and other industries, the company's businesses are expected to fully benefit. We maintain the previous performance forecast and predict that the company's revenue from 2021 to 2023 will be 15.539 billion yuan, 19.216 billion yuan and 23.316 billion yuan respectively; The net profit attributable to the parent company is RMB 1.872 billion, RMB 2.426 billion and RMB 2.994 billion respectively, and the corresponding PE is 30, 24 and 19 times respectively. Maintain the "buy" rating.
Risk warning: the shares pledged by the controlling shareholder and the actual controller account for a relatively high risk; Risk that R & D progress is less than expected; New business expansion is less than expected risk; The downstream expansion progress of PCB industry is less than the expected risk; The prosperity of the new energy industry is less than the expected risk.
