Guangdong Topstar Technology Co.Ltd(300607) (300607)
Conclusions and recommendations:
Event: on December 28, the Ministry of industry and information technology and other 15 departments jointly issued the “14th five year plan” Siasun Robot&Automation Co.Ltd(300024) industrial development plan. The plan proposes that by 2025, China will become the global Siasun Robot&Automation Co.Ltd(300024) technological innovation source, high-end manufacturing agglomeration and new highland of integrated application, Siasun Robot&Automation Co.Ltd(300024) industrial operating revenue will increase by more than 20% annually; Manufacturing Siasun Robot&Automation Co.Ltd(300024) density doubled. In addition, the plan proposes four actions: Siasun Robot&Automation Co.Ltd(300024) core technology breakthrough action, Siasun Robot&Automation Co.Ltd(300024) key foundation improvement action, Siasun Robot&Automation Co.Ltd(300024) innovative product development action and ” Siasun Robot&Automation Co.Ltd(300024) +” application action. It will promote a number of Siasun Robot&Automation Co.Ltd(300024) core technologies and high-end products to make breakthroughs, the comprehensive indicators of the whole machine will reach the international advanced level, and the performance and reliability of key parts will reach the international level of similar products. According to the data of the National Bureau of statistics, China’s industrial Siasun Robot&Automation Co.Ltd(300024) output in November was 31900 units, a year-on-year increase of 27.9%, an increase of 17.3pct compared with the year-on-year growth in October. From January to November, the cumulative output was 330100 units, a year-on-year increase of 49%, the growth rate remained at a high level, and the output reached a record high in the same period. Considering the release of the “14th five year plan” Siasun Robot&Automation Co.Ltd(300024) industrial plan, the high outlook of the industry will continue. As a leading intelligent manufacturing service provider in China, the company will continue to benefit from the high growth of the industry.
The adjustment of business structure and the rise of raw material costs put pressure on short-term performance: the revenue in the first three quarters of 2021 was 2.289 billion yuan, a year-on-year increase of 12.78%; The net profit attributable to the parent company was 132 million yuan, a year-on-year decrease of 74.4%; Deducting non net profit of RMB 118 million, a year-on-year decrease of 75.98%, and the gross profit margin decreased by 27.42 PCT to 26.12%. The decline in gross profit was mainly due to the changes in the company’s business structure (the high gross profit mask machine business led to the high base period last year) and the rise in materials, procurement and other costs caused by the shortage of chips and the rise in commodity prices. It is worth noting that the company’s industry Siasun Robot&Automation Co.Ltd(300024) And automation application system, intelligent energy and environmental management system business and other core businesses still maintained stable growth. With the decline of mask machine business, new businesses such as injection molding machine and CNC (numerical control machine tool) are still in the expansion stage, and the short-term performance is under pressure.
Accelerate product upgrading and broaden new channels: in the industrial Siasun Robot&Automation Co.Ltd(300024) business segment, the company has continuously enriched product models and added several main models, including six axis Four axis Siasun Robot&Automation Co.Ltd(300024) (SCARA), parallel Siasun Robot&Automation Co.Ltd(300024) (delta), and Cartesian Siasun Robot&Automation Co.Ltd(300024) md-90s series; injection molding machines launched TM series with stronger product performance; CNC launched vertical machining center and drilling center, and invested in five axis CNC machine tools. In addition, the continuous promotion of key customer strategy has served more than 15000 customers, including Bourne optics, Luxshare Precision Industry Co.Ltd(002475) , Contemporary Amperex Technology Co.Limited(300750) , Jabil green point, Byd Company Limited(002594) , xinnende, Eve Energy Co.Ltd(300014) and other well-known enterprises cover 3C, new energy, auto parts manufacturing, optoelectronics, household appliances, photovoltaic, packaging and many other fields.
Overweight CNC, injection molding machines and industrial machines open up new space: 1) in January 2020, the company acquired Zhejiang Yilida Ventilator Co.Ltd(002686) some assets and expanded its business from auxiliary machines of injection molding machines to overall equipment of injection molding machines. 2) In July 2020, it acquired evermi and arranged five axis linkage high-end CNC machine tools, which are widely used in aerospace, automobile, medical treatment, military industry, precision mold and mechanical parts processing and other high-precision fields. At present, evermi has sufficient orders in hand and has been scheduled to the second quarter of 2022. The company will take industry Siasun Robot&Automation Co.Ltd(300024) , injection molding machine and CNC as the three core products, superimpose the three core underlying technologies of control, servo and vision, and create an intelligent hardware platform driven by core technology, with long-term sustainability of performance growth.
Profit forecast: the company has rich experience in industrial control products and applications, customer resources, etc., has established a good brand image in the industry and has certain competitive advantages. Considering the decline of the company’s mask machine business, the expansion of new business, and the rise of procurement costs of raw materials, the short-term performance will be under pressure. It is estimated that the company will realize net profits of 192 million yuan and 308 million yuan in 2021 and 2022 respectively, yoy is – 63% and 61% respectively, and EPS is 0.45 yuan and 0.72 yuan. At present, the corresponding P / E of A-share price is 36 times and 22 times, and buying investment suggestions are given.
Risk tip: the industry competition intensifies, the downstream manufacturing industry is depressed, the expansion of key customers is less than expected, and the expansion of new business is less than expected.
