Han’S Laser Technology Industry Group Co.Ltd(002008) (002008)
Platform manufacturers of laser processing equipment, deepen the reform of organizational structure, and enable the company’s long-term development
The company is the platform laser processing equipment manufacturer with the largest variety and performance in China. It has long adhered to the “laser + X” strategy, horizontal and vertical integration, continuous expansion and upgrading of product layout, covering upstream core components such as lasers and laser marking / cutting / welding equipment, and has accumulated product lines in PCB, lithium battery, led, photovoltaic, panel and semiconductor. The company has greatly deepened the organizational structure reform and established three business groups (industry special aircraft, extreme manufacturing and general components). The reform will make the organizational management structure of the company more flat and enable the company to incubate new businesses.
“Laser + X” strategy has achieved remarkable results, and power battery + PCB is the first to usher in the harvest period:
1) Power battery: new energy vehicles continue to penetrate, the demand for power batteries increases, and downstream power battery manufacturers actively expand their production, driving strong demand in the lithium processing equipment market. The company has the power battery whole line supply capacity + successful introduction of leading customers in Contemporary Amperex Technology Co.Limited(300750) and other industries + active second-line power battery manufacturers (AVIC lithium battery and honeycomb energy) + production expansion in Zhangjiagang and Yibin + group resource advantages, and can fully benefit from the lithium battery processing equipment market expansion opportunities brought by this round of power battery expansion.
2) PCB: driven by strong downstream demand, transfer of PCB production line to the mainland and upgrading of PCB production line, domestic PCB manufacturers actively expand production. The expansion of production mainly focuses on high-frequency high-speed boards, HDI, IC carrier boards and other high-order boards. The amount of equipment investment has increased, and LDI (exciting direct writing equipment) / laser drilling equipment is an important growth point. The company is a leader in PCB processing equipment in China, with a leading position in the industry. The successful operation of the IPO project will help the company break through the capacity bottleneck and better meet the needs of downstream customers.
Consumer electronics innovation driven + laser processing application deepened, and traditional business increased steadily.
1) Folding screen / Ar / VR is expected to drive a new round of innovation cycle of consumer electronics: 5g mobile phones + wearable devices have been launched in 20 years, the prosperity of consumer electronics has increased, and the performance of the company’s low-power devices has warmed up. Folding screen and AR / VR devices are expected to replace 5g and wearable devices, lead a new round of innovation cycle of consumer electronics, and drive small power business into a growth period.
2) Under the triple logic of high-end application expansion + recovery of middle and low-end customer share + improvement of laser self-sufficiency rate, high-power is expected to return to growth: under the background of decreasing the cost of high-power laser, the laser cutting thickness and efficiency are improved, the substitution effect for plasma cutting equipment is enhanced, and the high-end application field is expanded. The price war of laser / laser processing equipment will not last for a long time, the industry reshuffle will accelerate, benefit the leading manufacturers, and the share of medium and low-end customers is expected to recover. The company’s self-production of high-power laser can further improve its profitability, open the gap with other manufacturers in cost and expand its advantages.
The emerging track has broad growth space, and the growth of panel, semiconductor and photovoltaic can be expected. Multi brand layout has been accelerated, and mini / microled has entered the stage of accelerated penetration. The company’s Mini led cutting, splitting, stripping and repair technology has achieved mass sales, which is expected to benefit from the upgrading of display technology. China’s semiconductor packaging and testing equipment manufacturers have successfully entered the first echelon, and the packaging and testing equipment welcomes the opportunity of domestic substitution. As a few mass production enterprises in the packaging and testing track, the company has sufficient growth potential. The cost of photovoltaic has decreased, and affordable Internet access has become a scale. The company’s film opener and other equipment are expected to benefit from the upward prosperity of the photovoltaic industry and usher in rapid development.
Investment suggestion: we estimate that the net profit attributable to the parent company from 2021 to 2023 will be RMB 1.673/24.04/2.956 billion, and the target share price will be RMB 79.84, giving a “buy” rating.
Risk tip: the process of vehicle electrification is not as expected, the scene of PCB downstream market is not as expected, the penetration into high-power market is not as expected, and the downstream penetration trend of miniled is not as expected
