Han'S Laser Technology Industry Group Co.Ltd(002008) (002008)
Brief comment on the event
On December 28, 2021, Jiangsu Han's intelligent welding equipment group won nearly 100 million yuan of orders from the world's top 500 and Ford's core supporting enterprises, including the integrated hot formed door ring production line, which is the first integrated hot formed door ring production line in China, including 68 Siasun Robot&Automation Co.Ltd(300024) , laser cutting, Siasun Robot&Automation Co.Ltd(300024) visual inspection, visual guidance system, laser marking system Loading and unloading system, etc. At the same time, the order for welding line of rear floor and side wall subassembly of Ford core supporting supplier is added.
Business analysis
In the field of new energy vehicles, orders increased significantly. The global sales of new energy vehicles increased significantly, driving the high demand for power batteries. The company's orders in the field of new energy vehicles increased significantly. From the fourth quarter of last year to the first half of this year, the number of Contemporary Amperex Technology Co.Limited(300750) equipment orders successively won the bid totaled 2.197 billion yuan, and the annual orders in the field of new energy vehicles are expected to exceed 3 billion yuan. The company has good cooperation with new energy customers such as Contemporary Amperex Technology Co.Limited(300750) , Eve Energy Co.Ltd(300014) , AVIC lithium battery and honeycomb. The development momentum of electric vehicles and energy storage is good, and the company benefits actively. The company plans to invest in the construction of " Han'S Laser Technology Industry Group Co.Ltd(002008) new energy intelligent equipment production base project" and " Han'S Laser Technology Industry Group Co.Ltd(002008) East China regional headquarters base project" to improve the layout of new energy power battery equipment business in southwest and East China. We study and judge that the profitability of the company's new energy business will be significantly improved with the expansion of revenue scale.
PCB equipment business is growing at a high speed, and spin off and listing is conducive to accelerating growth and strength. Chinese PCB enterprises are infiltrating into the medium and high-end fields. The high-end PCB capacity structure drives the demand for high-precision PCB special equipment. The company has launched a variety of products suitable for different PCB segments, and its market position is stable. In the first half of 2021, the company's PCB equipment business achieved a revenue of 1.9 billion yuan, a year-on-year increase of 117%. It is expected that the annual PCB equipment business revenue will be close to 4 billion yuan. The materials of Han's CNC spin off to gem listing, the main body of PCB business, were reviewed and approved by the municipal Party committee. The spin off listing has more autonomy in team incentive and financing expansion, which is conducive to the acceleration and strengthening of PCB equipment business.
LED equipment, display panel, semiconductor equipment and other businesses blossom at multiple points. Benefiting from the strong demand for miniled, the company's Mini led cutting, splitting, stripping, repair and other equipment has achieved mass sales, and the special LED equipment has increased significantly. In addition, businesses such as display panels, semiconductor packaging and testing, and photovoltaic have also achieved rapid growth.
Investment advice
It is estimated that the company's performance from 2021 to 2023 will be 18.66 yuan, 23.31 yuan and 29.82 yuan respectively, and the corresponding EPS will be 1.74 yuan, 2.18 yuan and 2.79 yuan respectively, maintaining the "buy" rating.
Risk statement
The demand for new energy is less than expected, the demand for consumer electronics is lower than expected, and the competition for small and medium-sized power equipment is fierce.
