\u3000\u3 Guocheng Mining Co.Ltd(000688) 003 Suzhou Tztek Technology Co.Ltd(688003) )
Machine vision leader, actively expand new business, and give "buy" rating for the first time
Based on the core technology of industrial vision, the construction of the company's industrial AI capability platform continues to advance, and new businesses grow rapidly. At the same time, the company has strong core competitiveness and sufficient growth momentum. We expect that from 2021 to 2023, the company will realize a net profit of 136 million yuan / 195 million yuan / 256 million yuan, EPS of 0.70/1.01/1.32 yuan, and the current stock price corresponds to pe40.00 yuan 6 / 28.4 / 21.6x, with "buy" rating for the first time.
Suzhou Tztek Technology Co.Ltd(688003) deeply rooted in the field of machine vision, with strong technical R & D strength and excellent customer resources
Machine vision uses machines instead of human eyes to detect, judge and control. According to the data of machine vision industry alliance, the scale of China's machine vision industry will be 12.6 billion yuan in 2020 and 39.3 billion yuan in 2025. Due to the wide range of downstream applications, the industry pattern is scattered. The company has strong technical strength and its product indicators have reached the international advanced level. The company has the R & D capability of upstream core parts, which is conducive to reducing the cost of raw materials and ensuring the safety of the supply chain. The company has excellent customer resources. Its main customers include apple, Samsung, Foxconn, Sunwoda Electronic Co.Ltd(300207) , Desai group, Bosch group, Valeo group, Longji group, Tongwei Co.Ltd(600438) , Jingke energy, Gcl System Integration Technology Co.Ltd(002506) , rookie logistics, etc. it has successfully detected the 2D / 3D dimensions and defects of more than 3000 customer products, forming tens of thousands of application cases.
The company actively expands new markets, and photovoltaic, semiconductor and PCB begin to be in large quantities, with promising prospects
Photovoltaic: silicon wafer sorting equipment has entered the large-scale stage, with an income of 128 million yuan in 2021h1, a year-on-year increase of + 206%, exceeding the annual income in 2020. Under the background of actively expanding production in the photovoltaic industry, it is expected to maintain high-speed growth. Semiconductor: acquire muetec and provide high-precision optical detection and measurement equipment for wafers. In the field of engraving alignment and mask detection equipment, it can fill the gap in the Chinese market. PCB: LDI equipment has leading productivity efficiency and advanced alignment accuracy, with an income of 67.39 million yuan in 2021. With the continuous improvement of LDI equipment penetration in the industry in the future, the market share is expected to increase. Automotive sector: launched a variety of intelligent production line schemes, with a revenue of 220 million yuan in 2021, a year-on-year increase of + 423%. Others: (1) the revenue of intelligent network connection, AI edge computing equipment and vehicle road coordination scheme in 2021 was 496808 million yuan, a year-on-year increase of + 330.87%; (2) Develop dispensing and testing integrated equipment, etc.
Risk tips: industry competition intensifies, new business expansion is less than expected, etc
