① Haitong Securities Company Limited(600837) research report once again covers this leading PCB board enterprise. The company’s PCB board structure adjustment, overweight data center and auto popular track. In 2021, data center orders increased by 45% year-on-year, and automotive electronics orders increased by 150% year-on-year. Meanwhile, IC carrier board continued to be strong, and the revenue of packaging board increased by 56.35% year-on-year in 2021.
② China Securities Co.Ltd(601066) research report covers a leading third-party comprehensive testing organization in China for the first time. The company is based on food environmental protection testing and focuses on three sectors: automobile, medicine and military industry; The qualification system is complete, and has participated in the formulation and revision of 55 national and industrial standards. It has successively undertaken the testing of major activities such as the Shanghai World Expo, with a service network all over the country.
③ Founder Securities Co.Ltd(601901) research report once again covers this leading high-temperature alloy manufacturer, and raises the company’s rating to “strongly recommended”. The company’s products will fully benefit from the growth of demand in the field of aviation and aviation, and the raised investment projects will increase production capacity to provide guarantee for performance growth. At the same time, the company’s aviation small and medium-sized parts processing business will form a new performance growth point.
Haitong Securities Company Limited(600837) research report covers Shennan Circuits Co.Ltd(002916) , maintaining the company’s “better than the big market” rating
Haitong Securities Company Limited(600837) believes that Shennan Circuits Co.Ltd(002916) ( Shennan Circuits Co.Ltd(002916) . SZ) has strong performance in 2021. The PCB structure of the company focuses on the data center and popular auto tracks. In 2021, the orders of data center and auto electronics increased by 45% and 150% year-on-year. Meanwhile, IC carrier board continued to be strong, and the revenue of packaging board increased by 56.35% year-on-year in 2021.
① company is in the leading position of PCB board in China, with strong business performance in 202 72021 net profit of 1.481 billion yuan, an increase of 3.53%; In the fourth quarter, the revenue was 4.187 billion yuan, a year-on-year increase of 59.94%, and the net profit attributable to the parent company was 454 million yuan, a year-on-year increase of 36.76%.
② pcb board structure focuses on data communication and automobile 2021: the company’s data center orders increased by 45% year-on-year. Meanwhile, the switching and upgrading of the new generation of server platforms were promoted in an orderly manner, and the demand proportion of related products increased steadily. The construction of the company’s professional automotive electronics factory (Nantong phase III project) is progressing smoothly and has been put into operation in the fourth quarter of 2021. In 2021, significant progress was made in the development of automotive electronics customers, with orders increasing by 150% year-on-year.
③ packaging substrate has strong performance and sufficient capacity reserve 2021, the global output value of packaging substrates continued to increase rapidly, with a year-on-year increase of 39.4% to US $14.2 billion, which is the fastest growing segment of PCB. In 2021, the company’s packaging substrate revenue was 2.415 billion yuan, with a year-on-year increase of 56.35%, and the gross profit margin increased steadily. At the same time, the company’s product structure has been continuously optimized, with significant breakthroughs in storage product technology, customers and production capacity, and orders increased by 140% year-on-year. After the subsequent Guangzhou packaging substrate project is officially put into operation, the production capacity will be greatly improved.
The company’s “Research Report
China Securities Co.Ltd(601066) believes that Pony Testing International Group Co.Ltd(300887) ( Pony Testing International Group Co.Ltd(300887) . SZ) is deeply engaged in the field of third-party testing, based on food environmental protection testing, and at the same time, fali automobile, medicine and military industry have continuously consolidated its position as the leader of national comprehensive testing. The company has a complete qualification system, has participated in the formulation and revision of 55 national and industrial standards, has successively undertaken the testing of major activities such as the Shanghai World Expo, and has a service network all over the country.
① China’s leading third-party comprehensive testing organization . At present, the main testing fields are food and environmental testing. The revenue accounted for 64% of the total revenue in 2021. It is one of the only three private institutions with food re inspection qualification in China. In the future, the company will focus on medicine, automobile and military industry. The company will invest 990 million yuan in IPO to expand the production capacity of automobile and medical business; The fixed increase was approved in February 2022, and it is proposed to raise 1.25 billion yuan to expand laboratories and related equipment in Qingdao and Xi’an. Among them, Shanghai cro / cdmo laboratory has obtained large orders; In terms of military industry, Xi’an and Beijing laboratories have obtained the qualification certificate of equipment manufacturing unit.
② business qualification is complete, and the ability of brand + channel + one-stop service is continuously improved the company has a complete qualification system, which has been recognized and authorized by the Ministry of ecological environment, the Ministry of agriculture and rural areas and other national ministries and commissions, and participated in RoHS and un38 3. ELV and many other foreign standards, directives and regulations have been revised, and a total of 55 national and industrial standards have been formulated and revised. It has successively undertaken the inspection of major activities such as Shanghai World Expo and Guangzhou Asian Games, which has formed a high brand effect. At the same time, the company’s service network is all over the country.
③ testing industry has a broad market space . The market scale of China’s testing industry has grown steadily. From 2013 to 2020, the testing market scale increased from 139.8 billion yuan to 358.6 billion yuan, with a compound growth rate of 14.4%. In addition, with the continuous advancement of the market-oriented reform of testing, private testing institutions have fully benefited, and the trend of industry centralization is becoming more and more obvious. The policy level encourages industry integration.
Founder Securities Co.Ltd(601901) research report covers Jiangsu Toland Alloy Co.Ltd(300855) , and the company is upgraded to “strongly recommended”
Founder Securities Co.Ltd(601901) believes that Jiangsu Toland Alloy Co.Ltd(300855) ( Jiangsu Toland Alloy Co.Ltd(300855) . SZ) as a leading manufacturer of superalloys in the whole industrial chain, its products will fully benefit from the growth of demand in the field of aviation and aviation, and the capacity of raised investment projects will provide guarantee for performance growth. At the same time, the company’s aviation small and medium-sized parts processing business will form a new performance growth point.
① company has been engaged in the development and production of high-performance alloy materials and products such as superalloy and special stainless steel for more than 20 years . Among them, high-temperature alloy parent alloy and precision casting products are used in the field of aircraft launch, and the gross profit margin of such products reached 50.73% in the first half of 2021; Deformed superalloy products are mainly used in the field of high-end civil equipment such as aviation and gas turbine, and the domestic and export business are carried out simultaneously; At the same time, the company’s innovative seamless pipe manufacturing technology occupies a prominent position in China’s aviation pipe market.
② benefited from the growth of demand in aviation and aviation, and the improvement of production capacity provided guarantee for performance growth . Three factors, namely, the installation of new aircraft trains, the improvement of the localization rate of aircraft launch and practical training, drive the growth of China’s aeroengine demand, and the relevant products of the company will fully benefit. The company’s fund-raising projects will be completed in July and December 2022 respectively, forming an annual production capacity of 1000 tons of superalloy materials and 3300 complex thin-walled structural parts, solving the company’s capacity bottleneck and providing guarantee for the company’s performance growth.
③ invested in the construction of aviation small and medium parts production line . Shenyang Tunan investment, a subsidiary of the company, has built an aviation small and medium-sized parts production line, which may benefit from the non core competence business of the “small core and large cooperation” strategy of the aircraft engine plant. After the completion of the investment project in Tunan, Shenyang, an annual processing and production capacity of 500000 precision parts will be formed.
