\u3000\u3 China Vanke Co.Ltd(000002) 008 Han’S Laser Technology Industry Group Co.Ltd(002008) )
Event: Han’S Laser Technology Industry Group Co.Ltd(002008) released the first quarterly report. 22q1 achieved revenue of RMB 3.394 billion, yoy + 8.27%, net profit attributable to parent company of RMB 332 million, yoy + 0.67%, and net profit attributable to non parent company of RMB 324 million, yoy + 6.7%. The gross profit margin of sales in the first quarter was 37.1%, yoy-0.01pct, qoq-0.86pct, and the net profit margin of sales was 10.55%, yoy-0.36pct, qoq-1.06pct.
Comments: under the influence of the epidemic, the operation was stable, and the revenue and profit of PCB business 22q1 maintained a high growth rate. 22q1 achieved revenue of 3.394 billion yuan, yoy + 8.27%, qoq-23%. We believe that in the first quarter, some regions were affected by the epidemic or affected by limited logistics delivery and deferred revenue recognition, which had a certain impact on revenue growth, but the overall operation was stable. On the profit side, 22q1 achieved a net profit attributable to parent company of 332 million yuan, yoy + 0.67%, qoq-33%, and a net profit deducted from non parent company of 324 million yuan, yoy + 6.7%, qoq-28%. The gross profit margin of sales in the first quarter was 37.1%, yoy-0.01pct, qoq-0.86pct, and the rates of sales, management, R & D and financial expenses were 9.9%, 7.1%, 9.4% and 1.5% respectively, yoy-0.72pct, + 0.31pct, + 1.21pct and + 1.49pct. The net profit margin of 22q1 sales is 10.55%, yoy-0.36pct, qoq-1.06pct. The revenue and profit of Han family CNC, the main body of PCB business, maintained a high growth rate in the first quarter. In the first quarter, the revenue was 925 million yuan, yoy + 33%, qoq-24%, and the net profit attributable to the parent company was 183 million yuan, yoy + 94%, qoq-26%. The gross profit margin of sales in the first quarter was 37.4%, yoy-0.68pct, qoq-1.1pct, and the net profit margin of sales was 19.71%, yoy + 6.15pct, qoq-0.67pct.
Continue to be optimistic about Han’S Laser Technology Industry Group Co.Ltd(002008) management optimization + large capacity of high-power / lithium battery equipment + products & long-term growth with abundant underlying technical reserves:
\u3000\u30001. The management optimized the reform, and the grass-roots incentive was sufficient. 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, 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 core structure of the company has changed from three levels to two levels, and the bottom decision-making power + incentive are sufficient to ensure the long-term development of the company. As of the 21st Annual Report, Han family CNC, the main body of PCB, has completed the spin off and listing, and Han family sealing and testing (formerly Han family Optoelectronics), the main business body of packaging and testing equipment, is planned to be spin off and listed.
\u3000\u30002. High power + lithium battery contributes to performance increment and profitability continues to improve. 1) Lithium battery: the company is the leading supplier in the first echelon of Ningde, and has introduced a large number of second-line power battery manufacturers (zhongchuangxin Airlines (formerly AVIC lithium battery), Eve Energy Co.Ltd(300014) , honeycomb energy, etc.), with the whole line supply capacity of power battery + production expansion in Zhangjiagang, Yibin, Jingmen and other places + continuous layout and research and development of power battery equipment (extending to winding, lamination and capacity separation), Fully benefit from the lithium battery processing equipment market expansion opportunities brought by this round of power battery expansion. In addition, through centralized procurement + standardized production to improve profitability, it has successfully reversed losses in 21 years. 2) High power: under the triple logic of high-end application expansion (replacing plasma cutting) + recovery of medium and low-end customer share + improvement of laser self-sufficiency rate (the localization rate of high-power fiber laser in 21 years exceeds 80%), the high-power performance is flexible and the profitability is expected to be improved. In 21 years, the company’s high-power laser equipment will turn losses into profits.
\u3000\u30003. Emerging track products and technology reserves are rich, with great long-term growth potential. 1) Photovoltaic: it has the R & D and manufacturing capacity of battery section tubular vacuum main equipment. The company has a complete product layout in the field of TOPCON, and gradually has the R & D and manufacturing capacity of equipment in the whole industry chain of TOPCON battery, extending to low-pressure boron diffusion furnace, TOPCON laser boron doping equipment and LPCVD equipment; PECVD, PVD and other equipment products have been laid out in hjt battery; 2) Miniled: Mini led cutting, splitting, stripping, repair and other equipment have achieved mass sales, and micro led massive transfer equipment is in the process of verification; 3) Semiconductor wafer processing: semiconductor laser slotting, semiconductor laser debonding, compound semiconductor laser cutting and other products are sold in batches.
\u3000\u30004. Core parts continued to make breakthroughs, and export contributed to performance increment. 1) Lasers: over the past 21 years, there have been many types of high-power picosecond lasers and sub nanosecond lasers, keeping the world’s leading level in the field of ultrafast lasers. The self-developed MOPA pulse fiber laser has obtained orders from the top customers in the power battery industry for cutting the electrode of the power battery cell. 2) The performance of three-axis vibrating mirror and optical control mirror has gradually reached the level of high-end vibrating mirror and similar products with foreign customers. Continuous breakthroughs in core parts are expected to improve competitiveness from the bottom logic. In addition, self-produced parts will help improve profitability, and export sales will contribute to performance increment.
Investment suggestion: maintain the profit forecast of the company’s net profit of 2.404/2.954 billion yuan from 2022 to 2023, the target price is 79.84 yuan / share, and maintain the buy rating.
Risk tips: capacity release, customer progress, product expansion, lower than expected downstream demand, and the epidemic affects demand and delivery
