\u3000\u3 China Vanke Co.Ltd(000002) 008 Han’S Laser Technology Industry Group Co.Ltd(002008) )
Specific events Han’S Laser Technology Industry Group Co.Ltd(002008) released the first quarterly report of 2022, and the company achieved a revenue of RMB 3.394 billion in Q1, an increase of 8.27% year-on-year; The net profit attributable to the parent company was 332 million yuan, a year-on-year increase of 0.67%; Deducting non net profit of 324 million yuan, a year-on-year increase of 6.73%. Due to the repeated epidemic in China, the company’s business is affected by delivery and logistics, but the orders of PCB, special equipment business in power battery industry and mini led still maintain a significant growth. The company has continuously accelerated vertical integration, continuously improved the self-sufficiency rate of core components, adhered to independent innovation, achieved rapid growth in power battery equipment and PCB business, and made great breakthroughs in photovoltaic, semiconductor and other business fields.
The company’s orders for power battery equipment grew rapidly, and the market share gradually increased. In 2021, the company’s special equipment for power battery industry realized an operating revenue of 1.982 billion yuan, with a significant year-on-year increase of 631.51%. The company’s main products include laser welding equipment, laser polar ear cutting equipment, electric core baking equipment and related automation equipment. The company continues to strengthen cooperation with key customers. At present, the main customers include Contemporary Amperex Technology Co.Limited(300750) , China Innovation airlines, Eve Energy Co.Ltd(300014) , honeycomb energy, etc. It is expected that the production capacity will be further expanded and the profitability will be further improved this year. The company continues to research and develop new products. The existing research and development projects include winding, lamination and volume splitting test equipment, among which the winding equipment has been verified by some customers.
PCB business continues to be booming and the industry demand is strong. Han CNC Q1 achieved an operating revenue of 925 million yuan, a year-on-year increase of 33.18%; The net profit was 183 million yuan, a year-on-year increase of 94.01%. PCB business achieved an operating revenue of 4.081 billion yuan in 2021, an increase of 84.62% over the previous year. The number of generating machines of drilling equipment, laser direct imaging equipment and molding equipment of the company reached a new high, and the market share continued to maintain a leading position. The PCB industry is booming, and downstream customers are actively expanding production. It is expected to continue the good growth momentum in 2022. The company continues to explore the high-end market and improve its market share. The sales volume of mechanical drilling machines of the company continued to grow, and the share of laser products such as multi category LDI equipment, CO2 laser drilling equipment and customized high-precision testing machines increased rapidly, and the overall competitiveness continued to increase.
The self supply rate of core parts has increased, and the vertical integration has accelerated. In 2021, the company’s high-power revenue reached 2.785 billion yuan, a year-on-year increase of 38.02%. The company shipped nearly 1600 high-power laser processing equipment equipped with self-developed fiber lasers, with a year-on-year increase of nearly 100%. The self supply rate has exceeded 80% and the maximum power has reached 30kW. The precision and efficiency of the company’s high-power laser cutting equipment are continuously improved, and the laser welding equipment is also widely used in new energy vehicles.
Accelerate R & D investment and continue to adhere to independent innovation. Q1 company’s R & D expenses were 321 million yuan, accounting for 9.45% of its revenue. Since 2019, the year-on-year growth rate of the company’s R & D expenses has continued to boost, continuously increased R & D investment in power battery equipment and PCB business, and made great breakthroughs in photovoltaic and semiconductor fields.
Profit forecast and investment suggestions: we expect the company to achieve operating revenue of RMB 196.252491430395 billion from 2022 to 2024 and net profit of RMB 2.431/30.833766 billion from 2022 to 2024 respectively. At present, the corresponding PE of the stock price is 12.5/9.9/8.1x, maintaining the “buy” rating.
Risk tip: the downstream demand is less than expected, and the industry competition intensifies.
